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The Co-operative Central Bank, that was bailed out by the state with a EUR 1.5 bln injection, recorded a net profit of EUR 85.6 mln in the first half of the year, with its Chairman Nicolas Hadjiyiannis saying the balance sheet is robust and the result of the ECB stress tests will be manageable.

He said non-performing loans (NPLs) totalled 53.1% of total loan portfolios in the first half of the year and the rate of increase slowed down to 54.5% at present.

“The results are very satisfactory, as the Co-operatives continue to be on a profitable growth path. The Cooperatives have a net profit of EUR 85.6 mn and operating