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Annual Report 2004

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Annual Report 2004 Bank of Cyprus Group Contents Group Profile Founded in 1899, the Bank of Cyprus Group is the leading financial services organisation in Cyprus, with a dynamic presence in Greece and operations in the Introductory Pages United Kingdom, Australia and the Channel Islands. Group Profile 1 The Group offers a wide range of financial Directors and Executives 2 products and services, which include banking services, Financial Highlights 3 finance, factoring, general and life insurance, Vision 5 brokerage, investment banking and mutual fund management. Chairman’s Statement 6 Bank of Cyprus Public Company Ltd (the Bank) Retirement of the Senior Executive Management 9 holds a leading position in Cyprus. Since 1991, the Group Chief Executive Officer’s Statement 10 Bank commenced its dynamic expansion in Greece. Strategy and Objectives 12 Today, Bank of Cyprus Greece is the seventh largest Economic Environment 14 commercial bank and largest ‘foreign’ bank in Banking Environment 19 the country. Due to its expansion to countries with sizeable Review of Operations Cypriot or Greek communities or business ties, the Bank is widely recognised as the international bank of Introduction 22 the Hellenism. The Group is well established in the Retail Customers and Small and Medium Sized Enterprises 24 United Kingdom, where this year it completes 50 Corporate Banking 32 years of successful presence. The Group’s Private Banking and Asset Management 35 international activities were further enhanced in 2000 Treasury 37 with the operation of a wholly owned subsidiary Risk Management 40 bank in Australia. International Banking 44 The Bank of Cyprus Group currently operates Insurance Services 45 through a total of 288 banking outlets, of which 172 operate in Cyprus, 100 in Greece, six in the United Investment Banking 50 Kingdom, nine in Australia and one in the Channel Property Development and Management 51 Islands. Bank of Cyprus also has Representative Human Resources 52 Offices in South Africa, Canada, USA, Russia and Information Technology 55 Romania. The Group employs 5 890 staff worldwide. The shares of Bank of Cyprus Public Company Ltd Social and Cultural Contribution 60 are listed on the Cyprus Stock Exchange (CSE) and the Report on Corporate Governance 63 Athens Exchange. The Bank is the largest listed Financial Performance Review 72 company on the CSE in terms of market capitalisation, it has a well-diversified shareholder base and the Financial Statements 77 number of its shareholders exceeds 70 000. Other Information 129 1 Bank of Cyprus Group Bank of Cyprus Group Directors and Executives Financial Highlights Board of Directors of Solon A. Triantafyllides Bank of Cyprus Public Company Ltd CHAIRMAN 2004 2003 2002 (Group Holding Company) Vassilis G. Rologis Key profitability indicators (Cí million) VICE CHAIRMAN Net interest income 246 199 176 Profit before provisions 140 101 90 Christos S. Pantzaris Andreas Pittas Andronicos Agathocleous Polys G. Polyviou Profits/(losses) after tax 38 (29) (21) Dimitris P. Ioannou George A. David Costas Z. Severis Andreas Artemis Theodoros Aristodemou Anna Diogenous Key balance sheet indicators (Cí million) Demetris Z. Pierides George M. Georgiades Total assets 10 260 9 062 8 126 Evdokimos Xenophontos Andreas J. Jacovides Shareholders’ funds 559 523 506 Christakis G. Christofides Christos Mouskis Loans and advances to customers 6 450 5 689 5 044 Group Executive Management Andreas Eliades Customer deposits 8 656 7 390 6 836 GROUP CHIEF EXECUTIVE OFFICER Charilaos G. Stavrakis Per share data (cent) CHIEF EXECUTIVE OFFICER - CYPRUS AND Earnings/(losses) per share 8,1 (6,5) (4,9) DEPUTY GROUP CHIEF EXECUTIVE OFFICER Dividend per share (proposed) 4,0 Yiannis Kypri GROUP CHIEF GENERAL MANAGER Capital adequacy Group General Managers Antonis Jacouris Tier 1 capital 9,0% 8,5% 7,7% GENERAL MANAGER INFORMATION AND OPERATIONS Total 13,7% 13,2% 11,6% Vassos Shiarly GENERAL MANAGER DOMESTIC BANKING Number of employees 5 890 5 703 5 518 Christis Hadjimitsis GENERAL MANAGER FINANCE Nicolas Karydas GENERAL MANAGER RISK MANAGEMENT Credit rating (31/03/2005) Long term Short term Moody’s µaa1 P-2 Constantinos Vasilakopoulos Fitch Ratings A- F-2 GENERAL MANAGER BANK OF CYPRUS GREECE Secretary Yiannis Kypri Contribution to indices Legal Advisers Chryssafinis & Polyviou CSE General Index FTSE CySE 20 Index Auditors Ernst & Young Chartered Accountants FTSE Med 100 Index Registered Office Group Headquarters FTSE New EU Index 51 Stassinos Street DJ Stoxx EU Enlarged TMI Index Ayia Paraskevi, Strovolos P.O. Box 24884, CY-1398 Nicosia, Cyprus Telephone: +357 22842100, Telefax: +357 22336258 2 3 Bank of Cyprus Group Bank of Cyprus Group Chairman’s Statement Solon A. Triantafyllides Chairman Bank of Cyprus Group The Group capital adequacy ratio at 31 December our branches into selling outlets and at centralising 2004 stood at 13,7% compared to the 10% certain services, in order to provide faster