WOOD Flash – Bank of Cyprus: 4Q24 results and 2025E guidance highlights
Bank of Cyprus (BOCH) has reported EUR 108m in net income in 4Q24, 9% below our EUR 117m estimate for the quarter. The revenues were in line with our estimate and the NII also held up stronger than expected (7% higher than our estimate). The delta was due to the higher-than-expected provisions (EUR 20m higher). This includes a EUR 13m provision, which management has set aside for legacy litigation exposures. We understand that this provision is one-off in nature. The bank will return 50% of its net income to the shareholders, through a EUR 0.484/share dividend (a c.9% yield) and a EUR 30m buyback, which can cancel 1.3% of the shares. BOCH also announced its 2025E guidance, which suggests that our estimates may be slightly aggressive, due to the bank’s lower NII forecast (guidance
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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