Capital Link Cyprus | BANK OF CYPRUS PUBLIC COMPANY LTD

NINE MONTH 2007 FINANCIAL RESULTS

Group profit after tax for 9M07 reached CŁ216 mn (EUR370 mn) compared to CŁ130mn (EUR223 mn) for the corresponding 2006 period, recording an increase of 66%.

The Group return on equity increased substantially to 28,4% compared to 21,2% for the nine months of 2006 (9M06).

The cost to income ratio improved to 42,4% compared to 46,9% for 9M06.

The improvement in the profitability of the Group's Cyprus operations is spectacular. Profit after tax increased by 71% to CŁ171 mn (EUR293 mn).

The profitability of the Greek operations also registered a spectacular increase in 9M07, with profit after tax increasing by 60% to reach CŁ41 mn (EUR70 mn).

FIRST HALF 2007 RESULTS

Group profit after tax for 1H07 reached CŁ134 mn (euros 230 mn) compared to CŁ85mn (euros 146) for the corresponding 2006 period, recording an increase of 58%.

The Group return on equity increased substantially to 27,7% compared to 21,5% for the first six months of 2006 (1H06).

The cost to income ratio improved to 43,0% compared to 47,1% for 1H06.

The improvement in the profitability of the Group's Cyprus operations is spectacular. Profit after tax increased by 55% to CŁ102 mn (euros 175 mn).

The profitability of the Greek operations also registered a substantial increase in 1H07 with profit after tax increasing by 83% to reach CŁ30 mn (euros 51 mn) and the return on equity increasing to 19,5% from 13,0% for 1H06.

FIRST QUARTER 2007 RESULTS

Group profit after tax for the first quarter 2007 (1Q07) reached CŁ62 mn (107 mn Euro), recording an increase of 67% compared to the corresponding 2006 quarter.

The Group return on equity increased substantially to 26,6% compared to 19,1% for the first quarter 2006 (1Q06).

The cost to income ratio improved to 44,0% compared to 49,0% for 1Q06.

The improvement in the profitability of the Group's Cyprus operations is spectacular. Profit after tax increased by 72% to CŁ47 mn (82 mn Euro).

The profitability of the Greek operations also registered a significant increase with profit after tax increasing by 50% to reach CŁ12 mn (21 mn Euro) and the return on equity increasing to 16,7% from 13,4% for 1Q06.

2006 FINANCIAL RESULTS

Group profit after tax for 2006 reached CŁ183 mn (Euro 317 mn) compared to CŁ72 mn (Euro 125 mn) for 2005, recording an increase of 153%.

The Group return on equity increased substantially to 21,7% compared to 11,9% for 2005.

The cost to income ratio improved to 46,7% compared to 56,7% for 2005.

The improvement in the profitability of the Group's Cyprus operations is exceptional. Profit after tax increased by 239% to CŁ141 mn (Euro 244 mn).

NINE MONTH 2006 FINANCIAL RESULTS

Group profit after tax for the 9 month period ended 30 September 2006 reached CŁ130 mn (Euro 226 mn) compared to CŁ50 mn (Euro 87 mn) for the corresponding prior year period, recording an increase of 158%.

As a result of the significant increase in the Group's profitability, the Group return on equity increased by 9,9 percentage points compared to the corresponding 2005 period, reaching 21,2%.

Profit before provisions reached CŁ204 mn (Euro 353 mn), recording an annual increase of 58%.

The profitability improvement in the Group's Cyprus operations is remarkable: 80% increase in profit before provisions to CŁ134 mn (Euro 232 mn). 269% increase in profit after tax to CŁ100 mn (Euro 174 mn).

FIRST HALF 2006 RESULTS

Group profit after tax for 1H06 reached CŁ85 mn (Euro 148 mn) compared to CŁ31 mn (Euro 54 mn) for the corresponding 2005 half, recording an increase of 172%.

As a result of the significant increase in the Group's profitability, the Group return on equity increased by 10,6 percentage points compared to 1H05, reaching 21,5%.

Profit before provisions reached CŁ135 mn (Euro 235 mn), recording an annual increase of 68%.

The profitability improvement in the Group's Cyprus operations is remarkable: 90% increase in profit before provisions to CŁ89 mn (Euro 155 mn). 277% increase in profit after tax to CŁ66 mn (Euro 114 mn).

