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