Bank of Cyprus, on Tuesday posted a €801 million net loss for the nine months of the year after taking provisions for a Greek sovereign debt swap.

BoC said the total impact of its participation in a voluntary swap of Greek government bonds with a 50 per cent impairment, including related hedging adjustments, amounted to €1.04 billion for the nine months of 2011.

Excluding the impairment of Greek government bonds, the group’s profit before provisions for the first nine months of 2011 reached €597 million, an annual increase of 17 per cent.

Cyprus Mail