Thursday, March 2, 2017

Bank of Cyprus reports full year earnings and continues to improve operating metrics

Bank of Cyprus website:

Significant milestones achieved in January 2017: ELA full repayment, successful issuance of €250 mn Tier 2 Notes, and listing of our shares on the London Stock Exchange

7 consecutive quarters of problem loan improvement

90+ DPD down by €459 mn or 5% qoq; down by €3,0 bn or 27% in FY2016

NPEs down by €867 mn or 7% qoq; down by €2,9 bn or 21% in FY2016

Full repayment of €11,4 bn ELA; repayment of €3,8 bn ELA during 2016 and early 2017

Deposits up by €867 mn or 6% qoq; up by €2,3 bn or 16% in FY2016

Modest profit after tax of €64 mn for FY2016; profit after tax of €2 mn for 4Q2016

Link to earnings presentation 

The management continues to make progress in reducing non performing loans. As long as the Cypriot economy continues to grow and the bank remains prudent then results should continue to improve.

If the company results continue to improve than at some point the market should re-rate the stock higher.

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