Co-op Cen­tral Bank posts Q4 profit

Financial Mirror (Cyprus) - - FRONT PAGE -

The Co­op­er­a­tive Cen­tral Bank (CCB), bailed out by the state to the tune of EUR 1.5 bln, and re­cap­i­talised by a fur­ther 175 mln last year, re­ported a net profit of EUR 60.6 mln in the fourth quar­ter of 2015, re­duc­ing the im­pact from losses in­curred due to in­creased re­quire­ments by the Sin­gle Su­per­vi­sory Mech­a­nism (SSM), from 228 mln at the end of the third quar­ter to 167.4 mln through­out the year.

Com­mon Equity Tier 1 ra­tio (CET 1) stands at 15.62%, pro­vi­sions for 90+ DPD (days past due) were at 53.41%, while liq­uid as­sets were val­ued at EUR 3.78 bln.

Pre­sent­ing the fi­nan­cial re­sults on Mon­day, Yian­nos Stavrinides, the CCB’s head of strat­egy and com­mu­ni­ca­tion, said the in­sti­tu­tion had dis­played dur­ing the fourth quar­ter of 2015 one of its strong­est per­for­mances.

Ac­cord­ing to the bal­ance sheet, de­posits reached EUR 12.74 bln, equity was at EUR 1.28 bln and to­tal as­sets at EUR 14.30 bln.

Loans with ar­rears of more than 90 days re­treated at their low­est point through­out the year, at 50.95%, and re­struc­tur­ing of loans was of the or­der of EUR 1.03 bln.

CCB Chair­man Ni­cholas Had­jiyian­nis said that the Co­op­er­a­tive sec­tor may look to the fu­ture with con­fi­dence, while func­tion­ing on the ba­sis of so­ci­ety’s ex­pec­ta­tions as the main pil­lar for the re­cov­ery of the econ­omy.

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