The Bank of Cyprus suffered a tax loss of €100 million in the second quarter of this year and €126 million in the second half of the year, the bank said in a statement.

Collateral on overdue loans amounted to most of the losses. In the second quarter of 2020, net losses associated with the sale of unattended loans (including restructuring costs) amounted to 104 million euros, including a loss of 68 million euros from Helix 2 (sale of non-performing loans) and loan losses of 21 million euros.

Despite this, the Bank of Cyprus maintains a good capital and strong liquidity position. Its total capital adequacy ratio is 17.9%. Deposits for the quarter were €16.3 billion, unchanged from the previous quarter, with a significant excess liquidity of €3.9 billion. New loans issued of EUR 238 million in the second quarter decreased by 47 percent compared to the first quarter. Total operating expenses were reduced to EUR 81 million in the second quarter of 2020; they were 18% lower compared to the same period last year and 3% lower compared to the previous quarter.