WOOD Flash – Bank of Cyprus: 1Q25 results highlights
Bank of Cyprus (BOCH) has posted EUR 117m in net income in 1Q25. This was 8% above our EUR108mn estimate, due mainly to the beat on other income. The bank does not guide quarterly, and there was no consensus estimate for the quarter. Overall, the quarter is not a game changer, but confirms our thesis (for further details, please see our recent report). BOCH has delivered an 18% ROTE, and we foresee its earnings power at a 17% ROTE when we normalise its CET1 to 15%. The bank did well on the volumes (loans up 3% qoq) and posted an 18% ROTE, despite excess capital, and keeps on building capital, approaching the 20% CET1 mark. We rate BOCH a BUY, with a PT of EUR 7.15/share. The bank is trading at 1.0x P/TBV and 7.1x P/E on our 2025E estimates.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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