Bank of Cyprus struggles, paltry €1 mln 1H profit

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Bank of Cyprus struggles, paltry €1 mln 1H profit
 © FinancialMirror 2021
Bank of Cyprus, the one-time bellwether company of the services-based economy, continues to struggle with rising staff costs, little new business and a non-performing loan portfolio that refuses to go down. The bank announced a first-half after-tax profit of a mere €1 mln, an improvement; one could say, from the €7 mln loss in the first quarter. Having completed the sale of yet another chunk of its bad loans , under the Helix 2 ‘A’ and ‘B’ portfolios in the first two quarters of the year, lowering its non-performing exposures by €1.3 bln, the bank is still burdened with an NPE loan book of €1.6 bln. Add...


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Article automatically added to our system on Wednesday, September 1, 2021

Bank of Cyprus struggles, paltry €1 mln 1H profit


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Article Tags: #cyprus   #struggles   #paltry   #profit  


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