RCB Bank: Positive Results despite the Pandemic

RCB Bank Ltd has today published its audited and approved by the Board of Directors financial statements for the year ended 31/12/2020 on its website, as required by the relevant legislation.

In 2020, RCB Bank’s profitability continued to remain positive, despite the unprecedented circumstances of year 2020 following the global pandemic of COVID-19, with net profit after tax amounting to €11,5 million. RCB Bank’s total assets as at 31 December 2020 amounted to €4,9 billion. The Bank’s capital position remains strong and well above the minimum regulatory requirement, with Common Equity Tier 1 (CET1) and Total Capital ratios at 21,1% as at 31st of December, 2020. RCB Bank also enjoys a strong liquidity position with its Liquidity Coverage Ratio (LCR) above 170% at the end of 2020. It should also be noted that RCB Bank continues to enjoy the highest credit rating in the country.

During the year in question, RCB Bank continued its successful development in the domestic market of Cyprus, which constitutes part of its strategic plan, which is currently implemented. Despite the adverse conditions following the COVID-19 crisis, the Bank extended new loans to Cypriot borrowers including providing support to existing clients. This support was also evident by the Bank’s participation in the moratoria and all the schemes announced by the relevant authorities. Because of this multifaceted and tangible support extended to Cypriot businesses and the economy of the country overall, the Bank ensured for adequate levels of reserves for its loan portfolio and continues to remain profitable, despite the adverse market conditions.

Beyond numbers and over and above the substantial financial support the Bank grants to a great number of charities, causes and initiatives in the context of its Corporate Social Responsibility (CSR) initiatives on an annual basis, RCB Bank donated in 2020 medical ventilators to the health authorities, thus strengthening the country’s ability to deal with the pandemic as well as protective equipment to the heroes from the medical field battling the virus on the front line.