StockMarketWire.com - Bank of Cyprus swung to a loss in the first quarter of the year as a jump in credit losses and a fall in income weighed on performance.

For the first quarter of the year, the company reported a loss of €18m, compared with a profit of €5m on-year as income slipped 7% to €145m.



The loss was driven by the higher loan credit losses of €64m, reflecting the deterioration of the macroeconomic outlook, with Covid-related loan credit losses of €28m and additional cost of risk of 88 basis points.

'The economic outlook has deteriorated with the impact of Covid-19, and we are seeing this in reduced levels of activity in transactions and lower demand for new loans. The economic effects are expected to have a negative impact on the Group's 2020 financial performance,' the company said.

At 10:01am: [LON:BOCH] Bank Of Cyprus Holdings share price was +0p at 0.56p



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