Bank of Cyprus, Hellenic the island’s market leaders

April 26, 2019 at 9:10am
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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.


Read more:

Hellenic Bank: Profits and lower NPEs in 2018