NICOSIA: Bank of Cyprus (BoC), the island’s largest lender, announced it made €31 million ($42 billion) net profit in the first quarter after seven consecutive quarterly losses. BoC’s January-March gain compared with a loss of €103 million in the previous free months, and was the first by the troubled bank since the first quarter of 2012. Group profit after tax and before restructuring costs and discontinued operations (profit from continuing operations) was €72 million, against a loss of €38 million in the 2013 fourth quarter. In March 2013, Cyprus clinched a €10-billion loan from the European Union and International Monetary Fund to bail out its troubled economy and oversized banking system.
Published in The Express Tribune, June 1st, 2014.
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