Cyprus Immigration Cyprus Business: According to a report by the Financial Mirror from May 13-19, Cyprus Bank is expected to return to profitability in the first quarter of this year, showing improvement compared to the losses in the fourth quarter of last year. Cyprus Bank stated that as of now, borrowing from the European Central Bank through the emergency liquidity assistance program has decreased to 6.5 billion euros, and the provision for customer loan losses increased from 115 million euros in the third quarter to 248 million euros in the fourth quarter of 2014. Since mid-December 2014, the deteriorating economic situation in Russia has classified Cyprus's Russian branches as assets that "need to be disposed of." Cyprus Bank has conducted a cautious reassessment of these branches and increased the level of provisions for impairment of customer loans and other assets in the fourth quarter of 2014. The aforementioned loss provisions do not need to be repeated in the first quarter of 2015, therefore, Cyprus Bank expects to achieve after-tax profits in the first quarter of 2015.
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