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Bank of Cyprus 9M income 861 million euros

Staff writer |
Bank of Cyprus Group reported its financial results for the nine months ended September 30, 2013. Total income for the nine months ended 30 September 2013 was 861 million euros, with net interest income (NII) at 726 million euros and net interest margin (NIM) at 3,52%.

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Total income for the third quarter of 2013 was €361 mn, with NII at €296 mn and NIM at 4,02%. Total expenses for the nine months ended 30 September 2013 were €423 mn and the cost to income ratio was at 49,1%.

Profit before impairments and restructuring costs was €438 mn, while profit before impairments and restructuring costs for the third quarter of 2013 was €224 mn. Provisions for impairment of loans for the nine months ended 30 September 2013 were €799 mn, with the provisioning charge accounting for 3,8% of gross loans on an annualised basis.

Provisions for impairment of loans for the third quarter of 2013 were €261 mn. The elevated provisioning reflects the continued deterioration in the loan portfolio due to the advancing recession and the ongoing reduction in collateral values in Cyprus.

Loss from continuing operations (defined as loss before restructuring expenses, discontinued operations and the disposal of Greek operations) for the nine months totalled €349 mn. Loss from continuing operations for the third quarter of 2013 totalled €35 mn.

Disposal of Greek operations and partial sale of the Romanian operations in the first quarter of 2013 resulted in a combined loss on disposal and from discontinued operations of €1.456 mn.

Restructuring expenses for the nine months ended 30 September 2013 totalled €142 mn, while for the third quarter of 2013 they totalled €107 mn, of which €98 mn relate to the one-off cost of VRS. Loss after tax attributable to the owners of the company totalled €1.947 mn. Loss after tax attributable to the owners of the company for the third quarter of 2013 totalled €142 mn.


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