articles | 19 October 2014

Co-ops show €85.6m profit for first six months of 2014

The Co-operative Central Bank said recently it had made a net profit of €85.6m in the first half of the year.

Chairman Nicolas Hadjiyiannis said non-performing loans (NPLs) totalled 53.1% of total loan portfolios in the first half of the year.

He added that the Group’s Common Equity Tier 1 ratio stood at 13.6% “showing a very robust image” of the sector.

Hadjiyiannis said the messages coming from the NPLs management division “are quite positive as borrowers are cooperating”.

“The co-operative Credit Sector currently has a very robust balance sheet and we are cautiously optimistic,” he added.

Asked about the stress tests, taking place as part of the formation of a European Banking Union and more specifically of a Joint Supervisory Mechanism, Hadjiyiannis said “our balance sheet is strong and we expect that the work done will have a positive reflection on the results, rendering them manageable”.

Following banking crisis in March 2013, the subsequent bailout included a €1.5 billion recapitalisation package for the co-ops.

Source: Cyprus Mail

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