Arab Today, arab today bank of cyprus issues 2012 profit warning
Last Updated : GMT 19:44:17
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.

arabstoday
arabstoday

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

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 France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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