Bank of Cyprus profits in Romania drop by 12.5 percent to EUR 3.5 million on H1

The net profit of the Bank of Cyprus in Romania fell by 12.5 percent from EUR 4 million in the first half of 2010 to EUR 3.5 million, according to Mediafax newswire, that quotes data from the official financial statement of the company.

The earnings before provisions climbed by 19.1 percent to EUR 8.6 million in the first half of 2011. The bank’s provisions have increased by 46.6 percent from EUR 3 million in the first half of 2010 to EUR 4.4 million in the first semester of 2011. The net interest income remained stable at EUR 11.8 million.

The loans volume for the Bank of Cyprus gained 9 percent year-on-year, from EUR 580 million in the first semester of 2010 to EUR 651 million.
The deposits portfolio gained 26 percent, from EUR 139 million in the first half of 2010 to EUR 186 million.

The Bank of Cyprus group registered net losses of EUR 112 on H1 after issuing provisions for the exchange of Greek sovereign bonds. At the end of June 2011, the bank held Greek sovereign bonds worth EUR 1.07 billion, and downgraded their value by EUR 281 million. Excluding the impact of the Greek bonds, the profit on H1 would have decreased by 4 percent to EUR 155 million.

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