Cyprus Mail
Business

Bank of Cyprus posts €50m in Q1 profit

Bank of Cyprus, Cyprus’s largest lender, said that it generated an after tax profit of €50m in the first quarter of the year, compared to a €29m after tax profit in January to March 2015, and a net loss of €512m in the last quarter of 2015.

The rise in profitability was mainly on reduced provisions for loan impairments, which fell to €62m in the first quarter of the year, from €110m and €630m in the first and last quarter of 2015 respectively, Bank of Cyprus said.

The bank’s core equity tier 1 capital rose to 14.3 per cent in March, from 14 per cent in December.

Its non-performing loan portfolio fell to €13.3bn, 61 per cent of its loan portfolio, at the end of March, from €14bn, or 61.8 per cent in December, the bank said. Loans with 90 days or more in arrears fell to €10.3bn, or 47.1 per cent, of its loan portfolio in March from, €11.3bn at the end of 2015.

It added that its outstanding emergency liquidity assistance fell to €2.8bn

Related posts

Saudi attacks raise spectre of oil at $100/barrel

Reuters News Service

The digital economy: challenges for global taxation

CM Guest Columnist

Banks sizzle as European stocks log fourth week of gains

Reuters News Service

State-owned asset-management company brings in €288m in its first 10 months

Staff Reporter

LSE board poised to decide fate of Hong Kong exchange’s $39bn offer

Reuters News Service

Foreign trophy hunters scent bargains in Britain as pound weakens

Reuters News Service