service. minimum required by the Central Bank of Cyprus Further to the above, 2004 was a very creative and 8% required by the European Union Directive. year for the Group because, as already announced, The Bank will proceed with a share capital increase we implemented sound corporate governance before the end of 2005 to further strengthen its principles, with the support of the international Dear Shareholders, capital base. The share capital increase will take the consulting house McKinsey & Co. Through the The year 2004 marked the form of a rights issue. It is estimated that the total adoption of sound corporate governance, we believe Last year, I made reference to the great difficulties proceeds of the issue will be of the order of that Bank of Cyprus will comprise a model Group in beginning of a new era for faced by banks in Cyprus over the past couple of Cí80-Cí100 million. The specific details of the issue south-eastern Europe. years and the factors which adversely affected their will be decided by the Board of Directors of the Bank As you are already aware, as of 1 January 2005 a profitability. The Group’s commitment and chief and will be announced closer to the time of issue. new Senior Executive Management Team has been the Bank of Cyprus Group, objective was to safeguard its profitability and reinstate Group total assets at the end of the year reached appointed, with Mr A. Eliades in the position of its dividend distribution policy the soonest possible. Cí10,26 billion, recording a 13% annual increase. Group Chief Executive Officer, Mr C. Stavrakis in the as a result of Cyprus’ This year, I am pleased to announce that the Group Group total loans and advances recorded a 13% position of Chief Executive Officer Cyprus and has reverted to profitability and dividend payment. annual increase and reached Cí6,45 billion at Deputy Group Chief Executive Officer, and accession to the European ñ Group profit after tax for 2004 reached Cí38 million 31 December 2004. Group customer deposits at Mr Y. Kypri in the position of Group Chief General against a loss of Cí29 million for 2003. 31 December 2004 reached Cí8,66 billion, Manager. The Chairman has retired from his Union and the lifting of ñ Group core profit (profit before provisions and recording a 17% annual increase. executive duties, as required by the principles of before taxation) reached Cí140 million, up by Following two difficult years for the banking sector corporate governance and is now a non-executive exchange controls. 39% against Cí101 million for the prior year. in Cyprus, which was affected by the prolonged Chairman. Furthermore, Messrs Chr. S. Pantzaris and ñ Net interest income increased significantly (24%) downturn of the stockmarket and the adverse E. Xenophontos have handed over their executive to Cí246 million compared to Cí199 million conditions prevailing in the Cyprus economy in duties to the new Senior Executive Management Team. for 2003. general, combined with the introduction of stricter In the past, the vision of the Bank of Cyprus Group The Group’s optimism for The increase was due to the improved net interest regulations regarding loan quality, the Bank of Cyprus was to emerge as the largest financial organisation of margin, which resulted from the actions taken to Group entered 2005 stronger and more optimistic the island and to be a cornerstone of the economy the future is based on our further improve product pricing, as well as the significant about the future. and the citizens of Cyprus. The Group’s vision increase in the Group’s Greek loans and advances As regards the Bank in Cyprus, our priority in evolved to cover the Hellenic communities overseas. recent years has been to improve the quality of our More recently, the Group’s vision was redrafted to efforts over the past two portfolio and the collection of overdue amounts. After having considered the positive results of the loan portfolio and the effective management of include making Bank of Cyprus a sizeable banking Group for 2004 and the prospects for sustaining the non performing loans. We have coordinated our institution in Greece. years which have recently improvement in profitability, the Board of Directors efforts to this end, which resulted in the significant The above vision statements have been fulfilled and of Bank of Cyprus decided to recommend for profitability improvement of the Bank. I believe that the next step will be the Group’s been intensified with approval at the Annual General Meeting of the In conjunction with the above, our efforts to expansion to new markets, such as the Balkans and Shareholders to be held on 18 May 2005, the contain costs continued during 2004, including Russia. The Senior Executive Management Team is positive results, as well as on payment of a dividend for 2004 at 4 cent per share. persisting with the Group’s existing recruitment already examining the possibility of the Group The Dividend Reinvestment Plan approved by the freeze policy in Cyprus and the control of other expanding to these countries.
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