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Annual Report 2008 Bank of Cyprus Group / / Group Cyprus of Bank Annual Report 2008 Report Annual annual report 2008 bank of cyprus group / annual report 2008 www.bankofcyprus.com / [email protected] Direct Banking (from Cyprus) 800 00 800 or +357 22128000 (from abroad) Phone Banking (from Greece) 801 11 802 803 or +30 210 6418888 (from abroad) WorldReginfo - 30cdc53f-d9b5-49be-a49b-c098fb426198 Wisdom. Community. Fruitfulness and generosity. Strength and reliability. Peace and prosperity. Stability. The values that symbolise the olive tree are the foundation on which Bank of Cyprus was built on 110 years ago. They are our values today. WorldReginfo - 30cdc53f-d9b5-49be-a49b-c098fb426198 contents page 1. Company Profile 3 2. Group Financial Highlights 4 3. Board of Directors 6 4. Chairman’s Statement 7 5. Group Chief Executive Officer’s Statement 9 6. Vice-Chairman’s Statement 11 7. Shareholder Information 12 8. Group Chief General Manager’s Statement 13 9. Group Management 14 10. The History of Bank of Cyprus through the Eyes of the Community 17 11. Review of Group Operations - Cyprus 37 12. Review of Group Operations - Greece 44 13. Review of Group Operations - Other Countries 49 14. Other Group Operations 51 15. Report on Corporate Governance 54 16. Group Financial Review 62 17. Group Financial Statements 68 18. Other Information 163 WorldReginfo - 30cdc53f-d9b5-49be-a49b-c098fb426198 bank of cyprus group company profile Founded in 1899, the Bank of Cyprus Group completes 110 years of successful operation in 2009. The Group is the leading financial services organisation in Cyprus, with a dynamic presence in Greece and operations in the United Kingdom, Channel Islands, Australia, Russia, Romania and Ukraine. The Group offers a wide range of financial products and services, which include banking services, leasing, factoring, brokerage, investment banking, management of mutual funds, general and life insurance. The Group at 31 December 2008 operated through a total of 574 branches, of which 143 operate in Cyprus, 159 in Greece, 5 in the United Kingdom, 10 in Australia, 214 in Russia, 9 in Romania, 33 in Ukraine and 1 in the Channel Islands. Bank of Cyprus also has representative offices in South Africa, Canada, Russia and Ukraine. The Bank of Cyprus Group employs 12.127 staff worldwide. At 31 December 2008, the Group’s Total Assets reached €36,11 bn and Shareholders’ Funds were €2,06 bn. The Bank of Cyprus shares are listed on the Cyprus and Athens Stock Exchanges. WorldReginfo - 30cdc53f-d9b5-49be-a49b-c098fb426198 bank of cyprus group group financial highlights 27.936 24.449 25.179 20.726 18.921 14.336 2006 2007 2008 2006 2007 2008 loans and advances to customers customer deposits (€ million) (€ million) 502 629 654 485 483 313 2006 2007 2008 2006 2007 2008 profit before provisions profit after tax (€ million) attributable to shareholders (€ million) 60% 27,6 30% 46,7 25,1 43,8 44,9 21,7 40% 20% 20% 10% 0% 0% 2006 2007 2008 2006 2007 2008 cost / income return on equity WorldReginfo - 30cdc53f-d9b5-49be-a49b-c098fb426198 2008 2007 2006 key profitability data (€ million) net interest income 79 752 613 profit before provisions 6 629 483 profit after tax attributable to shareholders 0 485 313 key balance sheet data (€ million) total assets 6.107 31.763 24.897 shareholders’ funds .06 2.005 1.546 loans and advances to customers .9 18.921 14.336 customer deposits 7.96 25.179 20.726 per share data (€ cent) earnings per share (basic) 87,6 86,3 56,5 dividend per share (interim and proposed) 7,0 44,4 29,0 capital adequacy ratios tier 1 ratio 7,% 9,7% 9,1% total capital ratio 11,% 12,7% 12,1% number of employees 1.17 6.909 6.192 cost / income ,9% 43,8% 46,7% return on equity ,1% 27,6% 21,7% WorldReginfo - 30cdc53f-d9b5-49be-a49b-c098fb426198 6 bank of cyprus group board of directors Bank of Cyprus Public Company Ltd Theodoros Aristodemou CHAIRMAN Andreas Artemis VICE-CHAIRMAN Vassilis G. Rologis Costas Z. Severis Christakis G. Christofides Evdokimos Xenophontos Anna Diogenous George M. Georgiades Andreas J. Jacovides Christos Mouskis Manthos Mavrommatis Andreas Eliades Yiannis Kypri Costas Hadjipapas Nikolas P. Tsakos Secretary Yiannis Kypri Legal Advisers Chryssafinis & Polyviou Independent Auditors Ernst & Young Cyprus Ltd WorldReginfo - 30cdc53f-d9b5-49be-a49b-c098fb426198 7 bank of cyprus group chairman's statement 2008 was a difficult year for the world economy which was hit by the global financial crisis. It was the year in which the economic foundations of countries, organisations and businesses were tested all over the world and a climate of uncertainty was created which needs to be countered with sensible, stable and prudent management. Within this negative environment, the Bank of Cyprus Group applied a prudent credit policy, expanded selectively into new markets, avoided exposure to high risk investment products and maintained