FIRST QUARTER 2006 RESULTS

Group profit after tax for 1Q06 reached CŁ37 mn (Euro 65 mn) compared to CŁ16 mn (Euro 28 mn) for the corresponding 2005 quarter, recording an increase of 132%.

Profit before provisions reached CŁ62 mn (Euro 108 mn), recording an annual increase of 58%.

As a result of the significant increase in the Group's profitability, the Group return on equity increased by 7,8 percentage points compared to 1Q05, reaching 19,1%.

The profitability improvement in the Group's Cyprus operations is remarkable: 78% increase in profit before provisions to CŁ41 mn (Euro 70 mn). 207% increase in profit before tax to CŁ32 mn (Euro 55 mn). 207% increase in profit after tax to CŁ28 mn (Euro 48 mn).

2005 FINANCIAL RESULTS

Group profit after tax for 2005 reached CŁ72 mn (Euro 126 mn) compared to CŁ39 mn (Euro 67 mn) for 2004, recording an 88% increase.

Core profit (profit before provisions and tax) reached CŁ182 mn (Euro 317 mn) for 2005, recording an annual increase of 32%.

As a result of the significant increase in the Group's profitability, the Group return on equity increased by 4,8 percentage points compared to 2004, reaching 11,9%.

The profitability improvement in the Group's Cyprus operations is remarkable: Core profit increased by 51%. Profit before tax increased to CŁ47 mn (Euro 81 mn) from CŁ8 mn (Euro 13 mn) for 2004. Profit after tax increased to CŁ42 mn (Euro 73 mn) from CŁ5 mn (Euro 8 mn) for 2004.

NINE MONTH 2005 FINANCIAL RESULTS

Group profit after tax reached CŁ50 mn (euro 88 mn) for the 9 month period ended on 30 September 2005 compared to CŁ30 mn (euro 53 mn) for the corresponding prior year period, recording a 66% increase.

Core profit (profit before provisions and tax) reached CŁ129 mn (euro 224 mn) for the 9 months to 30 September 2005, recording an annual increase of 24%.

Net interest income reached CŁ202 mn (euro 353 mn), recording an increase of 12% against the corresponding 2004 period.

The profitability improvement in the Group's Cyprus operations is remarkable: Core profit increased by 36%.

FIRST HALF 2005 RESULTS

Profit after tax for the 1st half 2005 increased by 98%, reaching CŁ31mn (euro 55mn) against CŁ16mn (euro 28mn) for the corresponding 2004 period.

Core profit (profit before provisions for bad and doubtful debts and before tax) reached CŁ81mn (euro 141mn), up by 29% against CŁ63mn (euro 109mn) for the 1st half 2004.

Net interest income increased significantly (14%) to CŁ132mn (euro 231mn) compared to CŁ116mn (euro 203mn) for the corresponding 2004 period, as a result of the significant increase in the Group's loans and advances portfolio, especially in Greece.

In Cyprus, core profit recorded a 52% increase to reach CŁ47mn (€82mn). The increase was due to the positive results of the programmes for containing operating expenses, in conjunction with enhancement of total revenue of both banking and insurance operations. It is noted that the profit from insurance operations doubled in relation to the corresponding prior year period.

FIRST QUARTER 2005 RESULTS

Group profit after tax for the 1st quarter 2005 increased by 49%, reaching CŁ16mn (€27mn) against CŁ11mn (€18mn) for the corresponding 2004 period.

Group core profit (profit before provisions for bad and doubtful debts and before tax) reached CŁ39mn (€67mn), up by 36% against CŁ29mn (€50mn) for the 1st quarter 2004.

Net interest income increased significantly (20%) to CŁ66mn (€113mn) compared to CŁ55mn (€94mn) for the 1st quarter 2004.

In Cyprus, core profit recorded a 74% increase to reach CŁ23mn (€39mn) against CŁ13mn (€22mn) for the corresponding 2004 period. The increase was due to the positive impact of the programmes for containing operating costs and enhancing total revenue, especially in respect of banking activities, as well as the positive results of the Group's insurance subsidiaries.

2004 FINANCIAL RESULTS

Group profit after tax for 2004 reached CŁ38mn (Euro 65mn) against a loss of CŁ29mn (Euro 50mn) for 2003.

Group core profit (profit before provisions for bad and doubtful debts and before tax) reached CŁ140mn (Euro 241mn), up by 39% against CŁ101mn (Euro 173mn) for the prior year.

