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Bank of Cyprus published financial results for fiscal year 2018

The Bank of Cyprus Holdings Group has published audited Financial results for the year ended 31 December 2018. According to the figures showing performance of the company in the financial year 2018, total income was €782 mln, operating profit made €382 mln, and underlying profit was €140 mln. Rapid de-risking of the Bank of Cyprus led to a 4Q2018 impairment of the DTA of €79 mn, expected to be reversed in 1Q2019. This all resulted in a loss after tax of €104 mln in the financial year 2018, as compared to 552 mln loss for the year 2017.

In the reported year, the Bank showed strong liquidity positions with surplus of €4.4 bn, and loan to deposit ratio of 65%. According to the Audited Consolidated Income Statement, company’s turnover for the year 2018 was €985 mln, net interest income was €419 mln.

At 31 December 2018, total equity totalled €2,341 mln, compared to €2,206 mln at 30 September 2018 and to €2,586 mln at 31 December 2017. Shareholders’ equity totalled €2,121 mln at 31 December 2018, compared to €2,206 mln at 30 September 2018 and to €2,586 mln at 31 December 2017.

In November 2018, the Bank of Cyprus Group completed the sale of its wholly owned subsidiary bank in the UK, Bank of Cyprus UK Limited and its subsidiary Bank of Cyprus Financial Services Limited, following receipt of the necessary regulatory approvals; the transaction has had an overall positive impact on the Group capital ratios.

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