100 mln more shares of­fered

Financial Mirror (Cyprus) - - FRONT PAGE -

against our strate­gic ob­jec­tives of shrink­ing to strength through the dis­posal of non-core op­er­a­tions and as­sets. Profit after tax ex­clud­ing one-off items and profit after tax for the six months ended June 30 to­talled EUR 78 mn and EUR 81 mn, re­spec­tively,” said Group CEO John Houri­can.

“Our de­posit base is show­ing sta­bil­is­ing signs. … The Re­struc­tur­ing and Re­cov­er­ies Di­vi­sion (RRD) is fully op­er­a­tional, with EUR 11.4 bln of large and delin­quent loans man­aged by a ded­i­cated work­force of about 500 peo­ple. De­spite the dif­fi­cult leg­isla­tive frame­work, the RRD is show­ing some early suc­cesses,” the CEO added.

The Group’s cap­i­tal


was strength­ened with Core Eq­uity Tier 1 ra­tio in­creased from 10.5% in end-De­cem­ber to 11.3% as at June 30. Com­bined with Thurs­day’s share­holder ap­proval of the EUR 1 bln cap­i­tal in­crease, the bank’s Core Eq­uity Tier 1 ra­tio is ex­pected to in­crease to 15.6% (tran­si­tional ba­sis) and 15.1% (fully-loaded ba­sis), mak­ing it one of the best cap­i­talised banks in Europe.

By the end of H1, the bank had re­duced its Eurosys­tem (ECB and ELA) fund­ing by EUR 800 mln from EUR 11.0 bln to EUR 10.2 bln, while fur­ther sales of non-core as­sets to­talled around EUR 450 mln.

H1 gross loans and de­posits were EUR 25.3 bln and EUR 13.8 bln, re­spec­tively, with the

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