The Bank of Cyprus reported on Friday losses of €2,050 mn for 2013.

BoC was recapitalised by bailing in depositors last year.

In its audited financial results for the year 2013, the Bank said that the core tier 1 capital ratio was sustained at 10.2% at 31 December 2013, at the same level as 30 September 2013.

Gross loans and deposits were €26.7 bn and €15.0 bn respectively, with a net loans to deposits ratio of 145%.

The Emergency Liquidity Assistance (ELA) funding has been reduced to €9.56 bn at 31 December 2013, down from €9.86 bn at 30 September 2013. ECB funding totalled €1.4 bn at 31 December 2013.

Loans in arrears for more than 90 days (90+ DPD) totalled €13,003 mn and accounted for 49% of gross loans.

“Loan quality challenges continue into 2014, with 90+ DPD showing signs of stabilisation, but with the new definition Non-Performing Loans are continuing to rise” the Bank said.

Provisions for impairment of loans for 2013 were €1,067 mn, with the provisioning charge accounting for 3.9% of gross loans.

Restructuring costs for the year ended 31 December 2013 totalled €168 mn, of which €121 mn relate to the cost of the two Voluntary Retirement Schemes implemented during the year.

Following the Eurogroup decisions to recapitalise Bank of Cyprus via a bail-in of depositors, the Bank was placed under resolution from 25 March 2013 until 30 July 2013, a period during which it was recapitalised and restructured.

In this context, the banking and leasing operations of the Bank in Greece were sold to Piraeus Bank. The disposal of Greek operations in the first quarter of 2013 resulted in a combined loss on disposal and from discontinued operations of €1,456 mn.

The Bank acquired the operations of Cyprus Popular Bank (Laiki Bank) in Cyprus.