(MENAFN)
The Bank of Cyprus said on Friday that it saw an after tax decline of 100 million euros, equal to USD118.9 million in Q2 of the current year 2020, over the provisioning of the non performing loans.
According to the bank, in Q1 of 2020 its non-performing loans were cut down by 1.3 billion euros mostly through the sale of non-performing (red) loans to investment funds.
The non-performing loans that are owned by Cypriot banks are the legacy of the 2013 bailout of the Cypriot economy by the Eurogroup and the International Monetary Fund, that have a resolution of the banking system.
The Bank of Cyprus itself was compelled to seize a total of 47.5 percent of deposits, largely owned by Russians, mostly in order to recapitalize in the globe's first bail-in.
MENAFN3108202000450000ID1100720966
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.