BANK OF CYPRUS PUBLIC COMPANY LTD: Profitable and Awarded
BANK OF CYPRUS PUBLIC COMPANY LTD: Profitable and Awarded International Awards Recently the Bank earned yet another international recognition. In early September and for the fifth time in six years The Banker magazine proclaimed Bank of Cyprus as Bank of the Year for Cyprus. The Bank achieved significant improvement in profitability indicators, arising from cost cutting, in parallel with an increase in income in Cyprus and in Greece. Profit after tax for H105 increased by 98%. The Group's cost to income ratio decreased from 67,3% in 2003 to 62,0% in 2004 and 59,1% in H105. As Mr. Andreas Eliades, Group Chief Executive Officer, stated "The Bank of Cyprus Group continues its efforts to increase profitability with the continued dynamic penetration of the Greek market and its plans to expand beyond its traditional markets to new markets that present high growth opportunities. In parallel, the Group has intensified its efforts to improve pricing, risk management and cost containment. The main focus of the group is to provide customers with the best quality service using increasingly cost effective procedures, through a variety of alternative distribution channels and innovative products that aim to satisfy the needs of each and every customer."