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Bank of Cyprus Confirms 81 Million Euro Profit

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The Bank of Cyprus has confirmed an 81 million euro profit for the first six months of the year.

The Cypriot Bank reported a 70 basis points improvement amounting to 11.3% for June 30th, in comparison to 10.6% on March 31st, for its core tier 1 capital ratio.

The Bank of Cyprus Group's CEO John Patrick Hourican commented on the Bank's activities, "good progress in the implementation of its restructuring during the second quarter of 2014", according to Parikiaki.

The CEO described positive signals concerning its deposit base, "Our improving liquidity position allowed us to release the last tranche of blocked decree deposits on 31 July 2014".

Hourican discussed the Bank's international investments and recovery, along with the nation's recent economic strides, "This deliberate strengthening of our capital position will allow us to accelerate the implementation of our restructuring, to regain the trust and confidence of depositors and other stakeholders and will provide us with improved funding options in order to normalize the Bank's funding structure".