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Annual Report Annual Report CONTENTS: COMPANY PROFILE PAGE 3 / GROUP FINANCIAL HIGHLIGHTS PAGE 4 / BOARD OF DIRECTORS AND GROUP MANAGEMENT PAGE 6 / CHAIRMAN’S STATEMENT PAGE 7 / GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT PAGE 9 / VICE CHAIRMAN’S STATEMENT PAGE 11 / STRATEGY AND TARGETS PAGE 12 / SHAREHOLDER INFORMATION PAGE 14 / REVIEW OF GROUP OPERATIONS PAGE 15 / REVIEW OF GROUP OPERATIONS - CYPRUS PAGE 17 / REVIEW OF GROUP OPERATIONS - GREECE PAGE 25 / REVIEW OF GROUP OPERATIONS - OTHER COUNTRIES PAGE 31 / OTHER GROUP OPERATIONS - TREASURY AND RISK MANAGEMENT PAGE 34 / CORPORATE SOCIAL RESPONSIBILITY PAGE 38 / CORPORATE GOVERNANCE REPORT PAGE 40 / GROUP FINANCIAL REVIEW PAGE 49 / GROUP FINANCIAL STATEMENTS PAGE 56 / OTHER INFORMATION PAGE 141 BANK OF CYPRUS GROUP COMPANY PROFILE 3 Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group with a dynamic presence in Greece and banking presence in the United Kingdom, Australia, Romania and Russia. The Group offers a broad range of financial products and services including banking services in Cyprus, Greece, the United Kingdom, Australia, Romania, Russia and the Channel Islands, leasing services, factoring, brokerage, management of mutual funds, investment banking, general and life insurance. At 31 December 2007, the Bank’s market share among local commercial banks and cooperative credit and savings societies stood at 31,6% of total deposits and at 29,0% of advances. The Group currently operates through a total of 300 branches, of which 143 operate in Cyprus, 135 in Greece, five in the United Kingdom, 11 in Australia, one in the Channel Islands, four in Romania, and one in Russia. Bank of Cyprus also has representative offices in Russia, Canada and South Africa. The Bank of Cyprus Group employs 6.909 staff worldwide. At 31 December 2007, the Group’s total assets reached C£18,59 billion (€31,76 billion) and shareholders’ funds were C£1,15 billion (€1,97 billion). The Bank of Cyprus shares are listed on the Cyprus and Athens Stock Exchanges. Bank of Cyprus Group Awards • Best Commercial Internet Bank 2007 in Cyprus • Best Bank 2008 in Cyprus • Best Foreign Exchange Bank 2008 in Cyprus ("Global Finance" magazine) • Best Savings Account 2008 in Australia ("Money" magazine) • European Business Award – Ruban D’Honneur award in the category "Growth Strategy of the year" 2008 • Quality Recognition Award from J.P. Morgan for Swift messages with a 99,7% STP, in Greece. BANK OF CYPRUS GROUP 4 GROUP FINANCIAL HIGHLIGHTS Loans and advances to customers Customer Deposits (C£ million) (C£ million) 11.074 14.737 8.391 12.130 7.002 10.753 2005 2006 2007 2005 2006 2007 Profit before provisions Profit after tax and minority interest (C£ million) (C£ million) 368 284 283 183 182 72 2005 2006 2007 2005 2006 2007 Cost / Income Return on equity 60% 30% 56,7% 27,6% 46,7% 43,6% 21,7% 40% 20% 11,9% 20% 10% 0% 0% 2005 2006 2007 2005 2006 2007 5 2007 2006 2005 Key profitability data (C£ million) Net interest income 440 359 280 Profit before provisions 368 283 182 Profit after tax and minority interest 284 183 72 Key balance sheet data (C£ million) Total assets 18.590 14.571 12.809 Shareholders’ funds 1.174 905 762 Loans and advances to customers 11.074 8.391 7.002 Customer deposits 14.737 12.130 10.753 Per share data (C£ cent) Earnings per share 50,8 33,3 14,4 Dividend per share (interim and proposed final) 26,0 17,0 7,0 Capital adequacy ratios Tier 1 ratio 9,7% 9,1% 9,8% Capital adequacy ratio 12,7% 12,1% 14,1% Number of employees 6.909 6.192 6.065 Cost / Income 43,6% 46,7% 56,7% Return on equity 27,6% 21,7% 11,9% BANK OF CYPRUS GROUP 6 BOARD OF DIRECTORS AND GROUP MANAGEMENT Board of Directors Eleftherios P. Ioannou of Bank of Cyprus Public Company Ltd CHAIRMAN Andreas Artemis VICE-CHAIRMAN Christos S. Pantzaris George M. Georgiades Vassilis G. Rologis Andreas J. Jacovides Costas Z. Severis Christos Mouskis Theodoros Aristodemou Manthos Mavrommatis Christakis G. Christofides Andreas Eliades Evdokimos Xenophontos Yiannis Kypri Andreas Pittas Costas Hadjipapas Anna Diogenous Group Executive Andreas Eliades Management GROUP CHIEF EXECUTIVE OFFICER Yiannis Kypri GROUP CHIEF GENERAL MANAGER Group General Managers Antonis Jacouris GENERAL MANAGER INTERNATIONAL BUSINESS AND OPERATIONS Vassos Shiarly GENERAL MANAGER DOMESTIC BANKING Christis Hadjimitsis GENERAL MANAGER FINANCE AND STRATEGY Nicolas Karydas GENERAL MANAGER RISK MANAGEMENT Group Internal Auditor Constantinos Tsolakis Secretary Yiannis Kypri Legal Advisers Chryssafinis & Polyviou Independent Auditor Ernst & Young BANK OF CYPRUS GROUP CHAIRMAN’S STATEMENT 7 Year 2007 was a year of exceptional financial performance for the Bank of Cyprus Group, which recorded an impressive increase in profitability of 55% compared with 2006, with profit