Bank of Cyprus, the Cypriot lender which recapitalized itself after seizing its own depositors’ savings this year, posted a 1.94 billion euro net loss in the first nine months of the year.
The bank said on Wednesday the result included a 1.45 billion euro loss from discontinued operations and from disposal of its Greek operations in the first quarter of 2013.
Chief Executive Officer John Hourican said the bank’s priority was to restore investor and customer confidence.
“This can only be achieved through our focusing on arresting asset quality deterioration, making progress on non-core disposals and maintaining capital ratios so as to build a strong platform for the safe return of depositors to the bank,” he said.
BoC converted large deposits into equity, a process known as a ‘bail-in’ as a condition for Cyprus to receive €10 billion in aid from international lenders last March.
Under terms of the accord, the island’s second biggest bank, Laiki, was shut down and some of its assets were absorbed by BoC.
The bank was also forced to sell its Greek operations to ring-fence the Cyprus crisis and stop it spreading to other eurozone nations.
The lender has seen its deposit base showing signs of stabilisation in the last couple of months.
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