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Next Previous Bank of Cyprus opens exit door for approximately 500 employees HOME • INSIDER • CYPRUS • Bank of Cyprus opens exit door for approximately 500 employees
& nbsp & nbspΘεανώ Θειοπούλου & nbsp; & nbsp;
Banks do not manage to announce plans for staff departures and close stores, gradually changing their operating model, due to digital transformation and automation.
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Employees of Bank of Cyprus are taking turns, as the exit is expected to be seen by about 500-510 employees in 2022, with a parallel closure of 25% of its branches. This means that with the restructuring of the network, 20 stores will be locked and 60 of the 80 that it has today will remain. As a matter of fact, the announcement of the results yesterday by the CEO of the Bank Panikos Nikolaou and the action plan reserved bad news for the employees.
The management notes in the bank bulletin “remains focused on further improving efficiency, through actions that include further optimization of the number of branches and further options for the departure of full-time employees. In particular, further restructuring of stores is underway, with the aim of achieving a reduction in the number of stores by & gt; 25% in the first half of 2022. It is also emphasized that exit solutions will be available for the release of & nbsp; permanent staff, with the aim of reducing of & nbsp; staff by about 15% in 2022 “. The staff is estimated at about 3400 people.
Mr. Nikolaou could not help but be asked if there would be a plan for voluntary staff redundancies, on the occasion of Elliniki's plans for staff reductions only with redundancies. He limited himself to answering that Bank of Cyprus has proceeded with staff reductions so far only with voluntary exit plans. Bank of Cyprus staff costs amounted to € 50 million for the first quarter of 2022, at the same levels on a quarterly and annual basis, as a result of voluntary staff retirement plans, the renewal of the collective agreement and despite inflation in the first quarter 2022, as stated in the presentation of the results. It is noted that the cost-to-income ratio is expected to increase in 2022, as revenues remain under pressure and operating expenses increase due to investment costs for higher IT/digitization technology, before improving to 50% -55% by 2025.
The detailed presentation of the results states that “in July 2021, the bank reached an agreement with ETYK for the renewal of the collective agreement for the years 2021 and 2022. The agreement concerned a number of changes that include a revised system of ratings and fees, which is linked to the value of the job, as well as the introduction of remuneration on the basis of the performance of each staff member, which will be part of the annual salary increase of the & nbsp; staff. These two changes are long-term goals of the bank and are in line with best practice. The expected effect of the renewal of the collective agreement is the increase in staff costs for the years 2021 and & nbsp; 2022 by 3-4% per year and is in line with the effect of respective renewals for previous years “.
Profits of € 21 million and bases for dividend
Profits after tax of € 21 million for the first quarter of 2022, compared to € 8 million in the first quarter of 2021, recorded Bank of Cyprus. At the same time, it recorded a decrease in the percentage of NPLs to loans to 6.5% (2.7% after credit losses). Mr. Nikolaou stated that “the first quarter was characterized by an economic recovery, which we supported, as it turns out, by granting a record new loans of € 618 million. This marked the third consecutive quarter of growth of new lending at an accelerating pace. Our new lending in the first quarter reached higher levels than the corresponding period before the pandemic, while maintaining strict lending criteria. “
In February 2022, the group revised its medium-term strategic goals, giving emphasis on value creation for shareholders and increased its medium-term target for return on equity & nbsp; (ROTE) to over 10% (2025), laying the foundations for dividend distribution from 2023, depending on performance and after & nbsp; necessary approvals.