Preliminary Group Financial Results for the year ended 2014
Russian Operations
Russian Loans (€ bn)
1,79 1,62
1,43
1,29 1,30
1,21
0,97
30.06.13 30.09.13 31.12.13 31.03.14 30.06.14 30.09.14 31.12.14
Russian Deposits (€ bn)
1,15
1,08
0,92
0,85
0,77
0,79
0,55
Based on the progress of the disposal process of
the Russian operations, the said operations have
been classified as a disposal group held for sale.
In line with the Group's accounting policy, an
impairment loss of up to the carrying value of
non-current assets within IFRS 5 measurement
scope (e.g. tangible and intangible assets and
other non-financial assets) is recognised. As a
result, the Bank has recognised an impairment
loss of €84 mn, which is included in losses from
discontinued operations in the Group's Income
Statement.
The total loss of discontinued operations for the
fourth quarter was €220 mn. The total loss of
discontinued operations for the year ended 31
December 2014 amounted to €309 mn. €269 mn
of this loss relates to the Russian operations.
The net exposure to Russia has been reduced to
€163 mn.
30.06.13 30.09.13 31.12.13 31.03.14 30.06.14 30.09.14 31.12.14
Bank of Cyprus
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