Bank of Cyprus Posts €554m After-Tax Loss in 2017
According to sources, Bank of Cyprus has stated that it generated an after-tax loss of EUR €554.3million when compared to their 2016 net profit of EUR €67.2m, for the most part on increased provisions for loan impairments in parallels with its profit warning in August.
2017 results also suffered from a reduction of revenue to below EUR €1.2billion from over EUR €1.2billion in 2016 according to a recent statement from the bank. In addition, net interest income fell to EUR €582.7 million from EUR €686.2 million.
Moreover, the bank managed to generate an operating profit of EUR €485m last year when compared to EUR €566m in 2016.
Following this, the bank may still contain its expenses to EUR €358.3million last year from EUR €495.2million in 2016, partially on reduced staff costs which fell to EUR €228.2m from EUR €287.2m respectively, the largest Cypriot lender stated.
In addition, the bank also increased its provisions to EUR €952.9m in 2017 from EUR €433.6m in 2016, which is slightly offset by the derecognition of losses which rose to EUR €173.4m from €63.3m accordingly.