ECONOMY

Bank of Cyprus posts 2015 loss on loan provisions

bank-of-cyprus-posts-2015-loss-on-loan-provisions

Bank of Cyprus, the island’s largest lender, on Thursday posted a pre-tax loss of 438 million euros for 2015 after having increased provisions for bad loans as instructed by the European Union.

“Due to the elevated provisions for the quarter, the Group reported a loss after tax of 438 million for the year,” CEO John Patrick Hourican said in a statement.

“Nevertheless, the Group continues to have a strong capital position… The Group does not expect to need to raise capital to complete its journey back to strength,” he said.

[AFP]