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The Bank of Cyprus has reported losses after tax payments in 2017 year

After paying taxes last year, the Bank of Cyprus discovered a loss of 554,3 million euros compared to 2016 when the net profit amounted to 67,2 million euros. The loss was mainly due to an increase in provisions for loans.

Last year, the revenue of the Bank of Cyprus fell to the level of 1,2 billion euros (in 2016, the amount of revenue exceeded 1,2 billion euros). Net interest income decreased to 582,7 million euros.

In 2017, the bank received an operating profit of 485 million euros compared to 566 million euros in 2016.

Problem loans fell in December to 8,8 billion euros or up to 46,9% of the total. Compared to December 2016, overdue loans decreased by 2,2 billion or one-fifth.

The bank's executive director John Horikan said that in 2018 the normalization of the cost of capital is expected, which will allow the bank to become profitable.

A source: ELTOMA

Author: Victoria Ivantsova

Tags: Cyprus, Economy, Banks