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Bank of Cyprus reports €1.94 billion 9 month net loss

The Bank of Cyprus Group Financial Results for the nine months ended 30 September 2013 published earlier today show a net loss of €1.947 billion net loss over the reporting period.

Bank-of-Cyprus-HQTHE BANK of Cyprus (BoC) has posted a €1.947 billion net loss in the first nine months of the year.

The bank said the loss included a 1.45 billion euro loss from discontinued operations and from the disposal of its Greek operations in the first quarter of 2013.

Chief Executive Officer John Hourican said the bank’s priority was to restore investor and customer confidence.

“This can only be achieved through our focusing on arresting asset quality deterioration, making progress on non-core disposals and maintaining capital ratios so as to build a strong platform for the safe return of depositors to the Bank,”

The troubled lender converted large deposits into equity, a process known as a ‘bail-in’ as a condition for Cyprus to receive 10 billion euros in aid from international lenders last March.

Under terms of the accord, another bank, Laiki, was shut down and some of its assets absorbed by Bank of Cyprus. The bank was also forced to sell its Greek operations to ring-fence the Cyprus crisis and stop it spreading to other euro zone nations.

The bank said the loss included a 1.45 billion euro loss from discontinued operations and from disposal of its Greek operations in the first quarter of 2013.

– Reuters

(The number of bad loans held by the bank rose sharply to 48 percent in the third quarter of this year, up from 36 percent at the end of the second quarter.)

Further reading

Bank of Cyprus Group Financial Results for the nine months ended 30 September 2013

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  • Deanna says:

    What are ‘discontinued operations’? Is this Newspeak for bad loans?

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