BoC Q3 turnaround, NPLs dip further

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BoC Q3 turnaround, NPLs dip further
 © FinancialMirror 2022
Bank of Cyprus is on track to return to steady profits after it announced a third-quarter after-tax profit of €19 mln and a significant reduction in its non-performing loans.

The bank reported a turnaround from a €7 mln loss in the second quarter, with accumulated 9-month positive earnings of €20 mln.

The 2021 accounts are impacted by the sale of the final two large tranches from its troubled loan book, ridding €1.3 bln in June to PIMCO, dubbed Helix-2, and a further €708 mln, including real estate worth €120 mln, concluded in November, also to PIMCO.

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BoC Q3 turnaround, NPLs dip further

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