Bank of Cyprus reports 46 percent profit drop for first 9 months of 2003
The Bank of Cyprus recorded a core profit of 9.8 million Cypriot pounds ($19.7 million) for the first nine months of 2003, a 46 percent decrease in revenues compared to the same period last year. The profit was calculated after provisions for bad debts and taxes.
The negative results were attributed to an increased level of provisions for bad debts. The group's total assets reached CYP 8.51 billion from January to September and shareholders' funds were CYP 510 million.
Founded in 1899, the Bank of Cyprus Group is a leading Cypriot banking and financial services group. The Group has been expanding rapidly in Greece and has an established banking presence in the United Kingdom. — (menareport.com)
© 2003 Mena Report (www.menareport.com)