World Economy

Cyprus Bank Posts €5m Loss

Cyprus Bank Posts €5m LossCyprus Bank Posts €5m Loss

Bank of Cyprus, the island’s largest lender, announced on Thursday it had made a five million euro loss in the third quarter as it restructured after a massive debt bailout. The bank also said it expected to resume trading on the stock exchange in mid-December after an 18-month absence since the bailout, which saw its larger depositors hit by a 47.5% haircut, AFP reported. “Profit after tax, excluding one-off items for the third quarter, totaled 6m euros ($7.5m),” CEO John Patrick Hourican said in a statement. “Taking into account one-off items related to restructuring costs, the bank incurred a loss after tax of 5m euros,” he added.