Bank of Cyprus
The Bank of Cyprus Group has been able to achieve a significant profits turnaround in 2004 after sustaining losses in 2003 and 2002. Net profits rose to C£37.5m ($79.9m), with core profits in Greece up 17%.
A containment of costs was achieved through freezing of new recruitment, tight controls and streamlining of various units bringing the cost-income ratio down to 62% from 67.3%. Also the loan portfolio has improved along with the management of overdue loans.
Andreas Eliades, group chief executive, says: “The Bank of Cyprus Group continues its efforts to increase profitability with the continued dynamic penetration of the Greek market and its plans to expand beyond its traditional markets to new markets that present high growth opportunities. In parallel, the group has intensified its efforts to improve pricing, risk management and cost containment. The main focus of the group is to provide customers with the best quality service using increasingly cost effective procedures, through a variety of alternative distribution channels and innovative products that aim to satisfy the needs of each and every customer.”
