Source: Financial Mirror
Hellenic Bank expects to make a loss in the first quarter due to a reduction in operating profits and higher provisioning. Hellenic, which is Cyprus’s third-largest bank, said it also had a higher cost in maintaining deposits.
“The final result of the first quarter is expected to produce a loss,” the bank said in a statement to the stock exchange.
It said the bank was focused on maintaining healthy liquidity levels, capital adequacy requirements and an improved loan portfolio.
A year ago in the first quarter, HB had reported EUR 23 mln in profit.