BOCY 2009 results at €313mln

Bank of Cyprus announced net profits for 2009 amounting to 313 million euro, reduced by 38% compared to 502 mln euro in 2008 due to the financial crisis.

However, the Group announced estimated net profit for 2010 amounting between 300 and 400 million euro.

The 2009 profits were hampered mainly due to high provisions on bad debts. The Group announced a proposed dividend of 0.08 euro per share with the total dividend for the year reaching 0.16 euro.

''In a particularly negative environment for the global financial system, as well as for the markets in which it operates, the Group, by focusing on its targets, strengthened its financial position and maintained strong liquidity and capital positions,'' a press release issued today by the Bank said, announcing its financial results for 2009.

The Group’s profit after tax for 2009 reached €313 mln, while return on equity was maintained at 14.0%, ''a satisfactory return given the intensity of the financial crisis'', according to the Bank.

Net interest income and commissions recorded an annual growth of 8% reaching 1.091 mln euro for 2009, ''reaffirming the Group’s ability to achieve increased recurring profitability even in adverse economic conditions.''

''The Group’s performance affirms its strong position, ready to face the challenges of 2010 and to take advantage of any opportunities that may arise,'' the release said.

The Group's profit before provisions in 2009 reached 612 mln euro down by 6% compared to 2008's 654, while profit before tax in 2009 stood at 365, down by 34% compared to 552 mlo euro in 2008.

With regard to 2010, the Group announced estimates for net profit between €300 mn and €400 mn, with positive contribution from all the markets in which it operates.

The Bank made special reference in Russia's ''significant'' contribution, with profit after tax for the year 2010 expected to reach around 30 mln euro.