CYPRUS: Co-op CB posts Q4 profit

The Co-operative 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.