Cyprus bank posts 55 percent drop in profits
Laiki, Cyprus's second largest bank, declared on Tuesday, March 6, a 55.2 percent drop in pre-tax profits for the year 2000, as earnings fell due the recent tumbling of the Cyprus Stock Exchange.
Analysts sated that the bank was over-exposed to the stock exchange, and losses were expected to be even greater. Pre-tax profits amounted to 69.13 million Cyprus pounds ($110.6 million), relative to past records of 154.23 million pounds ($246.7 million) during the market boom in 1999.
Laiki’s poor results came following those of the Bank of Cyprus, which announced last week a 30 percent drop in pre-tax profits, following a revaluation of its downsized portfolio.
HSBC holds 22 percent of Laiki, which operates branches in Greece and Britain. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)