Insider Business Revised business plan for Ancoria Bank

Revised business plan for Ancoria Bank

Ancoria Bank has approved a revised 5-year business plan which will allow the lender to fulfil its business objectives and become profitable, according to its 2018 annual report.

The plan is part of intensified efforts to develop the operations of Ancoria in a manner consistent with the expectations of its stakeholders and regulators, it said.

The plan, it added, will also enable the Bank to substantially increase its operations during this period and requires a share capital increase for which the major shareholder of the parent company, Ancoria Investments Plc, has already committed to participate.

Ancoria, which operates through three business centres located in Nicosia, Limassol and Larnaca, significantly increased its turnover and revenue last year even though the loss remained at about the same level as in 2017. The company closed the year with losses of €5.1 million compared to €5.7 million euros in 2017.

A significant increase was recorded in the Bank’s interest income which amounted to €2.2 million compared to €1.1 million the year before, while interest expenses rose from €260,000 to €642,000.  A significant increase was also recorded in revenue from fees and commissions, which amounted to €445,000 from 195,000.

On the expenditure side, staff costs were €3.1 million for 2018 compared to €2.9 million in 2017. Other operating expenses amounted to €2.5 million compared to €2.3 million in 2017.

The Bank’s assets, which reached €197 million by the end of 2018, compared to €99.8 million the year before, also recorded a significant increase. In addition, the Bank’s liabilities rose to €197.7 million from €99.8 million.

The main reason for the increase in Ancoria’s assets was new loans granted which increased by €55 million during 2018, while customer deposits grew by €100 million to €159.5 million.

Ancoria began operations in Cyprus the last quarter of 2015 after its banking license was granted by the Central Bank of Cyprus.


Read more:








Top Stories

36 new coronavirus cases detected out of 3,317 tests

The Ministry of Health has announced that 36 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

Emergency meeting regarding mass coronavirus cases detected in football teams to be held at Ministry of Health on Thursday

The Cypriot football scene is officially on alert. Positive coronavirus cases seem to be sprouting left, right, centre and generally multiplying before one can...

Ethnikos Achnas FC: number of now confirmed COVID-19 cases skyrockets to 17

Fears of a sharp increase in positive coronavirus cases in Ethnikos Achnas have been confirmed. As confirmed by an announcement by the team, a total...

Ethnikos Achnas FC: covid cases reportedly now in the double digits – match with Aris Lemesou postponed

Information about several positive cases of coronavirus detected in Ethnikos Achnas FC has been confirmed. The latest information indicates that the second diagnostic test the...

Additional covid measures in Larnaca effective immediate starting Thursday

The Government has announced new local measures concerning the coronavirus pandemic due to the outbreak observed in Larnaca the past few days. The Minister of...


Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...


Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...

Meatballs with tomato and cumin

Place all meatball ingredients in a bowl and knead well with hands. Keep the mixture in the fridge for approximately 1 hour to thicken. In...