CYPRUS: Co-op banks profits at €85.6 mln in 1H

The Co-operative Central Bank, that was bailed out by the state with a €1.5 bln injection, recorded a net profit of €85.6 mln in the first half of the year, with its Chairman Nicolas Hadjiyiannis saying the balance sheet is robust and the result of the ECB stress tests will be manageable.
He said non-performing loans (NPLs) totalled 53.1% of total loan portfolios in the first half of the year and the rate of increase slowed down to 54.5% at present.
“The results are very satisfactory, as the Co-operatives continue to be on a profitable growth path. The Co-operatives have a net profit of €85.6 mn and operating profits of €117 mln,” Hadjiyiannis said.
“Following the results of the first quarter, a trend of stabilisation and proper functioning of the Co-ops is clearly revealed and this fills us with optimism and strength that we are doing well," he said.
He added that the Group’s Common Equity Tier 1 ratio is at 13.6% “showing a very robust image” of the Co-operative Credit Sector.
Hadjiyiannis said that the messages coming from the NPLs recovery division “are quite positive as borrowers are cooperating”.