Bank of Cyprus announces massive profits

THE BANK of Cyprus (BoC) yesterday announced first-half after-tax profits of £16.2 million, a 90 per cent increase over the same period last year.

“It is expected that the increased profitability of the group will continue for the rest of the year 2004,” the bank said in a statement.

Core profit from activities in Cyprus rose by 49 per cent to £34.2 million.

“The increase was the result of the continuation of the programme for enhancing the group’s revenues generated by its Cypriot operations, especially in the banking activities, as well as the cost containment effort,” the statement said.

In Greece, an important market and for years a driving source of growth, core profit rose by 33 per cent to £24.4 million.

Since the beginning of the year, the Bank of Cyprus in Greece has established nine new branches. The Greek branch network numbers 92 branches, with a target of 100 branches by the year-end.

Earnings per share in the first half of 2004 rose to 3.5 cents from 1.9 cents last year.

Provisions for bad and doubtful debts reached £38.7 million, an increase of 20.1 per cent over the first half of 2003. The figure represents 1.3 per cent of total loans and advances. (R)

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.