LICENSED ESTATE AGENTS NO: 184/E

Bank of Cyprus & other Cyprus Banks secure and back in Business

BANK OF CYPRUS & other Cyprus Banks secure and back in Business.

Bank of Cyprus announced EUR29 million net profit for the quarter ended 31 March 2015

Bank of Cyprus Group announced €29 million after tax profit for the quarter ended 31 March 2015, compared to a loss of €337 million for the fourth quarter 2014. The Common Equity Tier 1 capital (CET 1) ratio (transitional basis) stood at 13,9% at 31 March 2015, while the fully loaded CET 1 ratio totalled 13,4%.

According to Mr John Patrick Hourican the CEO of the Bank:

“We have made good progress against our strategic objectives during the first quarter, most notably reducing ELA by €500 mn to €6,9 bn, and to a current level of €6,4 bn, and continuing to stabilise our deposit base, while maintaining our capital position. The loan to deposits ratio improved to 138%, partly because of the continuation of positive customer flows, which is evidence of the increasing trust and confidence of our customers. Furthermore, the improvement in the Bank’s core results continued, with profit after tax from continuing operations totalling €57 mn, compared to a loss of €107 mn for 4Q2014. The Bank’s significantly strengthened capital position and overall improvement in its financial position enhance its funding options and will facilitate access to the capital markets, especially following the recent successful debt raising by the Republic of Cyprus. Depending on market conditions and investor appetite, the Bank will assess the possibility of raising wholesale funding, with the proceeds of such funding used to reduce ELA”

Please click here for the announcement.

Moody’s upgrades Bank of Cyprus covered bond ratings and affirms Caa3 debt and deposit ratings

On 28 May 2015 Moody’s Investors Service upgraded to B1 from B3 (on review for upgrade) the ratings on the mortgage covered bonds of Bank of Cyprus Public Company Limited.

Please click here for the announcement.

Moody’s Investors Service affirmed the long term deposits rating at Caa3 and the caa3 standalone baseline credit assessment (BCA) of Bank of Cyprus Public Company Limited (BoC).

The affirmation of the ratings reflects the progress the bank has made with its restructuring plan through the early disposal of non-core assets, the reduction of emergency liquidity assistance and the stabilization of its deposit base despite the full abolition of external capital controls in Cyprus. However, the rating affirmations also reflect the significant challenges the bank still faces in terms of improving its asset quality and reducing its reliance on Central Bank funding.

Please click here for the announcement.

Fitch Upgrades Bank of Cyprus

On 28 April 2015, Fitch Ratings upgraded Bank of Cyprus Public Company Ltd’s (BoC) Long-term Issuer Default Rating (IDR) to ‘CCC’ from ‘CC’ and BoC’s Viability Rating (VR) to ‘ccc’ from ‘cc’. These upgrades mainly reflect improved capital buffers following the completion of equity issuances and evidence of better deposit dynamics amid the gradual relaxation of capital controls, which were fully lifted by the authorities in early April 2015. BoC’s rating actions also highlight progress made in asset de-leveraging, enabling a reduction of its reliance on Central Bank funding.

There are currently no Announcements.

Leave A Comment

Your email address will not be published.