According to comprehensive news from WorldWay Immigration: The Central Bank of Cyprus Cooperative (CCB) has announced its operating performance, showing that in 2013, the pre-provision operating profit of the cooperative banking sector was €196 million, and the net profit for the first quarter of 2014 was €150,000, with a core capital ratio reaching 12.1%. The total amount of bad debt provisions was €26 million, accounting for 42% of the total non-performing loans. After deducting loan provisions, the total assets of the bank amounted to €12 billion. Reports indicate that the bank has sufficient liquidity and does not rely on emergency liquidity assistance from the central bank.
In 2013, during the financial crisis, the Central Bank of Cyprus injected capital into the cooperative banks, with the government contributing €15 billion for the rescue and implementing bank nationalization, while reducing the number of cooperative banks from 93 to 18. Currently, the cooperative banks are still temporarily managed by the Central Bank of Cyprus, and in November of this year, they will be taken over by the European Central Bank. The head of the cooperative banking sector stated that the performance of the cooperative banks is satisfactory compared to other commercial banks in Cyprus.
Edited by WorldWay Immigration
