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Bank of Cyprus posts loss of 1.01 bln euros after Greek bonds haircut

(Xinhua)

08:59, February 22, 2012

NICOSIA, Feb. 21 (Xinhua) -- Cyprus's leading lender, the Bank of Cyprus announced a net loss of 1.01 billion euros (1.34 U.S. dollars ) in its 2011 results on Tuesday, following the haircut of Greek bonds.

The Bank of Cyprus said the loss resulted after a writedown of 60 percent on its Greek bonds holdings, amounting to 1.32 billion euros.

Earlier on Tuesday, eurozone finance ministers endorsed a second 130 billion-euro bailout package for Greece that included a 53.5 percent cut in the nominal value of Greek bonds. This is estimated to finally result in a loss of just over 73 percent on the present value of bonds held by private creditors.

The Bank of Cyprus said apart from the Greek losses it would have posted 2 percent profit increase that would raise last year's net profits to 312 million euros.

Extensive exposure of all three major Cyprus Banks to the Greek debt has been the main reason cited by rating agencies in repeatedly downgrading their ratings to near junk level.

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