Bank of Cyprus: Q1 profit up 54%

Bank of Cyprus reported net profit of 2 million euros in first quarter 2009 for its operations in Romania, up 53.8% from 1.3 million euros in prior-year period.

In the three months to March 31, Bank of Cyprus’ total loans in Romania reached 553 million euros, up 58.5% from 349 mln euros a year earlier, but down 4.3% from 578 mln euros reported in December 2008.

“As of September 2008, the bank granted loans of an aggregated value of 150 million euros, despite the financial crisis and ongoing instability of the money markets which affirms our support to the business community in Romania and the group’s commitment in the country”, company said in a statement.

The bank’s total deposits in Romania reached 80 million euros at the end of first quarter this year, down 6.9% from 86 million euros at the end of 2008, the report remitted by the parent bank shows.

Bank of Cyprus’s had 11 branches on March 31, 2011 and plans to open another 3 in the second quarter this year. Bank of Cyprus expects its operations in Romania to return at least 3 million euros in 2009, similar to last year, according to the official statements of the bank’s CEO, George Christoforou.

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