In Cyprus, core profit recorded a 57% increase to reach CŁ79mn (Euro 137mn) against CŁ50mn (Euro 87mn) for 2003. The increase was due to the positive impact of the programmes for containing costs and enhancing total revenue, especially in respect of banking activities, as well as the positive results of the Group's insurance subsidiaries.

NINE MONTH 2004 FINANCIAL RESULTS

Group profit after tax reached CŁ30,7mn (Euro 53,4mn) against CŁ9,8mn (Euro 17,0mn) for the 2003 nine month period, increasing by 214%.

Group core profit (profit before provisions for bad and doubtful debts and before tax) reached CŁ104,4mn (Euro 181,4mn), up by 46% against CŁ71,6mn (Euro 124,4mn) for the corresponding 2003 period.

In Cyprus, core profit recorded a 65% increase and reached CŁ59,5mn (Euro 103,3mn) against CŁ36,1mn (Euro 62,7mn) for the corresponding 2003 period, as a result of the positive impact of the programmes for enhancing total revenue, especially in the banking activities, and containing costs.

FIRST HALF 2004 RESULTS

The profitability of the Bank of Cyprus Group for the first half of 2004 continued its significant increase. Group profit after tax reached CŁ16,2mn (Euro 27,9mn), recording a 90% increase compared to the corresponding half of 2003.

The Group's core profit (profit before provisions for bad and doubtful debts and before tax) for the first half of 2004 amounted to CŁ63,3mn (Euro 108,9mn), registering a 36% increase against the corresponding half of 2003.

The core profit from the Group's activities in Cyprus recorded a 49% increase and amounted to CŁ34,2mn (Euro 58,8mn). The increase was the result of the continuation of the programme for enhancing the Group's revenues generated by its Cyprus operations, especially in the banking activities, as well as the cost containment effort.

FIRST QUARTER 2004 RESULTS

Group profit after tax for the first quarter 2004 amounted to CŁ10,6 mn (Euro 18,1 mn), recording a significant increase (75%)compared to the first quarter of 2003. Earnings per share (EPS) for the first quarter of 2004 reached 2,3 cent or 9,2 cent on annualized basis.

The improvement in the Group's core profitability for the first quarter of 2004 was also sognificant. The Group's core profit (profit before provisions for bad and doubtful debts and before tax) amounted to CŁ29,3 mn (Euro 50,1 mn, registering a 36% increase against the corresponding quarter of 2003.

The Group's core profit in Greece continued its upward trend and reached CŁ12,3 mn (Euro 20,9 mn), recording a 55% increase against the first quarter of 2003.

2003 FINANCIAL RESULTS

The Group's core profits (profit before provisions for bad and doubtful debts, and before tax) for 2003 amounted to CŁ100,6mn (EUR 171,5mn), registering a 12% increase compared to 2002. The increase in the Group's core profit was achieved despite the negative effect of the reduction in interest rates in Cyprus and internationally.

The Group's net interest margin (NIM) for 2003 reached 2,53% compared to 2,40 for 2002. Net interest income for 2003 was 13% higher than 2002 and reached CŁ198,5mn (EUR 338,6mn).

The Group's total assets reached CŁ9,06bn (EUR 15,45bn) (2002: C₤8,13bn, EUR 14,18mn.), marking an increase of 11,4%. The Group's total assets attributed to its Greek operations amounted to CŁ3,28bn (EUR 5,59bn), marking an annual increase of 27%.

NINE MONTH 2003 FINANCIAL RESULTS

The Group's core profit (profit before provisions for bad debts and before tax) for the nine months 2003 amounted to CŁ71.6 mn (EUR 122.5 mn), registering a 10% increase. The profit after provisions for bad debts and after tax of the Bank of Cyprus Group for the nine months 2003 recorded a decrease of 46% compared to the respective 2002 period and reached CŁ9.8 mn (EUR 16.8 mn), mainly due to the increased level of provisions for bad debts.

The Group's core profit before suspension of interest income for the nine months 2003 has recorded a 28% increase compared to the corresponding 2002 period. The increase in the Group's core profit for the nine months 2003 is attributed to the very good performance of the Group's Greek operations, as well as to the positive effects of the Group's actions for improving interest spreads.

