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Business Cyprus

Bank of Cyprus posts 2013 loss of €2b

Bank of Cyprus, the lender which was recapitalised by bailing in depositors last year, posted a full-year loss of €2.04 billion for 2013, narrowing from a €2.21 billion loss in 2012.

The bank registered a loss of €93 million in the fourth quarter of 2013, down from €142 million in the previous quarter.

“These results demonstrate stability on the asset and provisioning side of our balance sheet,’ said Chief Executive John Patrick Hourican. “The progress made by the business over the course of the past few months is materialising in the numbers.”

“The business has demonstrated good stability over the past few months,” he told reporters. (Reuters)

 

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