Awards for Excellence 2009: Cyprus

Bank of Cyprus was the only big bank to increase after-tax profits year-on-year – €502 million compared with €485 million. It benefits from an ample deposit base, meaning it has not been afflicted by the woes in the international wholesale funding markets, and it maintained its low cost-income ratio at 44.9% despite an expansion of its network in Greece and in Russia, Romania and Ukraine. Its excellent liquidity position allowed it to continue to grow its domestic operations, and loans across the group rose by 29%. At the same time its deposits rose by 11%. Despite the exposure to central and eastern Europe and the deteriorating economic environment, its NPL ratio remained unchanged at 3.8%.