Coop Bank 1H prof­its drop to 46.7m, NPLs at 58%

Financial Mirror (Cyprus) - - FRONT PAGE -

The Co­op­er­a­tive Cen­tral Bank re­ported a net profit EUR 46.7 mln in the first six months of the year, down from EUR 85.6 mln in the same pe­riod of 2014, due mainly to a drop in net in­ter­est in­come to EUR 166.7 mln com­pared to EUR 203.5 mln in the first half of 2014.

The bank raised its pro­vi­sions for loan im­pair­ments in the first half by EUR 51.5 mln com­pared to EUR 53.6 mln the year be­fore.

To­tal loans dropped to EUR 9.9 bln in June from EUR 10.1 bln in De­cem­ber, while over­all de­posits rose from EUR 12.4 bln to EUR 12.7 bln. Non-per­form­ing loans rose in June rose to EUR 7.6 bln or 58% of the bank’s loan­book, up from EUR 7.3 bln or 55.8% in De­cem­ber.

Ex­ec­u­tive Chair­man Ni­co­las Had­jiyian­nis said that the Co­op­er­a­tive sec­tor will im­ple­ment a 12-month strate­gic plan to man­age its NPLs, start­ing from Septem­ber, and that a US firm has been re­cruited to sup­port the im­ple­men­ta­tion of the plan and to trans­fer best prac­tices and in­ter­na­tional ex­per­tise.

Up un­til the end of Au­gust, the Co­op­er­a­tive Cen­tral Bank has re­struc­tured 6,500 loans worth EUR 550 mln with the aim to reach EUR 900 mln by the end of the year.

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