Bank of Cyprus makes Q1 profit of 31 mln euros

Bank of Cyprus, the lender which recapitalised by seizing some depositors’ funds last year, reported its first profit in seven quarters on Friday.

First quarter profit after tax was 31 million euros after a 103 million loss in the last quarter of 2013.

Profit after tax and before restructuring costs and discontinued operations came in at 72 million euros compared with a 38 million euro loss in the last quarter of last year.

“These figures demonstrate we are beginning to make evident and tangible progress,” said John Hourican, a former RBS senior executive appointed Chief Executive Officer at the bank after its near-meltdown last year.

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.