after tax and minority interest reaching €485 million (C£284 million). The Group maintained its leading position in the Cyprus market whilst enhancing its presence abroad. Our expansion into the rapidly developing markets of Russia, Romania and the Ukraine realises the Group’s vision to emerge as a leading financial force in the region. At the same time, however, although the Group had significant profitability and successful expansion abroad during 2007, the global economy has been affected by a crisis whose extent is as yet unknown. We monitor and evaluate the likely effects of the crisis on our plans for 2008, given that Cyprus and Greece, the main markets for the Bank’s operations, cannot remain unaffected by the Eleftherios P. Ioannou consequences of the crisis. CHAIRMAN The Group results for 2007 confirm that our strategic Based on these favourable results, I am pleased to decisions and our determination in the implementation of announce the Board of Directors’ decision to propose a our plan, taking advantage of the favourable conditions, dividend of €0,25 per share to the Annual General Meeting. which prevailed for the greatest part of the year on the The total amount of the proposed dividend, together with international scene, were the right ones. A spectacular the interim dividend of €0,19 paid in December 2007, return on equity was registered in 2007, reaching 27,6%, amounts to €0,44 per share, compared to €0,29 per share compared to 21,7% in 2006, and the cost to income ratio paid last year, recording an increase of 52%. dropped to 43,6%, down from 46,7% in 2006, which is also a great success. In the last three years, Bank of Cyprus The excellent results for 2007 were achieved despite has doubled in size. the challenges, faced by Bank of Cyprus, in the form of takeover and merger bids, from Piraeus Bank and Marfin In Cyprus, the Group’s profits noted a satisfactory increase. Popular Bank. The Group dealt with these challenges By exploiting its branch network, its advanced know-how successfully, having the determined support of its and its highly trained staff, Bank of Cyprus continues to be shareholders, to continue its autonomous growth and its the preferred bank both for businesses and individuals in accelerated expansion. The Management of the Group has Cyprus. no doubt that our decisions, which were supported by our shareholders, were the right ones and time will confirm Developments in the international banking sector were that. very satisfactory, with our market share exceeding 45% and our customer base including more than 30.000 Year 2007 was a very important one, not only for the international companies, making Bank of Cyprus the banking system, but also for the economy of Cyprus leader in attracting foreign investment to the island. as a whole. During the year, the preparations for the introduction of the euro were completed. The process of In Greece, the Group achieved an impressive increase the changeover to the euro was exceptionally successful in turnover and profitability, gaining a market share of and the contribution of the Bank to this achievement was around 3,7%. There are now plans for further expansion substantial. with the aim of increasing the number of branches to 220 by the end of 2010. Towards the end of 2007 dark clouds appeared, threatening the global economy. The cause of the problem was the US A significant development in 2007 was the commencement sub prime housing market. As a result, there has been a of banking operations in Russia and Romania, which slowdown in the rate of growth of the US economy, which are considered to be among the most rapidly developing continues to this date. Now that the credit crisis has markets of “New Europe”, and the acquisition of spread beyond the USA, it is becoming clear that the size AvtoZaZBank in Ukraine, which is expected to be of the problem poses a threat to global markets. completed during the first half of 2008. The first signs from our banking units in Romania and Russia are encouraging, Economic conditions in the Euro zone are deteriorating, with total loans amounting to €342 million at the end of with inflationary pressures mounting and a lower annual 2007. growth rate being predicted for the region’s economy. The International Monetary Fund has therefore revised its growth forecast for the eurozone for 2008 down from 1,6% to 1,3%. BANK OF CYPRUS GROUP 8 CHAIRMAN’S STATEMENT Greece and Cyprus, the Group’s two main markets, I would also like to thank the General Managers and cannot remain unaffected, given that both countries are staff of the Group for their hard work and motivation open economies. Greece, in addition to the credit crisis, and for their commitment and faith in the Group, which is affected by a number of internal factors.
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