Hellenic Bank posts a loss of €62.7m in 2016

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Hellenic Bank is currently Cyprus’s third largest lender, and has released a profit-loss analysis showing net losses of €63m last year, compared to 2015, where they achieved a net profit of €13m. The main reason for this loss was largely due to a deferred tax asset worth €51m being made redundant.

The loss attributable to Shareholders totaled €64m in 2015 compared to the previous year of €12m, Hellenic stated. However one positive: the bank’s loans fell to €4.1bn compared to €4.4bn in 2016, with deposits remaining unchanged at €6bn.