Cooperative Central Bank to return to profitability
Cooperative Central Bank has announced a net profit of €41.20 million for 2014, after having revised upwards its provision for impairment losses on loans and other advances by €166.05 and a tax credit of €15.22 million.
Non-performing loans as they stood on December 31, 2014 were €7.31 million and corresponded to 55.8% of the total loan and other advances to customers’ portfolio.
Total net income for the Cooperative Central Bank for 2014 came to €392,636.
According to audited financial results, Cooperative Bank`s return to profitability is mainly due to a control in provisions for impairment losses on loans and other advances.
It is worth mentioning that the most important risks which the Cooperative sector are exposed to are a credit risk, a market risk, a liquidity risk and an asset management risk.
The Group`s Committee assures its members that despite the finance sector`s difficult conditions and the continued economic recession it will continue its effort for the Bank`s and the cooperative credit institutions` normal functioning.