The distinguished magazine Euromoney has named Bank of Cyprus as the 'Best Bank' in Cyprus for 2022 - the accolade coming at an especially difficult juncture for the world economy and the financial system.

The award is important as it recognises the Bank's drive to reduce NPLs and its return to profitability.

Evaluation

The evaluation stage took into account the successful loan portfolio sale through Project Helix, as well as other positive actions taken to tackle the stock of non-performing loans. Euromoney stressed that "the Bank recorded a productive year, with the percentage of NPLs dropping to 6.5 per cent at the end of the first quarter of 2022, compared to 30% at the end of 2019."

Other positives for Bank of Cyprus were record new lending - coming to €618 million during the first quarter of the year - and a 65% increase in profits before non-recurring expenses.

Euromoney also cited the Bank's after-tax profits of €21 million in the first quarter of 2022, compared to €8 million for the same quarter last year, reflecting the progress being achieved.

Commenting on the award, Bank CEO Panicos Nicolaou said: "The fact that a reputable magazine has named us as the 'Best Bank' in Cyprus, shows that we are in a very good position and are moving forward. It also serves as a recognition of our work over several years, particularly in relation to reducing non-performing loans.

"Our Bank is implementing its business plan and picking up the pace in rolling out its digital transformation programme. I'd like to take this opportunity to thank our shareholders for their long-standing support, our staff for their dedication and professionalism, and our clients for their constant support and trust."