WOOD Flash – Bank of Cyprus: 3Q25 results highlights
Bank of Cyprus has posted EUR 118m in 3Q25 net income, 15% above our estimate. We are positive on the 3Q25 results, with the earnings beat driven partly by stronger-than-expected cost control. Management has also finetuned and upgraded its 2025E guidance, and confirmed that, by 4Q25E, the NIM should have fully settled with the current rate environment, positioning the bank for NII expansion from 1Q26E. We have a BUY rating on Bank of Cyprus, with a EUR 9.3/share PT. The bank is trading at 9.1x P/E and 1.3x P/TBV 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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