WOOD Flash – Bank of Cyprus: highlights from 2Q23
Bank of Cyprus has announced EUR 125m in net income for 2Q23 (EUR 220m in 1H23). The results have been boosted mainly by positive margin trends. The bank is running ahead of the 2023E guidance, which was targeting a >17% ROTE, vs. the 24.0% ROTE achieved in 1H23. Although management noted that it is likely approaching the peak margin in 3Q23E, the bank has done well in 1H23, on the back of the rate hikes, but also the well-contained deposit costs. We rate Bank of Cyprus a BUY, with a price target (PT) of EUR 4.00/share. On our current estimates, the bank is trading at 4.4x P/E and 0.6x P/TBV for 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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