NICOSIA May 30 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)