05.08.2022
Point Nine Cyprus on Thursday announced that it will be hosting its third annual conference on September 16, 2022 at the Four Seasons Hotel in Limassol.
The company said the conference, which specializes in providing services to facilitate the filing of regulatory reporting on transactions by legal entities around the world, “is growing into one of the largest gatherings of executives from the compliance services industry.”
The conference will be attended by a number of speakers from major international companies in the field of compliance. Among them are FIS Global, Kaizen Reporting, b.fine, Alpha FMC and First Derivative, who have already confirmed their participation.
In addition, senior executives from Cypriot banks and professional services organizations will present and analyze compliance and technological upgrading issues in the financial sector.
This year’s conference will focus on transaction compliance, the latest regulatory developments in financial and professional services, and the latest technological innovations shaping the sector.
At the same time, a workshop will be held that will analyze the revised provisions of the EMIR Repair Directive, which will be implemented in the European Union and the United Kingdom in the early stages of 2024, which industry stakeholders are looking forward to.
“The fact that such outstanding leaders of international and local organizations have accepted our invitation to attend our annual conference is a recognition both for Point Nine and for Cyprus as a top-notch professional services center,” Point Nine CEO. Andreas Roussos explained.
“After an unprecedented period heavily impacted by the Covid-19 pandemic, we are thrilled to be able to welcome friends and partners back to our flagship annual meeting,” Roussos added.
Eurobank Cyprus this week announced a net profit of €37.2 million for the first half of 2022, an increase of €13.1 million or 54% compared to the corresponding results of the previous year.
“Effective management of the bank’s operating expenses, combined with an increase in its operating profit, contributed to an improvement in the cost-to-income ratio, which increased from 40% in the first half of 2021 to 32% during the corresponding half of 2022,” the bank said in a statement.
In addition, the bank’s capital adequacy ratio as well as its total capital ratio (CET1) remained strong and reached 26% in the first half of 2022, up 60 bps compared to 31 December 2021.
“These figures significantly exceed the corresponding minimum supervisory limits for 2022,” the bank said.
In addition, the bank’s loan-to-deposit ratio, excluding deposits-backed loans, has reached 30%, and total deposits have reached 7 billion euros, which is about 400 million euros more than since the beginning of the year.
Eurobank Cyprus also said that “despite challenges from geopolitical events, rising inflation and supply chain challenges, net credit growth in the first half of 2022 was approximately EUR 122 million, with loan portfolio quality showing further improvement.”
In particular, the bank’s non-performing loan ratio (NPL) fell to 2% from 2.4% at the end of 2021.
Eurobank Cyprus CEO Michalis Luis expressed his satisfaction with the results, saying that both Eurobank Cyprus and the wider Eurobank group have responded to the needs of the economy and their customers by delivering effective solutions, quickly and flexibly, at a critical time.
“The financial results for the first half of the year create a positive outlook for the overall result of the year, while at the same time proving the bank’s ability to further strengthen its presence in Cyprus,” Louis said.
Louis specifically mentioned the bank’s large investment in its digitization efforts, including the services it provides to its customers.
The digitization process is expected to be completed during 2022, which the bank says will enable customers to access its services more easily with added flexibility and speed.
According to data published this week by the Statistical Office of Cyprus (Cystat), unemployment in Cyprus decreased by 25.4% year-on-year in July 2022.
According to the report, the number of unemployed people registered with the district labor offices on the last day of July 2022 was 14,145 people. The corresponding figure for July last year was 18,950 people.
The fall is primarily due to the accommodation and catering sectors, where 1,275 fewer unemployed people were registered.
In addition, the trade sector had 1,219 fewer unemployed, followed by the manufacturing sector with 314, the construction sector with 271, and the transport and storage sector with 271. In addition, 427 newcomers entered the labor market.
Compared to June 2022, the number of registered unemployed in July increased by 1,813 people.
Based on seasonally adjusted data reflecting the dynamics of unemployment, the number of registered unemployed in July 2022 increased to 14,128 compared to 13,724 in the previous month.
The Cyprus Stock Exchange (CSE) ended Thursday, August 4, with losses.
The overall Cypriot stock market index stood at 68.42 points at 12:53 pm during the day, reflecting a 0.31% drop from the previous trading day.
The FTSE/CySE 20 Index stood at 41.01 points, down 0.32%.
The total transaction value was 48,122 euros.
In terms of sub-indices, the core and investment company indices rose by 0.14% and 0.5%, respectively, while the hotel index remained stable. The alternative index fell 1.08%.
Bank of Cyprus (+0.47%), Logicom (-0.57%), Petrolina (no change), Hellenic Bank (+0.95%) and Cyprus Cement Company (+0.81%) attracted the highest investment interest .
