ECONOMY

In Brief

Bank of Cyprus resurges in Q3, posts 66 pct rise in 9-month profit NICOSIA (Reuters) – Bank of Cyprus, the island’s largest, yesterday posted a 66 percent increase in profit after tax for the first nine months, boosted by cost-cutting and higher earnings from its insurance unit. «A reorganization of activities in Cyprus, combined with cost containment and income enhancement, had positive results,» the bank said. Group profit reached 50 million Cyprus pounds ($106.3 million) for the nine months ending Sept. 30, while core profit before provisions and tax rose 24 percent to 129 million Cyprus pounds. The growth in revenue-generating loans and deposits outpaced an expansion in expenses, it said. In Greece, deposits increased by 19 percent and loans by 22 percent – against a 16 percent rise in the broader Greek market, it said. Third-quarter profitability also showed an improvement, rising 25 percent after tax from the second quarter. Manufacturing growth accelerates in October Greek manufacturing growth accelerated in October as the seasonally adjusted purchasing managers index (PMI) rose to 52.8 from 52.1 in September, a monthly survey of about 300 companies showed. The PMI Index, designed by NTC Research to give a snapshot of operating conditions in the manufacturing economy, signaled a slight quickening in the rate of improvement, remaining above the 50 mark which separates contraction from expansion for the sixth successive month in October. (Reuters) Bogus bank e-mails The Hellenic Bank Association (HBA) is advising bank clients to exercise added caution regarding bogus e-mails, posed as sent by banks themselves, which ask them to provide the details of accounts and personal codes. Clients of Alpha and National banks recently received such e-mails in error-ridden Greek, evidently written through automatic translation programs. Clients should always type the electronic address of the bank themselves. Marathon Bank of NY Piraeus Bank is planning to expand the branch network of its US subsidiary Marathon Bank of New York, with a view to tapping potential clientele among the Greek-American community. The plan includes three new branches in New York, bringing the total to 14, and one in Chicago and in Florida. At the end of August, the bank’s assets stood at the equivalent of 700 million euros and deposits at 630 million. Marathon Bank is now the only one in the US of Greek interests after National Bank of Greece’s recent sale of subsidiary Atlantic Bank. Maillis Strapping and packaging materials group Maillis is planning to add a second production line at its factory in Greenville, North Carolina, thanks to increased demand for secondary packaging products in the US. Third-quarter sales picked up as stronger demand pushed prices up. ASE-listed Maillis expects a strong performance in the second half of the year. Common wings Lufthansa and Aegean Airlines yesterday launched a code-sharing agreement with the first flights departing by afternoon from Athens to Thessaloniki and Frankfurt.