Arab Today, arab today bank of cyprus issues 2012 profit warning
Last Updated : GMT 10:20:16
Arab Today, arab today
Arab Today, arab today

Bank of Cyprus issues 2012 profit warning

Arab Today, arab today

Arab Today, arab today Bank of Cyprus issues 2012 profit warning

Nicosia - AFP

Troubled Bank of Cyprus, the island's largest lender, issued a profit warning on Thursday, saying its 2012 results would be a lot worse than last year's due to increased provisions for bad debt. BoC said that the group's results for the financial year ending December 31 after tax and before the impairment of Greek government bonds are expected to have a "significant negative deviation" compared to the 2011 results. Greece-exposed BoC posted after-tax losses of 1.37 billion euros in 2011 following a 74 percent Greek haircut on toxic debt. The bank said the "negative deviation" was mainly due to increased provisions for impairment of loans as a result of the continuing deteriorating economic conditions as well as reduced operating income. "As a result of the above, the group's capital adequacy ratios will be negatively affected," it said. Global bond giant Pimco is expected to publish an asset review in mid-January on how much liquidity the Cyprus banking system needs to survive the euro crisis. "As of September 30, the capital adequacy ratio of the BoC group amounted to 7.6 percent with the Core Tier 1 capital ratio and the Tier 1 capital ratio at 5 percent and 7.3 percent respectively," the bank said. "On the basis of the above expectations, it is possible that the Core Tier 1 capital ratio may be lower than 5 percent as at 31 December 2012." The bank asked for state assistance in June after it fell 500 million euros short in bolstering its regulatory capital as required by the European Union. The island's second largest bank, Cyprus Popular, needs 1.8 billion euros to recapitalise, forcing a cash-strapped government to request an EU bailout to prop up the banking system. Nicosia says it has a draft agreement with the troika -- the European Commission, the European Central Bank and the International Monetary Fund -- on the terms of a loan deal, with estimates putting the amount needed at around 17.5 billion euros. But lenders and Eurozone finance ministers are awaiting the due diligence report on the Cyprus banking system to see how much the island's recession-hit economy actually needs. The BoC group currently has 556 branches -- 190 in Russia, 181 in Greece, 126 in Cyprus, 44 in Ukraine, 10 in Romania, four in Britain and one in the Channel Islands. At September 30, 2012, the group's total assets amounted to 36.23 billion euros. Cyprus projects its economy will slip deeper into recession in 2013 by 3.5 percent from 2.4 percent in 2012.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of cyprus issues 2012 profit warning Arab Today, arab today bank of cyprus issues 2012 profit warning

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday