Bank of Cyprus profit estimate for 2010 at EUR 300-400 mln

Bank of Cyprus Group has issued its profit guidance for 2010 forecasting profit after tax will be between EUR 300 and EUR 400 mln, the same as in 2009, expecting positive contribution from all the markets in which it operates.
The strategic priorities of the Group for the year 2010 focus on maintaining a strong liquidity position and capital adequacy, improving efficiency and cost containment, satisfactory profitability and effective risk management. In addition, the Group aims to further enhance its presence in the new markets in which it operates, which have strong growth potential, thereby creating long term diversification of income, profitability and risks.
Specifically, regarding the Group’s profitability in the new markets, Russia’s contribution will be significant, with profit after tax for the year 2010 expected to reach around EUR30 mln. These estimates are mainly based on the expected continued growth of the Group’s operations in Russia, where the local economy is already showing signs of recovery.