Arab Today, arab today bank of cyprus posts 134mln euro h1 posttax loss
Last Updated : GMT 06:55:28
Arab Today, arab today
Arab Today, arab today

Bank of Cyprus posts 134-mln euro H1 post-tax loss

Arab Today, arab today

Arab Today, arab today Bank of Cyprus posts 134-mln euro H1 post-tax loss

Nicosia - AFP

The Bank of Cyprus, the island\'s largest lender, said on Thursday it posted post-tax losses of 134 million euros ($168 million) in the first six months because of provisions for bad loans and a Greek debt write-off. \"Losses after tax and including the impairment of Greek government bonds reached 134 million euros for the first half of 2012 compared to 107 million in the first half of 2011,\" said a BoC statement. 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 in June to prop up the banking system. Nicosia is still negotiating with the troika -- the European Commission, European Central Bank and International Monetary Fund -- over the terms of a loan deal, with estimates putting the amount needed at around 15 billion euros. EU officials are expected back in September to finalise an agreement. Cyprus has a low-interest, 2.5-billion-euro loan from staunch ally Russia to meet its financing needs for the year, and is still holding out for a fresh five-billion-euro loan from Moscow to soften the bailout impact. The BoC\'s provisions for impairment of loans reached 568 million euros, a 210 percent increase compared with the same period last year, the bank\'s statement said. Group profit before provisions for the first half of 2012 was 360 million euros, a decrease of 6 percent on last year\'s first half. Taking into account the deterioration of its loan portfolio, BoC increased the provisions for loan impairment to 568 million euros, raising the accumulated provisions at June 30 to 2 billion euros and the coverage ratio of non-performing loans to 50 percent from 46 percent as of March 31. It said the capital deficit as defined by the European Banking Authority is estimated at approximately 730 million euros because of additional provisions relating to the loan portfolio in Cyprus and Greece and the further impairment of Greek bonds. \"Faced with an extreme and uncertain economic environment in the key markets where it operates, the Group continues to focus on strengthening its capital adequacy and liquidity, maintaining adequate organic profitability and effective management of risks,\" the BoC statement said. The Group currently has 561 branches -- 191 in Russia, 184 in Greece, 127 in Cyprus, 44 in Ukraine, 10 in Romania, four in Britain and one in the Channel Islands. On August 23, Cyprus projected its economy will slip deeper into recession than projected in 2012, shrinking 1.5 percent, and the fiscal deficit wil fall outside a three percent of GDP target. Before Nicosia applied for financial aid in June it had pledged to lower its deficit to below the EU-stipulated three percent. The island\'s deficit ballooned to 6.1 percent of GDP last year.

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 posts 134mln euro h1 posttax loss Arab Today, arab today bank of cyprus posts 134mln euro h1 posttax loss

 



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 posts 134mln euro h1 posttax loss Arab Today, arab today bank of cyprus posts 134mln euro h1 posttax loss

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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