Sunday, August 30, 2015

Bank of Cyprus reports earnings


The results show continued improvement of the bank's capital position. As the economy in Cyprus continues to show improvement the prospects at the bank should also strengthen. The thesis behind this speculation is a country like Cyprus going from bad to less than bad. As time goes by and the bank continues to show progress there should be a rerating in the market.

Speaking of the Cypriot economy, it has officially exited recession:

There is more good news on the economy front according to the Economics Research Centre of the University of Cyprus ar reported by Famagusta Gazette online. They have announced that the economic climate improved in August with the Economic Sentiment Indicator (CypERC) incresing by 6.6 points, compared with July 2015. The rise is mainly attributed to the strengthening of the economic confidence in services and among consumers, who are the two basic components of the CypERC. Last week Cyprus officially declared its economy to be out of recession, less than two and a half years after it was bailed out by the Eurogroup and the International Monetary Fund. Cyprus entered into an economic adjustment program when it signed a 10-billion-euro financial assistance accord in March 2013, after 11 consecutive quarters of recession that forced it out of international markets.

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