Cyprus banks blamed for 47% fall in CSE profits in 9M09

The three major banks were mostly responsible for the 47.4% fall in profitability recorded by the 11 companies listed in the Main Market of the Cyprus Stock Exchange (CSE) during the first nine months of the year.
The combined profits of the 11 stocks declined to EUR 428.86 mln in the first nine months of 2009 compared to EUR 815.55 mln in the same period a year ago.
The three banks – Bank of Cyprus, Marfin Popular Bank and Hellenic Bank – saw their combined profits dive by EUR 333.7 mln in the first nine months of 2009, represented 86% of the EUR 387 mln decline in profitability sustained by the Main Market companies.
The same dismal performance was also seen among the few companies in the Parallel and Alternative sectors reporting their results for the first nine months of 2009.
According to CSE rules, only companies listed in the Main Market are obliged to report their nine-month results.