BUSINESS

BoC posts losses in 2017 on provisioning

TAGS: Cyprus, Banking

Bank of Cyprus more than doubled its provisions for bad loans in 2017, leading to a swing from profits to losses.

The financial figures that the island’s main lender released on Tuesday showed losses of 552 million euros last year, against a profit of 64 million in 2016.

Provisions amounted to 779 million euros, up 111 percent from 2016.

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