Bank of Cyprus says makes Q1 profit of 31 mln euros

NICOSIA Fri May 30, 2014 10:30am EDT

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NICOSIA May 30 (Reuters) - Bank of Cyprus, the lender which recapitalised by seizing some depositors' funds last year, reported its first profit in seven quarters on Friday.

First quarter profit after tax was 31 million euros ($42 million) after a 103 million loss in the last quarter of 2013.

Profit after tax and before restructuring costs and discontinued operations came in at 72 million euros compared with a 38 million euro loss in the last quarter of last year.

"These figures demonstrate we are beginning to make evident and tangible progress," said John Hourican, a former RBS senior executive appointed Chief Executive Officer at the bank after its near-meltdown last year. ($1 = 0.7345 Euros) (Reporting by Michele Kambas; Editing by Ruth Pitchford)

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