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Bank Of Cyprus posts €1.94 billion nine-month net loss

Bank of Cyprus posted a €1.94 billion net loss in the first nine months of the year.

The bank said the loss included a €1.45 billion loss from discontinued operations and from disposal of its Greek operations in the first quarter of 2013.

“Our priority remains to restore investor and customer confidence in the Bank. This can only be achieved through our focusing on arresting asset quality deterioration, making progress on non-core disposals and maintaining capital ratios so as to build a strong platform for the safe return of depositors to the Bank,” said John Patrick Hourican, Group Chief Executive Officer.

The troubled lender converted large deposits into equity, a process known as a ‘bail-in’ as a condition for Cyprus to receive €10 billion in aid from international lenders last March.

Under terms of the accord, another bank, Laiki, was shut down and some of its assets absorbed by Bank of Cyprus. The bank was also forced to sell its Greek operations to ringfence the Cyprus crisis and stop it spreading to other euro zone nations.

Hourican said deposit outflows had “significantly abated”, suggesting that customer confidence was returning. Sixty five percent of new deposits were for periods exceeding 12 months, the bank said, referring to deposits since October.

Bank of Cyprus had €15.4 billion in deposits at the end of September 2013, 46 percent down from a year earlier.

 

 

 

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