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NICOSIA Cheap Scott Darling Jersey , Aug. 29 (Xinhua) -- Bank of Cyprus (BOC), the bailed-out island's primary lender, posted a net loss of 554 million euros (666 million U.S. dollars) on Tuesday for the first six months of the year, on account of an increase in provisions for non-performing loans.


BOC said in a statement posted on the Cyprus Stock Exchange website that this compared with a profit of 54 million euros during the same period of 2016.


It announced that it had increased its provisions for loan impairments to 727 million euros -- 614 million euros in the second quarter and 113 million euros in the first quarter -- compared with a provision totaling 180 million euros in the respective period of 2016.


BOC Cheap Elias Lindholm Jersey , like all other Cypriot banks, was hit by a wave of non-performing loans after it was resolved in March 2013, as part of Cyprus's 10-billion-euro bail-out by the Eurogroup and the International Monetary Fund (IMF).


The lender was forced to seize 47.5 percent of uninsured deposits over 100,000 euros to recapitalize Cheap Brock McGinn Jersey , thus introducing the term ""bail-in"" to monetary terminology.


The bank's traditional owners, mostly local institutions and individuals, were succeeded by its creditors, who were mostly Russian and Ukrainian oligarchs.


BOC said that bad loans dropped at the end of June to 9.8 billion euros Cheap Sebastian Aho Jersey , representing 50 percent of its total loan portfolio.


The bank's Irish chief executive, John Hourican, said in a statement that despite the posted loss, the lender was making ""steady progress in its journey back to full strength.""


He vowed to crack down on what he called deliberate defaulters in repaying their loans Cheap Justin Williams Jersey , by resorting to ""a potential sell-down of delinquent loans.""


He said the board made a deliberate decision to allocate an increase provision for bad loans so as to further accelerate risk reduction.


""We expect to continue to utilize the operating profit of the bank in the remainder of 2017 for further balance sheet de-risking...to be in a position to present a more normal credit cycle charge,"" he added.


He said the growth of the Cypriot economy by 3.5 percent in the second quarter this year is expected to help the bank's operations. (1 euro = 1.20 U.S. dollars)


Video: ""Major-Country Diplomacy"" episode one


T3A terminal of Jiangbei Airport put into operation in Chongqing


PV project planned to supply power to Yiwu for following 25 years


Three dams begin to release water due to Hurricane Harvey in Houston


China's Discovery ROV collects samples in western Pacific Ocean


World Robot Conference attracts visitors in Beijing


At least 2 died, 8 injured in knife attack in Turku, Finland


13 killed Cheap Jordan Staal Jersey , over 100 others injured in Barcelona attack: official

" "

BEIJING, Aug. 30 (Xinhua) -- Chinese authorities are solicitingpublic opinion on a provisional regulation that aims to furtherregulate activities involving private investment funds.


The regulation focuses on risk prevention and protection ofinvestor rights during fund raising and investment operations, theLegal Affairs Office of the State Council, China's cabinet Cheap Noah Hanifin Jersey , saidWednesday in a note regarding the soliciting of opinions.


It is necessary to issue such a regulation given theirregularities arising in the fast-developing industry in recentyears, according to the office.


The regulation states that fund managers and custodians shouldjoin the industry association to submit information on fundoperations and that the association should establish a mechanism tohandle investors' complaints.


The public can provide feedback on the provisional regulation byvisiting the office's website before Sept. 30, 2017. Enditem

"

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