Group total assets at 30 September 2003 reached CŁ8.51 bn (EUR 14.57 bn). Total loans and advances recorded a 13% increase compared to 30 September 2002 and amounted to CŁ5.45 bn (EUR 9.33 bn). Total customer deposits reached CŁ7.09 bn (EUR 12.14 bn) and recorded a 7% increase compared to 30 September 2002.

FIRST HALF 2003 RESULTS

The Group core profit (defined as profit before provisions for bad and doubtful debts and before tax) for the first half of 2003 reached CŁ46,5 mn (EUR 79,4 mn), registering a 22% increase compared to the first half of 2002. This increase is attributed to the very good performance of the Group's Greek operations, as well as to the positive effects of the Group's actions for improving interest spreads and containing operating costs. For the same reasons, the Group core profit for the second quarter of 2003 is higher than that for the first quarter of 2003 by 15,8%.

The contribution of the Group's Greek operations to Group core profit for the first half of 2003 reached CŁ18,4 mn (EUR 31,4 mn), representing a 40% share. The core profit of the Group's Greek operations increased by 44% against that of the first half of 2002. In addition, the core profit of the Greek operations for the second quarter of 2003 increased by 32% compared to the profit for the first quarter of 2003.

The increase in the Group's financial footings during the first half of 2003 is considered satisfactory. The Group's total assets at 30 June 2003 reached CŁ8,30 bn (EUR 14,15 bn). The Group's total gross loans and advances recorded an increase of 13% compared to 30 June 2002 and reached CŁ5,39 bn (EUR 9,20 bn). The Group's total customer deposits increased to CŁ6,88 bn (EUR 11,74 bn), marking a 7% increase in relation to 30 June 2002.

FIRST QUARTER 2003 RESULTS

The Group core profit (defined as profit before provisions for bad and doubtful debts and before tax) for the first quarter of 2003 reached CŁ21,6 mn (EUR 36,9 mn), marking a 20,4% increase compared to the first quarter of 2002. This improvement is mainly attributed to the increase in net interest income as a result of the revision of the Group's pricing policy and the profitable expansion of the Group's operations in Greece.

The Group profit after tax for the first quarter of 2003 reached CŁ6,1 mn (EUR 10,4 mn), compared to CŁ6,7 mn (EUR 11,5 mn) for the first quarter of 2002. This drop is the result of, mainly, the relatively low provision charge for bad and doubtful debts recorded in the first quarter of 2002, as mentioned above.

The Group's total assets at 31 March 2003 reached CŁ8,15 bn (EUR 13,96 bn). The Group's total gross loans and advances recorded an increase of 14,4% compared to 31 March 2002 and reached CŁ5,22 bn (EUR 8,94 bn). The Group's total customer deposits increased to CŁ6,83 bn (EUR 11,69 bn), marking a 6,0% increase in relation to 31 March 2002.

2002 FINANCIAL RESULTS

The Group's core profits (defined as profit before provisions for bad and doubtful debts, before provision for impairment of investments and before the one-off charge for vested retirement benefits) for 2002 reached CŁ97,6mn (EUR 170,3mn), marking a 6,6% increase compared to 2001. The Group's core profits showed a marked quarter-on-quarter improvement during 2002. This improvement is the result of the significant profitable expansion of the Group's operations in Greece and of the Group's concerted efforts to increase its net interest margin and to contain its operating costs.

The Group's net interest margin recorded a gradual improvement during 2002, reaching 2,66% in the fourth quarter of 2002, against 2,18% in the first quarter of 2002. Net interest income for 2002 was 9,9% higher than 2001 and reached CŁ175,5mn (EUR 306,2mn).

The Group's total assets reached CŁ8,13bn (EUR 14,18bn) compared to CŁ7,68bn (EUR 13,40bn) in 2001, marking an annual increase 5,8%. The Group's total assets attributed to its Greek operations amounted to CŁ2,59bn (EUR 4,52bn), marking an annual increase of 20,0%.

NINE MONTH 2002 FINANCIAL RESULTS

The Group's profit before provisions for bad and doubtful debts and before tax for the nine-month period of 2002 amounted to CŁ62,7mn compared to CŁ75,9mn in the corresponding 2001 period, recording a 17,5% decrease. Of these profits, 33,8%, i.e. an amount of CŁ21,2mn, has been generated by the Group's operations in Greece, which recorded an increase of 14,6% compared to the 2001 nine-month period. The improvement in the profitability of the Group's Greek operations has been achieved in a difficult year for the Greek banking sector and stems from the successful expansion and pricing strategy followed by the Group.

