Cyprus Popular issues H1 profit warning

The Cyprus Popular Bank (Laiki), the island’s second biggest lender, has issued a profit warning saying that it expected to report reduced profits for the first half of the year.
Laiki, effectively nationalised after the government promised to bailout the troubled bank to the tune of 1.79 bln euros due to the insurmountable exposure to Greek government bonds and other debts, said that “the amount of total provisions and further writedowns is expected to be higher compared to the first half results of the previous year.”