Bank of Cyprus revises 2014 loss upwards to €261m

By Stelios Orphanides

Bank of Cyprus’ audited results showed the lender made a €261m after tax loss in 2014 and revised upward its unaudited loss by €5m posted on February 25, the lender said.

The loss last year resulted from a €303m loss caused by discontinued operations related mainly to operations in Russia, Bank of Cyprus said in an emailed statement today. In 2013, in which the lender was forced to sell its operations in Greece and use its customers’ deposits to recapitalise itself as part of the bailout, it posted a €2.1bn loss, which was mainly caused by losses on disposals of its Greek units.

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.