Arab Today, arab today troubled bank of cyprus posts €50m second quarter profit
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Troubled bank of Cyprus posts €50m second quarter profit

Arab Today, arab today

Arab Today, arab today Troubled bank of Cyprus posts €50m second quarter profit

Bank of Cyprus
Nicosia - AFP

Troubled Bank of Cyprus, the island's largest lender, said Wednesday it made 50 million euros ($66 million) net profit in the second quarter, its second successive quarterly gain after seven straight losses.
For the six months ending in June, the bank made after tax profits of 81 million euros, following a 31 million positive result in the three months to March.
The cost to income ratio for the first half dropped to 38 percent from 47 percent for 2013 as a whole.
However, customer deposits shrank 8 percent to 13.80 billion euros as of June 30 from 14.97 at end-December, Bank of Cyprus said.
The bank's shareholders will meet on Thursday to vote on a 1 billion euro capital increase via placement with institutional investors in Europe, North America and Russia, though some existing shareholders are unhappy with the plan.
In March last year, Cyprus signed up for a 10 billion euro bailout loan from the European Union and International Monetary Fund to rescue its troubled economy and unwieldy banking system.
The deal included closure of the island's second-largest bank, Laiki, and a 47.5 percent "haircut" on deposits above 100,000 euros at Bank of Cyprus.
The bank has since undergone major restructuring, including absorbing the good assets of the former Laiki Bank.
"We have made good progress in the implementation of our restructuring during the second quarter of 2014, and we continue to deliver against our strategic objectives," Bank of Cyprus CEO John Patrick Hourican said in a statement.
"The performance of the Cypriot operations, our core business, remains much stronger than the group's overall performance, supporting our efforts of shrinking to strength through the disposal of non-core operations and assets," he added.
The bank has sold non-core assets in Romania, the Ukraine and Serbia totalling 450 million euros.
Hourican called Thursday's EGM a "page turning" moment for the bank.
"This capital increase will boost the bank's Tier 1 ratio... to 15.1 percent, positioning the bank at the upper end of the capital league table for European banks," he said.
Parliament is scheduled to vote on Monday on a new law aimed at helping Bank of Cyprus and the island's other lenders speed up action to deal with the high level of non-performing loans, calculated at around 45 percent across the banking system.

 

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 troubled bank of cyprus posts €50m second quarter profit Arab Today, arab today troubled bank of cyprus posts €50m second quarter profit

 



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 troubled bank of cyprus posts €50m second quarter profit Arab Today, arab today troubled bank of cyprus posts €50m second quarter profit

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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 Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
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