Bank of Cyprus in Romania – profit after tax increased by 2.3 pc in 2010

Despite the difficult economic environment, Bank of Cyprus results are within the targets for the year 2010, with profit after tax at a level of EUR 306 M, as the bank concluded in press release. In Romania, Bank of Cyprus operates 12 branches and 2 agencies. By December 31, 2010 loans portfolio reached the level of EUR 625 M (as opposed to EUR 678 M at December 2009). At the same time deposits stood almost stable at EUR 153 M. From all the operations of Bank of Cyprus related to Romania, during last year the profit after tax increased by 2.3 pc, reaching the level of EUR 9 M as opposed to EUR 8.8 M at December 2009. This was after higher provisions in 2010 (EUR 8.2 M versus EUR 4.9 M in 2009), thanks to a 23 pc increase in profit before provisions (EUR 18.2 M versus EUR 14.8 M). The liquidity position of the Group remains healthy with loans to deposits ratio of 84 pc.

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