A 95.5 million after tax loss for the first half of 2014 announced on Friday the Greek Bank of Cyprus, compared to a46.1 million loss of the corresponding period last year.

For the period ended on the 30th of June2014, the Group of the Greek Bank recorded a profit before provisions of € 87.1 million, recording an increase of 46%, compared to 59.6 million of the corresponding period last year, mainly due to the increase in net revenues.

According to the Greek Bank the economic environment and the continued rise in non-performing loans continues to affect the quality of the loan book. As a result, provisions for impairment of loans and advances amounted to 194,0 million, an increase of 99.4 million euro, compared with the corresponding period last year, with an increase of 105%.

The Greek Bank notes that the strategic objectives continue to focus on maintaining and strengthening the capital adequacy ratios, liquidity to ensure healthy and effective management of credit risk and an important strategic objective is also to increase the operational capacity of the bank in relation to management of the portfolio of non-performing loans.