minimal dependence on funding from the wholesale market. Through this approach, we managed to maintain profitability at high levels and shield the Group from the negative international environment. Group profit after tax attributable to shareholders reached €502 million, a 4% increase compared to 2007. The Group also achieved a highly satisfactory return on equity (25,1%), while at the same time maintaining a high level of liquidity. The Group’s high profitability levels were achieved despite the negative international environment, as a result of the correct strategy and the vision, enthusiasm, planning and hard work with which the Bank’s management and employees worked to implement that strategy. Theodoros Aristodemou CHAIRMAN Bearing in mind the results to date, the Bank’s Board of Directors decided to propose to the annual general meeting of shareholders the payment of a dividend of €0,12 per share. The total dividend, including the interim dividend of €0,15 per share paid in December 2008, amounts to €0,27 per share, which is considered very satisfactory under the circumstances. The acquisition of 80% of the share capital of the Russian Uniastrum Bank expanded the Group’s international operations and was an important step in implementing its vision of becoming a banking power of regional importance. The Group now operates in 8 countries, has 575 branches and 2009 is expected to be a difficult year. As such, our main over 12.000 employees. strategic priorities are to maintain strong liquidity in the Group, strengthen capital adequacy and manage risk effectively. In The two main markets in which the Group operates, Cyprus and these testing times for the global economy, Bank of Cyprus, Greece, made a significant contribution to Group profits. Profit which is a cornerstone of the Cyprus economy, examines and after tax for 2008 in Cyprus reached €401 million (including the announces support programmes in response to society’s significant gains from transactions for hedging foreign exchange expectations. Bank of Cyprus will continue supporting businesses risk) and in Greece reached €74 million. to maintain their liquidity and boost their sales as well as retail customers to purchase their homes. The Group performance in the new markets is also noteworthy with all countries achieving positive results. Russia (excluding I have only the highest words of praise for the spirit of cooperation Uniastrum, whose profits are reported separately) and Romania which has reigned over the past year, both within the Board each achieved profit after tax in 2008 of €3 million and Ukraine of Directors and between the Board and the Senior Executive achieved profit after tax of €1 million. Uniastrum, whose profits Management. My thanks go to Vice-Chairman, Mr Andreas were consolidated for only the last 2 months of the year, Artemis, and the other members of the Board of Directors for contributed €5 million to overall Group profits in 2008. their help and support. WorldReginfo - 30cdc53f-d9b5-49be-a49b-c098fb426198 8 On behalf of the Board of Directors, I wish to express my warmest thanks to Mr Andreas Eliades, the Group Chief Executive Officer, and Mr Yiannis Kypri, the Group Chief General Manager, for helping to achieve our objectives. My warm thanks also go to the Group’s General Managers, the officers and all Group employees for their loyalty, dedication and contribution towards our successful results. During the course of 2008, Messrs Charilaos G. Stavrakis, Michalis Sarris and Andreas Pittas resigned from the Board of Directors. At the Annual General Meeting of shareholders held on 14 May 2008 the Chairman of the Board of Directors, Mr Eleftherios P. Ioannou, retired having reached 75 years of age. Mr Christos S. Pantzaris resigned from the Board of Directors in January 2009 due to his reaching 75 years of age. On behalf of the Board of Directors, I wish to express my warmest thanks to everyone for their services to the Group. The Bank of Cyprus Group will be celebrating its 110th anniversary this year. Our success over so many years gives us much to draw on, but is a heavy responsibility in terms of maintaining growth. I truly believe that today more than ever, we need vigilance, cooperation, flexibility and a common perception across the board in order to mitigate problems and achieve our objectives. In closing, I would like to express my warmest thanks to our shareholders and customers for having placed their trust in us all these years. I wish to assure them that we are aware of the burden of responsibility which we bear and shall remain on a steady course, with sensible and prudent policies which ensure that the Group is administered honestly, fairly and effectively and in a collective and transparent manner, with the aim, as always, of achieving added value for our shareholders, our customers, our staff and society. My thanks to you all.
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