ECONOMY

BoC’s first-half loss widens by 25 percent

Bank of Cyprus Pcl, the island?s largest lender, said on Friday its first-half loss widened by 25 percent after increasing provisions for bad loans and reducing the value of Greek government bonds.

The net loss in the six months to June 30 widened to 134 million euros from a loss of 107 million euros in the same period of 2011, according to an e-mailed statement from the Nicosia-based lender.

BoC, which sought aid from the Cypriot government in June to meet capital requirements, said the capital shortfall was defined by the European Banking Association on June 30 at about 730 million euros.

[Bloomberg]