WOOD Flash – Bank of Cyprus: 1Q21 broadly in line, discount vs. Greek peers too wide
Bank of Cyprus has reported 1Q21 results that are broadly in line with our estimates. On the positive side, we highlight the strong new loan disbursements, the accelerating growth in fees and insurance income, the reassuring performance on the expired loans under moratoria, and the low cost of risk. On the negative side, the NII remains under pressure, as the loan yields are still trending downwards and the NPEs are deconsolidated. We remain confident in our full-year forecasts and believe that management is on track to deliver a ROTE of c.7% in 2023E.
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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