Bancherul - BANCI / ENGLISH / Bank of Cyprus Group Quarter 1 results for 2010

Bank of Cyprus Group announces today its Quarter 1 results for 2010 (see the atached document). These results are within the targets for the year which have been reconfirmed in the region of EUR 300-400 mln (profit after tax).

Profit after tax reached EUR 81 mln, which represents a 29% increase compared to Q1 ’09. The liquidity position of the Group remains strong with a loans to deposits ratio of 90%. Capital position also remains strong with a capital adequacy ratio of 11.3%. With respect to geographic composition of earnings, the Group achieved profitability growth in all the market in which it operates.

In Romania at the end of Q1’10, Bank of Cyprus operates 12 branches and 2 agencies versus 8 branches at the end of Q1’09. During this year, loans portfolio increased by 20% reaching EUR 664 mln (versus EUR 553 mln at Q1’09). At the same time deposits stood at EUR 136 mln representing an increase of 70% (up from EUR 80 mln in Q1‘09). From all the operations of Bank of Cyprus related to Romania, profit after tax reached in the first Quarter of 2010 the level of EUR 3 mln as opposed to EUR 2.4 mln one year earlier. Notably, total assets have increased by 26% to EUR 773 mln, up from EUR 612 mln in Q1’09.

The overall presence of Bank of Cyprus in Romania, the growth of its credit portfolio and the investments that have been advanced, are a strong indication of its confidence in the Romanian economy in which it purports to continue to invest”.