Hellenic sees profits nosedive

HELLENIC Bank Group have seen a great fall in profits after the release of the nine-month result charter which saw the declared profits in the P&L account wiped out by major revaluation on investments losses in the Reserve account.

The island’s third largest financial group saw its nine-month net profits advance by 66 per cent in the P&L account to £4.02 million, far short of the 214 per cent growth reported by Bank of Cyprus (BOC) to £30.7 million and the 100 per cent growth to £16 million reported by Laiki (CPB).

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.