BUSINESS

Bank of Cyprus posts Q2 net gains of 6 mln euros

TAGS: Cyprus, Banking

Bank of Cyprus, Cyprus’s largest lender by assets and deposits, posted a second-quarter net profit of 6 million euros compared to 50 million in the first three months of the year on elevated provisions.

The bank said on Tuesday profit before provisions, restructuring and a voluntary retirement scheme came in at 135 million euros, compared to 145 million euros in the first quarter.

In the quarter-on-quarter period, the bank registered a 53 percent increase in its provisions to cover net loan losses.

[Reuters]

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