The Bank of Cyprus recently released its preliminary group financial results for the first quarter of this year and for last year, which show progress towards the group’s goal of reducing risk, as well as a modest after tax profit of $67.6 million.
 
“Our results this quarter were satisfactory and reflect our strategy of continued de-risking,” Bank of Cyprus Group CEO John Patrick Hourican said in an announcement. “We are pleased to have delivered a modest profit in 2016 and to have started 2017 with the full repayment of ELA (emergency liquidity assistance), a successful return to the debt capital markets and the successful listing of our shares on the London Stock Exchange.”
 
The bank’s non-performing exposures (NPEs) dropped by 21 percent in fiscal year 2016, and loans in delinquency more than 90 days dropped by 27 percent. Those figures continued to trend downward in the first quarter of 2017, falling by 7 percent and 5 percent, respectively. Deposits increased by $24.3 billion in fiscal year 2016, representing a 16 percent increase and continued to rise by 6 percent in the first quarter of 2017, amounting to $916.8 million.
 
“Underpinning the Group’s momentum is a recovering Cypriot economy,” Hourican said. “It was pleasing to note a 2.8 percent growth rate in the underlying economy for 2016. This allowed us grant new lending of more than EUR 1 billion ($1.05 billion) to the Cyprus economy in 2016.”