Cyprus Mail
Business

Bank of Cyprus revises 2014 loss upwards to €261m

By Stelios Orphanides

Bank of Cyprus’ audited results showed the lender made a €261m after tax loss in 2014 and revised upward its unaudited loss by €5m posted on February 25, the lender said.

The loss last year resulted from a €303m loss caused by discontinued operations related mainly to operations in Russia, Bank of Cyprus said in an emailed statement today. In 2013, in which the lender was forced to sell its operations in Greece and use its customers’ deposits to recapitalise itself as part of the bailout, it posted a €2.1bn loss, which was mainly caused by losses on disposals of its Greek units.

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