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Bank of Cyprus profit rises November 9, 2007

Posted by grhomeboy in Business & Economy.
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Bank of Cyprus said yesterday nine-month net profit rose 66 percent to 370 million euros ($542 million), bolstered by growth in lending.

Net interest income came in at 556 million euros, an increase of 26 percent. The bank also raised its full-year 2007 profit target to 486 million euros from 415 million. The bank, Cyprus’s largest lender, said it will pay an interim dividend per share of 0.11 Cyprus pounds. Bank of Cyprus reported a strong increase in loans and deposits. In Cyprus, the bank said its profit after tax rose 71 percent to 293 million euros, while after-tax earnings in Greece rose 60 percent to 70 million euros.

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