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Banks

UPDATE 1-Bank of Cyprus hit by provisions

* Cyprus, Greece force provisioning hike

* Bank sticks to full year profit outlook

(Adds detail) NICOSIA, Nov 9 (Reuters) - Cypriot lender Bank of Cyprus BOC.CYBOCr.AT posted a decline in nine month net profit on Tuesday after hiking its provisioning costs in debt-ridden Greece and in Cyprus.

The bank, the largest in Cyprus, said its group net profit for the nine months fell 6 percent to 248 million euros but it kept its target of between 300 million and 400 million euros profit for the whole year.

While profits after tax climbed 58 percent in Greece, profit fell 18 percent in Cyprus which has just shaken off the first recession in three decades.

The bank is expanding its presence in south-eastern Europe and also Russia where it launched in 2008. It posted a 300 percent increase in net profit in Russia for the first nine months of the year compared to a loss last year.

Russian oligarch Dmitriy Rybolovlev owns just under 10 percent of the bank.

Reflecting deteriorating economic conditions, the bank said provisioning went up by 57 percent in Cyprus, and by 84 percent in Greece.

Group net interest income rose to 768 million euros, up 25 percent on the first nine months of 2009.

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