BoC takes €1.01 billion hit on Greek debt

 

BANK of Cyprus (BoC), the island’s biggest lender, yesterday posted a €1.01 billion net loss for 2011 after taking provisions for a Greek sovereign debt swap.

BoC said the total impact of its participation in a voluntary swap of Greek government bonds with a 60 per cent impairment, amounted to €1.3 billion for 2011.

The nominal value of the Greek government bonds held by the group – after the write-down — totalled €975 million at the end of December 2011.

Excluding the impairment, the group’s net profit for the period reached €312 million, an annual increase of 2.0 per cent.