Insider Business Bank of Cyprus records losses of €37 million in first 9 months...

Bank of Cyprus records losses of €37 million in first 9 months of 2018

Bank of Cyprus has recorded losses of €37 million in first 9 months of 2018 compared to losses of €554 million at the same period of 2017. The bank’s organic profitability was affected negatively by losses from the sale non-performing exposures (NPEs) of €2.7 billion (Helix project).

The bank recorded profits of €17 million for the third quarter of this year.

The sale of the NPEs portfolio resulted in the greatest reduction of total provisions to €150 million compared to €836 million at the same period of last year. Provisions for the impairment of loans reached €128 million compared to €730 million at the same period of last year.

During the third quarter of this year the bank continued the organic reduction of NPEs by 4% on a quarterly basis or €293 million. NPEs amount to 47% of the total loan portfolio of the bank, while after the Helix project they would drop down to 37% of total loans.

“Helix is an important step forward in repairing our balance sheet and stabilising our capital position. We expect execution in the first quarter of 2019, upon receipt of regulatory approval from the ECB,” the bank’s CEO John Patrick Hourican said in a statement.

This portfolio sale complements our organic non-performing exposure (NPE) reduction. During the third quarter, we reduced NPEs by €224 mn, he added.

“This is our fourteenth consecutive quarter of meaningful reductions in NPEs and is in line with our post-Helix guidance. NPEs reduced to €7.6 bn (€5.0 bn pro forma for Helix),” he notes.

“We have a clear strategy for continuing the improvement in the asset quality position of the bank and further deal with the residual c.€5 bn of non-performing loans. We remain as focused as ever on continuing to seek solutions, both organic and inorganic, to make the bank a stronger, safer, Cyprus-focused institution, capable of supporting the local economy,” Hourican points out in his statement.

(Cyprus News Agency)

Top Stories

Second UK lockdown? England COVID-19 cases rising by 6,000 per day

Britain was on Friday considering whether to impose a second national lockdown, after new COVID-19 cases almost doubled to 6,000 per day, hospital admissions...

Rare Mediterranean storm battering Greece’s Ionian islands worse than initially estimated (Photos)

A rare storm, known as a Medicane (Mediterranean hurricane), hit western Greece on Friday, flooding streets, uprooting trees and causing power cuts in the...

Hardalias: State mechanism on full alert, Medicane in progress

The next six to nine hours will be crucial for the Ionian islands, currently in the grip of Mediterranean hurricane 'Ianos', while a new...

Athalassa Psychiatric Hospital admissions up by 25% this year

Athalassa Psychiatric Hospital admissions increased by 25% in 2020 compared to last year and this means that demand for additional available space is now...

Some 3.5 million face masks used in public sector in four months

Some 3,500,000 face masks have been distributed to staff members of the public and semi-governmental sector in Cyprus over the past four months, according...

Taste

Swordfish with aubergines

To toast the sesame seeds: place sesame seeds in a small non-stick frying pan over low heat and stir until you begin to smell...

Chicken with okra and bulgur wheat

Heat the oil in a pan and sauté the okra until golden. Remove the okra, lay out in an oven tray and sprinkle with...

Ravioli

Just a little before serving, heat the broth and add the ravioli. (If the ravioli is frozen you don’t have to defrost). Heat them...

Seafood kebab with avocado salad

Place the mussels, shrimps and salmon in a bowl together with tarragon and lemon zest. Season and cover, keeping in the fridge for 15...