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.
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
Bank of Cyprus continues to reduce risk, increase deposit trends
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