articles | 01 March 2016

Cooperative Central Bank Q4 2016 profit at €60.6 mln

Cyprus' Cooperative Central Bank (CCB) reported a net profit of €60.6 mln during Q4 2015, reducing thus the impact from losses incurred due to increased requirements by the Single Supervisory Mechanism (SSM), from €228 mln at the end of Q3 to €167.4 mln throughout the year.

Common Equity Tier 1 ratio (CET 1) stands at 15.62%, provisions for 90+ DPD (days past due) were announced at 53.41%, while liquid assets valued at €3.78 bln.

Presenting on Monday the financial results, Yiannos Stavrinides, the CCB’s head of strategy and communication, said the institution had displayed during the fourth quarter of 2015 one of its strongest performances.

According to the balance sheet, deposits stand at €12.74 bln, equity at €1.28 bln and total assets at €14.30 bln.

Loans with arrears more than 90 days retreated at their lowest point throughout the year, at 50.95%, and restructuring of loans was of the order of €1.03 bln.

CCB Committee Chairman Nicholas Hadjiyiannis said that the Cooperative sector may look to the future with confidence, while functioning on the basis of society’s expectations as the main pillar for the recovery of the Cypriot economy.

Source: Famagusta Gazette

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