The Group's profit before tax for the nine-month period reached CŁ29,4mn recording a 51,9% decrease against the corresponding 2001 period, mainly as a result of the large increase in provisions for bad and doubtful debts.

The Group's total assets reached CŁ7,92bn compared to CŁ7,68bn at 31 December 2001 and to CŁ7,31bn at 30 September 2001, marking an annual growth rate of 8,3%. The Group's total assets attributed to its operations in Greece increased to CŁ2,39bn, marking an annual increase of 23,9% or CŁ461,2mn.

FIRST HALF 2002 RESULTS

Operating profit before provision for bad and doubtful debts and before tax reached CŁ36,0mn compared to CŁ54,1mn in the corresponding period of 2001, marking a 33,5% decrease.

Profit after tax reached CŁ10,5mn against CŁ32,4mn in the corresponding period, recording a 67,5% decline, mainly as a result of the large increase in provision for bad and doubtful debts.

The Group's total assets reached CŁ7,87bn compared to CŁ7,68bn at 31 December 2001 and to CŁ7,00bn at 30 June 2001, marking an annual growth rate of 12,5%.

FIRST QUARTER 2002 RESULTS

Operating profit before provision for bad and doubtful debts and before tax reached CŁ17,9mn (EUR 31,2mn) compared to CŁ24,9mn (EUR 43,4mn) in the corresponding period of 2001, marking a 28,1% decrease.

Profit after tax reached CŁ6,7mn (EUR 11,7mn) against CŁ13,1mn (EUR 22,9mn) in the corresponding period, recording a 48,9% decline.

The Group's total assets reached CŁ7,76bn (EUR 13,50bn) compared to CŁ7,68bn (EUR 13,37bn) at 31 December 2001 and to CŁ6,69bn (EUR 11,65bn) at 31 March 2001, marking an annual growth rate of 15,9%.

2001 FINANCIAL RESULTS

Profit after tax for 2001 amounted to CŁ46.5 million (EUR 81.0 million), compared to CŁ42.8 million (EUR 74.5 million) in 2000, marking an 8.8% increase. Profit before tax for 2001 was CŁ66.4 million (EUR 115.7 million), marking a 4.9% decrease against CŁ69.9 million (EUR 121.7 million) in the previous year.

Total assets grew by 22%, reaching CŁ7.7 billion (EUR 13.4 billion). Advances reached CŁ4.4 billion (EUR 7.7 billion), marking an increase of 12%; customer deposits amounted to CŁ6.3 billion (EUR 10.9 billion), marking an increase of 22%.

NINE MONTH 2001 FINANCIAL RESULTS

Profit Before Tax amounted to CŁ61,1 mn (EUR 106,5 mn) compared to CŁ67,0 mn (EUR 116,8 mn) in the corresponding 2000 period, recording a decrease of 8,8%.

Profit After Tax reached CŁ41,2 mn (EUR 71,9 mn) compared to CŁ45,9 mn (EUR 80,0 mn) in the corresponding 2000 period, recording a 10,2% drop.

The Group Total Assets at 30 September 2001 reached CŁ7,3 bn (EUR 12,7 bn) recording an increase of CŁ1,0 bn (EUR 1,8 bn) or 16,2% since the beginning of the year. A similar increase (16,6%) was recorded on the Group Customer Deposits.

FIRST HALF 2001 RESULTS

Profit before tax increased to CŁ46,1 million, compared to CŁ43,0 million for the corresponding period in 2000.

Profit after tax reached CŁ32,4 million, recording a 12,1% increase compared to the corresponding period (CŁ28,9 million).

At 30 June 2001, the Group's Total Assets stood at CŁ7 billion, recording an increase of CŁ700 million or 11,2% since the beginning of the year.

FIRST QUARTER 2001 RESULTS

Profit before tax increased to CŁ20,2 million, compared to CŁ15,3 million for the corresponding period in 2000, showing an increase of 32,1%

Profit after tax reached CŁ13,1 million, recording a 40,3% increase compared to the corresponding period (CŁ9,4 million).

At 30 June 2001, the Group's Total Assets stood at CŁ6,7 billion, recording an increase of CŁ400 million since the beginning of the year.