Bank of Cyprus is forecasting that net profit for 2008 will increase 11% YoY to EUR 540 mln but thereafter profit growth in 2009 and 2010 will increased at a 25% annual pace with the total profit target for the period 2008-2010 at EUR 2 bln.
On the occasion of the announcement of the strategy and financial targets of the Group, the Chairman of the Board of Directors and the Group Chief Executive Officer made the following statements:
«With strong profitability and capital position, a management team with a proven track-record, and strong strategic positions in
Eleftherios P. Ioannou, Chairman of the Board of Directors
«The financial results of 2007 reflect the dynamic course of the Group and make us aim even higher. This momentum, our hard working and high quality staff, represent solid foundations for the success of the strategic plan 2008-2010. With our leading position in
Andreas Eliades, Group Chief Executive Officer
The Bank of Cyprus Group sets its strategic priorities for the three years period 2008-2010, aiming to create shareholder value on a sustainable basis. The initiatives of the Group aim to capitalise on strategic advantages of the Group for the benefit of its shareholders. The leading position of the Group in Cypriot banking, its critical role in the establishment of Cyprus as an international financial centre for businesses from Russia and other Eastern European countries, its particularly successful presence in Greece and its entry into new markets with high growth and profitability prospects represent its key growth drivers.
The strategic priorities of the Group for the three years period 2008-2010 focus on the following four directions:
A.1 Capitalise on opportunities in
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Enhancement of domestic market position with particular focus on the retail and SME sector, in light of the continued positive macroeconomic environment, reinforced by the ongoing structural changes in the financial services sector.
The Group targets further market share gains in loans through flexible products, targeted product marketing, cross-selling through alternative distribution channels and strengthening of the front line personnel. The Group has already been successful in attracting new customers in 2007 despite its dominant position.
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Further strengthening of the Group’s leading position in the profitable sector of banking services to international companies based in
1 international financial centre. The number of international commercial and investment companies based in
Bank of Cyprus aims to further strengthen its leading position in this profitable sector through the attraction of new clients, enrichment of its product offering and utilisation of its comparative advantages. These advantages arise from its position as the largest Cypriot bank with numerous years of operation in the sector, its specialised personnel, its excellent and reliable service and the valuable relationships it has created within the sector.
The adoption of Euro as the national currency of
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Enhancement of the insurance business via the introduction and marketing of new products, professionally and using the latest bancassurance methods exploiting the name and the wide customer base of the Group. In this direction, the Group will carry out campaigns promoting insurance products to the Bank’s customers via Alternative Distribution Channels.
