Bank of Cyprus: In 2018 Losses Reached €104 Million

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According to the results for 2018, Bank of Cyprus has a loss of €104 million after tax payment. These figures show a significant improvement on the last year’s losses of €551 million.

The conclusion of an agreement on the sale of non-performing loans through Project Helix allowed to improve the capital position of the bank. It is scheduled to be completed by the end of the first quarter.

“It was an important year for the Bank and we have made significant progress in a number of directions. We managed to reorient our business to support the growing economy of Cyprus,” – the islands largest bank’s CEO said.