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Bank of Cyprus posts 73 mln euros net profits

Xinhua, November 24, 2015 Adjust font size:

Bank of Cyprus, the main lender in Cyprus, posted a net profit of 73 million euros (77.52 million U.S. dollars) in the first nine months of 2015, down from 76 million euros in the same period last year, according to a bank statement Monday.

Bank of Cyprus recapitalized itself in the aftermath of the Greek debt crisis by converting 47.5 percent of unsecured deposits over 100,000 euros into bank equity, making its creditors its new owners.

The bail-in was part of a 10 billion euros bailout program.

Bank of Cyprus CEO John Hourican said in his statement that it had a common equity Tier 1 ratio of 15.6 percent, an increase of 70 basis points on a quarterly basis.

He said the bank was engaged in a dialogue with the European Central Bank on its capital position, adding it does not expect to be required to raise any additional capital.

But the bank, along with other Cypriot lenders, is faced with a large amount of non-performing loans, which it is trying to restructure under recently approved legislation on insolvency and on selling of loan packages to so-called "vulture funds."

Hourican said last week that the bank is not interested in selling loans to investment funds but will try to strike new terms with the loan holders. Endit