articles | 09 June 2016

Cdbbank posts profits €1.1m before tax in Q1 2016

Cdbbank (former Cyprus Development Bank) has announced profits of €1.1m before tax in the first three months of this year and has also said that it has made significant progress in managing its non performing loans with 77% of restructured loans' instalments paid regularly.

The bank, considers the results “very positive” a cdbbank press release says.

“Profits before tax came to €1.1m and the capital adequacy ratio stands at 12.1%,” it adds.

It continues noting that “significant progress has been achieved in managing non-performing loans", with a percentage of 77% of restructured loans’ instalments paid regularly.

“The bank has strong liquidity with available cash ratio at 31.6% and the loan to deposit ratio recorded at very satisfactory levels (70%),” the press release says.

It also highlights its participation to the European Investment Bank`s financing programme of the order of €15 million in order to provide low interest loans to small to medium size enterprises.

Source: Famagusta Gazette

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