The Co-operative Central Bank, the state-owned lender that controls 18 local co-operative banks, expects to post a net profit of up to €30m in the first quarter of the year, the Cyprus News Agency has reported, citing the bank’s chief executive officer.
The lender, which received a €1.5bn capital injection from the government more than two years ago and a further €175m in December, saw its delinquent loans drop for the first time since 2014 below the 50 per cent margin, CEO Nicolas Hadjiyiannis said.
