UPDATE 1-Bank of Cyprus sees 2009 net profit drop

* Sees profits of 300-400 mln euros in 2009

* Eyes Russia for future growth

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NICOSIA, May 13 (Reuters) - Cyprus's largest lender Bank of Cyprus BOC.CY (BOCr.AT: Quote, Profile, Research) expects 2009 net profit to drop to between 300 million euros ($409.4 million) and 400 million euros, its chairman said on Wednesday.

Theodoros Aristodemou told shareholders it was difficult to give precise estimates for 2009 in the present financial environment.

"An indicative range is profits of between 300 and 400 million euros," he said.

The bank reported full-year net profit of 502 million euros in 2008, a 4 percent increase from 2007. Bank of Cyprus reports its results for the first quarter of 2009 on May 28.

The bank has branches in eight countries, but its key areas of activity are Cyprus and Greece. The Cypriot group acquired 80 percent in a Russian bank, Uniastrum Bank, last year. Russia is an area eyed for future growth potential.

"We believe Russia will in future be the third pillar of growth for the bank," Aristodemou told the bank's annual general meeting.