BANK OF CYPRUS PUBLIC COMPANY LTD: Autonomous Growth

BANK OF CYPRUS PUBLIC COMPANY LTD: Autonomous Growth The Bank of Cyprus Group continues its growth course, maintaining high growth rates. In particular loan growth reached 12% for the whole Group, while loan growth for Greek operations reached 22% year-on-year to 30 September 2005. Among its portfolio of services strengths is leasing, comprising of 17%-18% of the Greek market, while the Bank notes dynamic expansion in its factoring services. Mr. Yiannis Kyrpi, Group Chief General Manager, recently noted that the Bank of Cyprus Group will focus on expanding its activities not only in Greece but also in the Russian and Romanian markets through the development of its own network. The Bank has already acquired the necessary approvals by the Central Bank of Cyrpus regarding its activities in Russia and Romania and is presently preparing to apply for the necessary licensing. The aim is to begin operations in these markets by 2007. As far as Greek operations are concerned, the Group enjoys strong position in the market, representing 48% of total Group Loans, estimated to reach 50% in the following three years. Strong performance The Group financial results for the 9 months 2005 confirm the return of the Group to the positive track as set in the Group's three year strategic plan (2005 - 2007). The reorganization of the Group's activities in Cyprus combined with the cost containment and income enhancement plans had positive results and the dynamic expansion of the Group in Greece continued. At 30 September 2005, the Group reported a 66% increase in profits after tax, at Euro 88 million versus 53 million in the respective previous year period while core profits marked an increase of 24% at Euro 129 million versus Euro 104 million. In Cyprus, core profit recorded a 36% increase to reach Euro 74 million. In Greece, core profit reached Euro 47 million, increasing by 12%, while in the remaining regions core profits increased by 2%. Τhe Bank of Cyprus Group is the largest listed company in the Cyprus Stock Exchange in terms of market cap (Euro 1.82 billion) and the leading Cypriot banking and financial services organization. It has extensive presence in Greece, the United Kingdom and Australia and also representation in the United States, Canada, South Africa, Russia and Romania. At 30 September 2005, the Group's Total Assets reached euro 20,58bn and the Group's Shareholders' Funds were euro 1,09bn. by Capital Link