Bank of Cyprus reports net losses of €553 million so far in Q3

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Bank of Cyprus, the island’s largest lender said that it generated in the first six months of the year a net loss of €554m compared to a net profit of €54m in the respective period of 2016 on increased provisions.

The after-tax loss from January to June 2017 was on a €555 million loss posted in Q2 of the year which more than counterbalanced the €2 million profit reported from Q1 or 2017, the bank said in a statement on the website of the Cyprus Stock Exchange on Tuesday. In the first half of the year, the lender announced €726 million in provisions for loan losses.