Hellenic Bank posts net loss in 1Q09

Cyprus's Hellenic Bank (HB) recorded a net loss of 12.8 mln in the first quarter of 2009 compared to a profit of EUR 22.98 mln a year ago in the same period, which was in line with a previous announcement made by the Group warning of losses.
Cyprus's third largest lender said earnings were down because of a reduction in interest income and increased provisioning amid difficult economic conditions.
"The results are not necessarily representative of the whole year," the bank said.
"The financial climate continues to be especially burdened by the global financial crisis and it is deemed very difficult to give accurate projections for the future."
Net interest income amounted to EUR43.6 mln, down from EUR52.2 mln in the same period last year.