Bank of Cyprus Continues to Actively Sell its Assets

Bank of Cyprus продолжает активно распродавать свои активы
2 September 2021 DOM LiVE
866

The Property Management Department of Bank of Cyprus continues to actively sell off the assets accumulated on the balance sheet of the largest financial institution in Cyprus.

According to the financial results released on Thursday, September 2, the department entered into contracts for the sale of real estate in the amount of 76 million euros for the first quarter of 2021, compared to 24 million euros in the first quarter of 2020. Profit from the sale of these properties amounted to 7 million euros against 3 million euros in the same period last year after easing restrictive measures.

In the second quarter of 2021, the department managed to sign contracts worth 52 million euros against 10 million euros in the second quarter of 2020. Profit from the sale of these properties amounted to 4 million euros against 3 million euros in the same period last year.

It is noteworthy that 54% of the properties sold were on land.

In total, in the first 6 months of 2021, the Property Management Department of Bank of Cyprus entered into contracts for 387 properties, compared to 170 properties in the corresponding period of 2020.

In addition, real estate in the amount of 21 million euros in the first half of 2021 was received by the bank as a result of agreements on the exchange of debt with real estate and returned real estate. In addition, properties with a total value of 8 million euros are classified as investment property.

The value of real estate objects transferred to the department's balance sheet in the first quarter of 2021 as repayment of loan obligations amounted to 1.404 million euros.

Bank of Cyprus продолжает активно распродавать свои активы

In turn, in the first quarter, Bank of Cyprus revenues reached 136 million euros, operating income - 45 million euros, and profit after tax - 8 million euros.

The bank ended the previous period with a net loss of EUR 49 million. The bank has been operating at a loss since the fourth quarter of 2019, with the exception of the third quarter of 2020, when a small profit of 4 million euros was made.

It is noted that the moratorium on loan servicing, introduced by the Government of Cyprus last year, did not affect the bank's performance: 95% of borrowers who exercised the right not to service loans returned to the timely repayment of their loan obligations by March 2021. In general, the level of credit risk decreased by 33 points, to 66 points, due to the improvement in the quality of the bank's loan portfolio.

Bank of Cyprus продолжает активно распродавать свои активы

In general, the Bank of Cyprus continues to reduce the volume of toxic debt: since 2014, when they reached their maximum level, nonperforming loans have decreased by 13.3 billion euros, or 89%, to 1.7 billion euros. In turn, the share of such loans in the total portfolio decreased by 47 percentage points, from 63% to 16%.

New lending in the first quarter of 2021 reached € 487 million, up 30% quarter-on-quarter. This is the highest value during a pandemic.

For the first quarter of this year, Bank of Cyprus reduced its operating expenses by 9 million euros, or 9% in quarterly terms, to 82 million euros. Total capital adequacy at the end of March was 18.3%, and Tier 1 capital adequacy was 14.6%. The bank's liquidity reached 5 billion euros, the liquidity ratio was 284%. The volume of deposits for the specified period did not change, remaining at the level of 16.3 billion euros.

Source: stockwatch.com.cy
Photos: pixabay.com
No one has left a comment yet
Place qoute
Interesting offers

4 level penthouse near the sea

€ 10 000

New apartment in Limassol

€ 277 500

Villa with sea views in Pissouri

€ 1 450 000

House for sale in Paphos

€ 380 000

Penthouse for sale in Limassol

€ 365 000

Penthouse at an attractive price

€ 1 700 000

Villa for sale in Cyprus

€ 2 700 000

Penthouse for rent in Limassol

€ 12 000

Villa for sale in Paphos

€ 887 000

Villa for sale in Limassol

€ 1 200 000
Компания «Dom Real Estate» Контакты:
Адрес: Limassol, Cyprus,
Телефон:+357 25 212 212, Электронная почта: info@dom.com.cy