WOOD Flash – Bank of Cyprus: slightly weaker 3Q profitability; trends remain unchanged
Bank of Cyprus has reported 3Q21 recurring net profit of EUR 13m, slightly softer than our forecast of EUR 16m, due mainly to a weaker NII. We believe that the bank is on track to meet our FY21E organic net profit forecast of EUR 67m. In our view, the strengthening of profitability should now be management’s key focus, following the earlier delivery of the NPE ratio to below 10% and the higher capital (TCR >20%). The stock trades at an inexpensive P/TBV of 0.3x and a P/E of 7.2x on 2021E. We remain BUYers.
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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