articles | 25 February 2016

BoC convenes to approve preliminary results

The Bank of Cyprus Board of Directors convenes on Thursday, February 25, to approve the 2015 preliminary financial results which will be published after the closing of the Cyprus and Athens stock markets.

The Bank has announced in a press release that it is expected to post a net loss of €0.4 billion after it raised provisions for impairment of loans by €0.6 billion during the fourth quarter of 2015, thereby increasing its coverage ratio in the region of 50%. It also said that after boosting its coverage ratio, CET1 “is expected to remain strong at approximately 14.0%,” from 15.6% in September 2015.

“The Bank does not need to raise additional capital,” the press release added.

The increase in provisions comes following discussions with the EU Single Supervisory Mechanism in the context of the Supervisory Review and Evaluation Process (SREP) process.

The Bank also said it would post net profit of €0.1 billion with a CET1 capital ratio exceeding 16%, had it not incorporated the SSM requirements to increase its coverage ratio.

Source: InCyprus

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