Lombard NatWest boasts ‘impressive’ profits

LOMBARD NatWest Bank (Cyprus) yesterday announced a pre-tax profit increase of 63 per cent for last year.

“Profit before tax for the year was £3.22 million, representing an increase of £1.25 million, or 63 per cent, on the profit before tax for 1996 which was £1.97 million,” chairman of the board Michael Colocassides said at a press conference to present the bank’s results for the financial year that ended on September 30, 1997.

Colocassides attributed what he described as “impressive” profit increases to “growth in business and income but also in significant efficiency gains through automation.”

“Despite adverse economic conditions, the bank managed to achieve enviable results in terms of profitability and business growth,” he said.

The total assets of Lombard NatWest (Cyprus) rose by £49 million, or 19 per cent, to reach £301 million by the end of 1997, Colocassides said.

“Total customer deposits increased by £46 million to £236 million. This translates into a growth rate of 24 per cent, which is much higher than the 16 per cent growth rate achieved by the banking sector as a whole during the same period,” the chairman said.

“Loans rose by £26 million to £169 million. This represents an 18 per cent growth rate compared to 12 per cent for the banking system as a whole,” he said.

Lombard NatWest (Cyprus) holds a three to four per cent share of the local onshore banking sector.

The bank has a network of five main branches and 18 sub-branches on the island. The main branches in Limassol, Larnaca and Paphos were expanded during 1997, and there are plans for further expansion this year, Colocassides said.

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