InsiderBusinessBank of Cyprus, Hellenic the island's market leaders

Bank of Cyprus, Hellenic the island’s market leaders

Bank of Cyprus and Hellenic are the two major players in the island’s banking sector holding the vast majority of deposits in their portfolios and controlling 67% of the market share. Thus, competition between the two systemic banks is intense, judging from the financial results they have recently presented.

On December 31, 2018, Hellenic’s customer deposits amounted to €14.7 billion (December 31, 2017: €5.8 billion). The increase in net deposits is mainly because of the absorption of the collapsed Cyprus Co-operative Bank following its takeover. As a result, Hellenic Bank’s deposit share stood at 30.9% on December 31, 2018 (December 31, 2017: 11.9%).

On December 31, 2018, Bank of Cyprus’ net deposits amounted to €16.84 billion, compared to €16.85 billion on September 30, 2018 and €17.85 billion on December 31, 2017. Its market share in deposits amounted to 36% on December 31, 2018 (compared to 36.3% on September 30, 2018).

Third placed is Eurobank Cyprus with a 9% share, while the island’s remaining credit institutions have a total share of 24%. These are RCB Bank, Alpha Bank, AstroBank, Home Financing Corporation, National Bank of Cyprus, Ancoria Bank, CDB and Societe Generale Cyprus.

As for net loans, Hellenic’s amounted to €7.63 billion on December 31, 2018, marking a rise by 88% compared to €4.05 billion on December 31, 2017. The Bank’s net loans share increased by 19.5% on December 31, 2018 (December 31, 2017: 8.1%).

Bank of Cyprus’ net loans amounted to €15.90 billion at December 31, 2018, compared to €16.20 billion on September 30, 2018 and €18,755 million on December 31, 2017.


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