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Bank of Cyprus Posts 43M Profit in Q1 2018
May 31, 2018
Bank of Cyprus Holdings recorded profit after tax of €43 million, and earnings per share of 10 cents for the quarter ended 31 March 2018, according to Group financial results released on May 29.
The stock of Non Performing Exposures (NPEs) was reduced by €454 mn to €8.3 bn. That was the twelfth consecutive quarter of material NPE reduction. The overall stock of NPEs was reduced by 44% since December 2014. Coverage levels against non performing exposures increased to 51% (post IFRS 9 First Time Adoption), well-above the EU average of 44%. NPE ratio stood at 45%.
In the first quarter, the Common Equity Tier 1 capital (CET1) ratio (transitional basis) stood at 12.0% at 31 March 2018, compared to 12.7% at 31 December 2017. The CET1 ratio on a fully-loaded basis (IFRS 9 transitional) totalled 11.7% at 31 March 2018, compared to 12.2% at 31 December 2017. The Total Capital ratio stood at 13.5%, compared to 14.2% at 31 December 2017, mainly affected by the aforementioned definition alignment changes.