Bank of Cyprus posts 2013 loss of €2b

Bank of Cyprus, the lender which was recapitalised by bailing in depositors last year, posted a full-year loss of €2.04 billion for 2013, narrowing from a €2.21 billion loss in 2012.

The bank registered a loss of €93 million in the fourth quarter of 2013, down from €142 million in the previous quarter.

“These results demonstrate stability on the asset and provisioning side of our balance sheet,’ said Chief Executive John Patrick Hourican. “The progress made by the business over the course of the past few months is materialising in the numbers.”

“The business has demonstrated good stability over the past few months,” he told reporters. (Reuters)

 

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.