(MENAFN) On Friday August 28 the commercial bank stated that the Bank of Cyprus posted an after-tax defeat of 100 million Euros (118.9 million United States dollars) for the second quarter (Q2) of 2020, frequently because of provisioning for non-performing advances.
The bank stated that the first half of 2020 its non-performing loans were decreased by 1.3 billion Euros mainly throughout the sale of non-performing (red) advances to asset finances.
Non-performing advances possessed by Cypriot banks are the legacy of the 2013 post security of the country's economy by the Eurogroup and the International Monetary Fund, which incorporated a declaration of the banking system.
The Bank of Cyprus itself was required to grab 47.5 percent of places, frequently possessed by Russians, to recapitalize in the world's first supposed bail-in.
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