Cyprus bank posts 55 percent drop in profits

Published March 7th, 2001 - 02:00 GMT

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 (

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