solid 4Q numbers, improving asset quality
Bank of Cyprus has reported a solid set of 4Q16 numbers, above our estimates. Net profit (excluding a VRS charge of EUR 16m) came in at EUR 18m in 4Q vs. our forecast of EUR 2m. The beat was even stronger at the pre-provision profit level on the back of solid NII, fees and operating expenses. The cost of risk was in line, but other impairments were elevated due to a EUR 18m charge as provisions for litigations and regulatory matters. On the positive side, we also highlight the further drop in NPEs (to 54.8% from 57.8% in September) and the improvement in the NPE coverage ratio (to 41%).
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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