2021-2024

• Return to sustainable profitability

  Bank of Cyprus has entered a new era, having successfully tackled most of the problems of the past. It is now focused on pursuing its strategy on expenses and capital, focusing on improving sustainable profitability via increased revenue. The Bank aims to achieve a return on tangible equity (ROTE) of over 10% by 2025.

• NPLs in the single digits

  The Bank of Cyprus Group brought its NPL-to-loan ratio down to single digits, and did so a year earlier than anticipated, boosting its capital base beyond regulatory requirements. NPLs did not rise thanks to the correct handling of the situation during the Covid-19 pandemic in relation to the loan portfolio and to borrowers.

  In addition, the group exceeded expectations in relation to the cost of risk normalisation.

• Sustainability and ESG objectives

  Recognising that global challenges relating to the environment, climate change and social conditions affect us all, Bank of Cyprus is focusing on Environmental, Social and Corporate Governance, forging a new agenda on ESG-related issues. It is transforming into a future-oriented organisation that participates proactively in boosting social structures, protecting the environment as well as delivering effective corporate governance.

• Digital transformation and products

  Since 2019 Bank of Cyprus has been implementing its digital transformation plan aimed at better serving customers. Meanwhile it’s working to optimise its internal processes by focusing on a functional model. 95% of the Banks services to individuals are offered digitally with a 96% digital transaction ratio.

  The Bank leads the way in initiatives to digitise and technologically upgrade the Cypriot economy and entrepreneurship.

• Client-centric

  The Bank undertakes actions and activities aimed at helping it become an even more customer-centric organisation. A targeted transformation programme is already underway, and it will facilitate the transition to a more modern way of conducting banking business by enhancing the digitisation of services and of internal processes.

  The transformation’s goals:

  • A more customer-centric operating model
  • Redefine the distribution model for existing and new channels
  • Digitally transform internal processes as well as the way in which service is provided to customers, and
  • The more active involvement of employees and the strengthening of Organisational Health
• The Quick Hub bank store

  The Bank operates a QuickHub store, available on its various digital channels (Internet Banking, BoC Mobile App), connecting basic banking transactions to the digital world.

  Through this platform, Bank of Cyprus customers get direct access to products and services – opening an account, issuance of a new card, personal loan applications, car leasing, cheque deposits, and even car and home insurance.