Blog
RCB Bank Records Profit of 972M in 2017
June 5, 2018
RCB Bank Ltd has published the consolidated financial statements for 2017, approved by the Board of Directors.
In 2017, the net profit after tax demonstrated 19% growth in comparison to 2016 and amounted to 97.2 million Euros. RCB Bank has been consistently profitable for the last five years. The main driver behind the growth in profits was the increase of non-interest income from 23.4 million Euros in 2016 to 35.6 million Euros in 2017, the extension of the domestic market operations in Cyprus together with the improvement in the overall operational efficiency.
RCB continued its successful expansion in the local market as the key pillar of its strategy. Two new branches were successfully launched in Pafos and Larnaca during 2017. A 41% increase was demonstrated in its local client base and a remarkable growth in the volume of deposits and lending that the Bank disbursed to Cypriot businesses. The cooperation of RCB with both the European Investment Bank (EIB) and the European Investment Fund (EIF) on financing new investments and innovations of Cypriot small medium enterprises (SMEs), contributed to the growth of lending volumes.