Financial institution of Cyprus CEO Panicos Nicolaou believes the island’s systemic largest lender which had hit turmoil a number of years again has achieved all objectives – and much more – set for 2021.
In an interview with Forbes journal – on the stands on Sunday – the CEO has stated that objectives have been achieved within the midst of very tough situations as effectively.
“After all, the milestone for us is that we lowered a yr earlier the share of Non-Performing Loans (NPLs) to a single digit quantity,” he additionally stated.
“On the identical time, we proceeded to the profitable refinancing of the Tier 2 bond with considerably extra beneficial phrases, whereas a bit afterward within the yr, we have been the primary financial institution in Cyprus to subject a senior most popular bond,” he added.
With the particular issuing of €300 million with an rate of interest of two.5% which was a part of the Financial institution’s financing plan to fulfill the interim and last minimal necessities for Fairness and Eligible Liabilities (MREL), the lender totally happy the interim requirement for January 1, 2022.
On the identical time, he added, the Financial institution’s capital ratios have been maintained at very passable ranges. Particularly, on June 30, 2021 the Total Capital Adequacy Ratio rose to 19.2%, whereas an extra constructive impact on funds will happen with the completion of Helix 3.
“After all, we not solely achieved objectives associated to defending the organisation but additionally targets associated to the additional growth of the Financial institution and the Cypriot economic system at giant,” he stated.
“As the most important financial institution within the nation, we now have granted a major variety of new loans, contributing tremendously in direction of efforts for a fast and sustainable restoration of the economic system from the pandemic’s penalties,” he added.
Nicolaou is definite there are additional alternatives for prudent lending and due to this fact the quantity of loans for 2021 is anticipated to return near these of 2019.
(Learn full interview by Socrates Ioakim in Forbes)