BOCH Financial Report 11 July 2016 to 31 Dec 2016

RNS Number : 5974D

Bank of Cyprus Holdings PLC

27 April 2017

 

Announcement

Bank of Cyprus Holdings Public Limited Company Financial Report for the period from 11 July 2016 to 31 December 2016

Nicosia, 27 April 2017

Bank of Cyprus Holdings Public Limited Company ("BOC Holdings" or the "Company") announces today the publication of its financial report together with the first audited financial statements of BOC Holdings for the period from 11 July 2016 to 31 December 2016 (the "Financial Report").

This Financial Report relates only to BOC Holdings for the period from 11 July 2016 to 31 December 2016 and does not relate to the Bank of Cyprus Public Company Limited (the "Bank", and together with its subsidiaries, the "Group"). BOC Holdings was introduced in the Group structure as the new holding company of the Bank on 18 January 2017.

A copy of the Financial Report will be submitted to the National Storage Mechanism and will be shortly available for inspection at http://www.morningstar.co.uk/uk/NSM.

The Financial Report will also be available on the Group's website www.bankofcyprus.com (Investor Relations).

For further information, please contact Investor Relations at [e-mail].

Additional Information

The following information is extracted from the Company's Financial Report and constitutes the material required under Regulation 33(5)(b)(ii) of the Irish Transparency (Directive 2004/109/EC) Regulations 2007 to be communicated to the media in unedited full text. This material is not a substitute for reading the Company's Financial Report in full. Terms in this section Additional Information shall have the meanings given to them in the Financial Report.

Important events

Activities

The Company was incorporated with the intention of becoming the holding company of Bank of Cyprus Public Company Ltd in order for the shares of the Company to become eligible for inclusion in the FTSE UK index series. During the period from 11 July 2016 to 31 December 2016 the Company did not undertake any trading activity.

 

On 18 January 2017 the Company became the sole shareholder of Bank of Cyprus Public Company Ltd, and on 19 January 2017 the Company was admitted to listing and trading on the London Stock Exchange (LSE) and the Cyprus Stock Exchange (CSE). Further information is disclosed in Note 15.1 of the financial statements.    

Principal risks and uncertainties

Risk management

Like other organisations, the Company is exposed to risks, the most significant of which is the liquidity risk.  The Company monitors and manages these risks through various control mechanisms. Detailed information relating to risk management is set out in Notes 13 and 14 of the financial statements. 

In addition, details of the significant judgements, estimates and assumptions which may have a material impact on the Company's financial performance and position are set out in Note 4 of the financial statements.

Given that the Company did not use financial instruments during the period from 11 July 2016 to 31 December 2016, no disclosure is made in this regard in relation to the financial risk management objectives and policies of the Company, including any hedging policy, or on the Company's exposure to price risk, credit risk, liquidity risk and cash flow risk.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Financial Report and the financial statements in accordance with International Financial Reporting Standards (IFRS) adopted by the European Union (EU) and with those parts of the Companies Act 2014 applicable to companies reporting under IFRSs.

The Directors confirm that, to the best of each Director's knowledge and belief:

•           they have complied with the above requirements in preparing the financial statements;

•           the financial statements, prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities and financial position of the Company and of the profit or loss of the Company;

•           the Directors' report contained in Financial Report 2016 includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that they face; and

•           the Financial Report and the financial statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

Group Profile

Founded in 1899, Bank of Cyprus Group is the leading banking and financial services group in Cyprus. The Group provides a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. The Group operates through a total of 127 branches, of which 122 operate in Cyprus, 1 in Romania and 4 in the United Kingdom. Bank of Cyprus also has representative offices in Russia, Ukraine and China. The Bank of Cyprus Group employs 4.284 staff worldwide. At 31 December 2016, the Group's Total Assets amounted to €22,2 bn and Total Equity was €3,1 bn.

 

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