Bank of Cyprus will soon decide if it will advance to a share capital increase by the end of June, after the financial institution declared its first profit in seven quarters.
The Bank stated it was on the right path towards loan portfolio upgrades. This year's first quarter profits after taxes was determined at 31 million euros, after experiencing a 103 million euro loss in the last three months of 2013. Profits after tax and prior to restructuring prices and halted operations, were deemed at 72 million euros, in comparison to a 38 million euro loss in 2013's last quarter.
According to Kathimerini, Bank of Cyprus CEO John Hourican stated of the Cypriot bank's profits: "These figures demonstrate we are beginning to make evident and tangible progress". The Bank's recapitalization methods focused on converting big deposits into equity. The Bank of Cyprus was also forced to take on Laiki Bank's assets and execute complicated deleveraging from non-core markets.
In this year's second quarter, the Bank of Cyprus rid itself of its Ukrainian branches, a Romanian investment, and Serbian loans. This resulted in the financial institution significantly decreasing its risk factor, and increased its core equity by 0.3%, as reported by the Bank.
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