The Bank of Cyprus Group's activities include finance, factoring, investment banking, brokerage and venture capital. The Group is the leading Cypriot banking and financial services group.
The Group core profit (defined as profit before provisions for bad and doubtful debts and before tax) for the first quarter of 2003 reached CGBP21.6m (Ђ36,9m), 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's Greek operations continued their significant contribution to total Group profitability and represented 36.8% of Group core profit for the first quarter of 2003. The core profit generated by the Greek operations in the first quarter of 2003 reached CGBP7.9m (Ђ13.6m), recording an increase of 37.6% against the corresponding quarter of 2002.
