03.08.2022
The Bank of Cyprus announced on Tuesday that it has been named “Best Bank” in Cyprus for 2022 by financial magazine Euromoney.
The bank said the award comes at a particularly difficult time for the global economy and financial system.
“The award is important as it recognizes the bank’s commitment to reducing NPLs and returning to profitability,” the bank said in a statement.
The evaluation phase took into account the successful sale of the loan portfolio through Project Helix, as well as other positive actions taken to address problem loans.
Euromoney stressed that “the Bank had a productive year, with NPLs down to 6.5% at the end of the first quarter of 2022 from 30% at the end of 2019.”
“The fact that we have been named ‘Best Bank’ in Cyprus by a reputable magazine shows that we are in a very good position and moving forward,” said Bank of Cyprus CEO Panikos Nikolaou.
“It also serves as a recognition of our work over several years, especially in relation to the reduction of non-performing loans,” he added.
Other positives for Bank of Cyprus cited by the magazine include record new lending of €618 million in the first quarter of 2022, as well as a 65 percent increase in earnings before non-recurring items.
Euromoney also said that the bank’s after-tax profit was €21 million in the first quarter of 2022, compared to €8 million in the same quarter last year, reflecting the progress made.
“Our bank is executing its business plan and gaining momentum in rolling out its digital transformation program,” Nicolau explained.
“I would like to take this opportunity to thank our shareholders for their many years of support, our employees for their dedication and professionalism, and our customers for their continued support and trust,” he concluded.
