Cyprus Mail
Cyprus

CCB records €7m profit

Former Co-op chairman Nicolas Hadjiyiannis is 'possibly responsible for the commission of offences'

The central cooperative bank (CCB) said on Tuesday it has recorded a net profit of €7m in 2016 even after raising its provisions for bad debts by €116.5m.

Before provisions, the bank said it made a profit of €145m.

The CCB will also have to return some €111m to borrowers who were mistakenly charged with the wrong interest rate between 2007 and 2011.

The mistake concerns 11,323 accounts and has resulted in a drop in capital by €75m.

The CCB continues to maintain a capital adequacy ratio of 15.4 per cent against the required minimum of 8 per cent.

The lender’s non performing loans dropped by €347m in 2016, a year in which it restructured a record €1.26bn in problematic advances.

Total deposits dropped 1.4 per cent year-on-year in 2016, to €12.6bn

The co-operative sector’s deposit market share was 25.6 per cent compares with 27.8 per cent in 2015.

“Challenges remain heightened in 2017 since, apart from domestic competitive pressures, there is a need … for more ground-breaking and multifaceted actions to tackle and reduce non performing loans,” CCB chief Nicolas Hadjiyiannis said. Such actions were in the pipeline, he added.

Related posts

State to boost aid to drugs rehab centre Kenthea

Lizzy Ioannidou

Disabled divers help clean up Limassol seabed

Lizzy Ioannidou

Nicosia braces for more road closures during Cyprus Rally

Rosie Ogden

Anastasiades departs for London and New York ahead of UN general assembly

Lizzy Ioannidou

Paphos police clamp down on noisy bars

Lizzy Ioannidou

Moody’s changes outlook to ‘positive’ on better fiscal and lower risks

Staff Reporter

5 comments

Comments are closed.