24th Feb 2021 11:07
(Alliance News) - Bank of Cyprus Holdings PLC on Wednesday said its loss narrowed in 2020 amid lower expenses.
The Nicosia-based bank said new lending in the three months to the end of 2020 was EUR374 million, up 30% quarter-on-quarter, reflecting early recovery in activity post-lockdown. Total income came in at EUR142 million, up 3% quarter-on-quarter.
For the full year, the bank said total revenue decreased to EUR765.1 million from EUR910.6 million reported for 2019, with net interest income falling to EUR330.0 million from EUR366.0 million.
Pretax loss narrowed to EUR166.9 million from EUR180.6 million in 2019.
"Despite the challenging environment, we have sustained our focus on the further strengthening of our balance sheet and improvement in our asset quality, where we have made material progress," said Chief Executive Panicos Nicolaou.
"Our vision for the future of the bank is clear, as is our understanding of how we will deliver that vision," added Nicolaou. "We remain confident that the initiatives we are focused on will allow us to create shareholder value in the medium term."
The bank's CET1 ratio as of December 31 was 15.2%, while its total capital ratio was 18.7%.
Bank of Cyprus shares were trading unchanged in London on Wednesday morning at 70.00 pence each.
By Evelina Grecenko; [email protected]
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