Cyprialife launched, bank profits up
The Popular Bank launched its new life insurance subsidiary, Cyprialife, while all three major banks reported a strong rise in first half profits, according to the Cyprus Financial Mirror issue 130, on October 4, 1995.
Laiki Popular Bank launched its life insurance subsidiary, Cyprialife, with Managing Director Andreas Aloneftis targeting a 20% market share in the next 3-4 years, by when the company would also break even, according to Group Chairman Kikis Lazarides.
All three publicly traded banks reported strong profit rises in the first six months of the year, with Hellenic enjoying the biggest rise in operating profits (+24.1%), Popular Laiki the highest profits (CYP 16.08 mln) and Bank of Cyprus the biggest rise in pre- and after tax profits (+17.4%).
The KEVE general index fell 0.45 points on profit taking with selling pressure rising as buyers remained on the sidelines. .
A new abduction of a Cyprus-flag ship by pirates off the coast of Vietnam brought the total to six this year, but all crew were released and negotiations were not necessary.