ECONOMY

Bank of Cyprus reports a 10 percent rise

The Bank of Cyprus yesterday reported a 10 percent rise in first-half net profits to 163 million euros, with Greece ranking as its strongest growing segment despite the recession. The bank said profits after provisions in Greece hit 25 million euros, up 268 percent from 7 million last year. Profits in Cyprus rose 15 percent to 120 million euros, while its Russian operations showed a 3-million-euro profit versus a 13-million-euro loss last year. The lender will propose to its shareholders the payment of an interim dividend in cash and shares.