Bank of Cyprus reports $3 bln net loss in 2012
NICOSIA Oct 11 (Reuters) - Bank of Cyprus reported on Friday it made a net loss of 2.2 billion euros ($2.97 billion) in 2012, on top of a 1.35 billion-euro loss the year before, hit by a growing deterioration in its loan portfolio and declining collateral values.
The Cypriot bank issued its annual financial statement after several months delay due to the turmoil which followed Cyprus's international bailout in March.
Bank of Cyprus had earlier in the year been forced to convert large deposits to equity in the bank to recapitalise it and also took over the assets of the now-defunct Laiki Bank as part of the 10 billion-euro rescue package for the country. ($1=0.7395 euros) (Reporting by Michele Kambas; Editing by Greg Mahlich)
- Colorado baker discriminated by denying gay couple wedding cake: judge
- Flights delayed as air pollution hits record in Shanghai
- Amish girl in Ohio will not be forced to resume chemo for cancer
- French launch Central African Republic mission but deaths mount
- Cuba drops veto at WTO meet, enabling global trade deal: sources