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Bank of Cyprus says to return to profitability in Q1, 2015

Xinhua, May 9, 2015 Adjust font size:

The Bank of Cyprus (BOC), the only bank in the world to recapitalize by seizing depositors' assets, said on Friday ahead of the official May 29 announcement that the first quarter of 2015 would be profitable.

A BOC statement said first quarter results would be announced after a meeting of the board of directors on May 29 and would also be posted the same day after both the Cyprus and Athens stock exchanges closed.

The BOC statement said the bank expected to post an after-tax profit in the first quarter, compared to a 337-million-euro after-tax loss in the fourth quarter of 2014.

It also said that the first quarter of 2015 is not comparable to the first quarter of 2014, given the significant deleveraging completed since then.

The bank's tier 1 core capital is expected to be maintained at 14 percent following its extensive recapitalization last October, in which it drew 1 billion euros (1.12 billion U.S. dollars) from the Wilbur Ross investment fund and the European Bank for Reconstruction and Development.

The recapitalization helped the bank pass strict stress tests by the European Central Bank.

The BOC currently operates a total of 259 branches, of which 130 are in Cyprus, 123 in Russia, one in Romania, four in the United Kingdom and one in the Channel Islands. It also has representative offices in Russia, Ukraine and China. Endit