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BOC posts €64m after tax profit in 2016

Bank of Cyprus, the island’s largest lender, said that it generated an after tax net profit of €64m in 2016, against a net loss of €438m the year before on reduced provisions which offset a drop in net interest income.

Net interest income dropped 19 per cent last year to €686m reducing overall revenue 7 per cent to €963m, the lender said in an emailed statement on Wednesday.

Non-performing loans fell to €11bn in December which accounts for 54.8 per cent of the bank’s loan portfolio compared to €11.9bn or 57.8 per cent in September and almost €14bn in December 2015, the bank said. Loans in arrears for over 90 days amounted to €8.3bn or 41.3 per cent of the bank’s loan portfolio, compared to €8.8bn in September and €11.3bn in December 2015.

The lender, which almost two months ago announced the full repayment of its outstanding emergency liquidity just days before commencing the trading of its stock at London Stock Exchange, said that its common equity tier 1 ratio rose 70 basis points last year to 14.7 per cent.

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