BOC: Profit after tax of €248 mn

The financial results for the nine months of 2010 highlight that the Bank of Cyprus is in a strong position to face the continuing challenges in its main markets having achieved selected business growth, increasing recurring profitability and strengthening further its balance sheet, in line with the 2010 business and financial targets.
The Group’s net interest income recorded a significant increase of 25% reaching €768 mn for the nine months 2010, demonstrating the Group’s ability to achieve increased recurring income even in adverse economic conditions. The Group’s profit before provisions for the nine months 2010 reached €512 mn and recorded a significant increase of 13% compared to the same period the year before. The profit after tax for the nine months 2010 reached €248 mn, with the Group being profitable in all the markets in which it operates.