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Bank of Cyprus 9-Month Loss at 802.8 Mln Euros

Bank of Cyprus posted a loss of 802.87 million euros for the first nine months of 2011, compared to a profit of 243.98 million in the same period last year.

The losses were due to its write-down of Greek bonds, classified as an impairment of 1.048 billion euros.

Net interest income was 854.47 million, compared to 767.556 million in the first nine months of 2010, said Bank of Cyprus.

The group said it would strengthen its capital base through a rights offering to raise up to 396 million euros in light of the latest developments in the Eurozone and the potential impact from Greek government bonds.

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