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LONDON (Alliance News) - Bank of Cyrpus Holdings PLC on Monday reported a drop in third quarter profit compared to the immediately previous quarter.
The Cypriot financial services company recorded pretax profit of EUR48 million in the third quarter compared to EUR50 million in the second quarter, a 4.0% decrease.
The lender's net interest income in the quarter was flat on the quarter before at EUR113 million on a 4.8% decrease in total income to EUR179 million from EUR188 million.
Bank of Cyprus' net interest margin at the end of the third quarter was 2.47%, down from 2.54% in the previous quarter.
The lender's CET1 ratio at September 30 was 11.9%, down from 12.7% at the start of the year.
Bank of Cyprus's gross loans in the nine months to September 30 totalled EUR13.45 billion with EUR16.85 billion customer deposits. At the end of December, the lender's gross loans totalled EUR18.76 billion with EUR17.85 billion customer deposits.
Chief Executive Officer John Hourican said: "Our results this quarter reflect continuing delivery against our core objective of balance sheet repair. This was accelerated through the agreement for the sale of non-performing loans in Project Helix. Helix is an important step forward in repairing our balance sheet and stabilising our capital position. We expect execution in the first quarter of 2019, upon receipt of regulatory approval from the European Central Bank.
"We have a clear strategy for continuing the improvement in the asset quality position of the bank and further deal with the residual about EUR5 billion of non-performing loans. We remain as focused as ever on continuing to seek solutions, both organic and inorganic, to make the bank a stronger, safer, Cyprus-focused institution, capable of supporting the local economy."
Shares in Bank of Cyprus closed down 1.1% at EUR1.66.