BUSINESS

Bank of Cyprus reports nine-month net loss of 1.94 bln euros

Bank of Cyprus (BoC) announced on Wednesday a nine-month net loss of 1.94 billion euros, mostly on the back of provisions for winding up its Greek operations and bad loans.

The shortfall for the recession-hit Mediterranean island’s largest lender compared with 211 million euros in after-tax losses in the year-earlier period.

The bank said disposal of its Greek operations resulted in a loss of 1.45 billion euros in the first three months of 2013.

Profit before provisions, impairments and restructuring costs reached 224 million euros for the third quarter and 438 million euros for the nine months.

The number of its branches has been reduced to 133 from 203, and another six are scheduled to close in 2014.

[AFP]

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