Hellenic predictions €13m losses in Q2 despite gaining €50m in provisions

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Hellenic Bank, the islands second largest Cypriot lender, announced in a statement on the Cyprus Stock Exchange website has announced predictions that a €13 million after tax loss will be filed in Q2, in the months from April to June 2017; despite registering a €50 milllion increase in damage provisions for loan losses.

As a result of these recent figures, the provision coverage of non-performing exposures as of June 2017 is expected to increase to approximately 60% compared to 57% in March 31st, 2017.

Hellenic Bank, announcing an increase in its provisioning levels after Bank of Cyprus did so less than two weeks ago, added that its Q2 financial outcome will include accounting profits of €19 million arising from the contract with APS Holdings NPL (non-performing loans) management specialist.