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Bank of Cyprus expects Q1 profit of about €50M

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Bank of Cyprus expects Q1 profit of about €50M

Bank of CyprusPublic Co. Ltd. expects first-quarter net profit to reach about €50million.

In the quarter, the lender reduced its loans in arrears for morethan 90 days by about €1 billion, with the ratio of such loans to gross loansdropping to 47% at the end of March from 50% at the end of 2015. The NPLcoverage is likely to reach 50%, according to the bank's May 4 trading update.

The lender expects its transitional common equity Tier 1ratio to reach around 14.3% as of March 31, compared to 14.0% at Dec. 31, 2015.

Bank of Cyprus' level of Emergency Liquidity Assistancereduced to €3.2 billion after it repaid €600 million of ELA in 2016.