Bank of Cyprus generated €64m net profit last year

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Bank of Cyprus is currently the island’s largest lender, and has released a profit-loss analysis via email for its 2016 earnings. The bank generated an impressive net profit of €64m, against a net loss of €435m from the previous year.

Net interest dropped by 19% last year, reducing the lenders gross revenue to €964m. Total expenses also dropped by 3%, as the bank reduced its staff level with a controversial voluntary retirement scheme, of which employee expenses totaled €224m, down from €234m in 2015.