Cyprus Popular revises losses

Cyprus Popular Bank pcl, the country’s second-biggest lender, revised its 2011 net loss 315.5 million euros higher on Monday after writing down the nominal value of its Greek government bond holdings by 76.4 percent versus 65 percent in preliminary results released on February 29.

The Nicosia-based lender said the increase, from a loss of 3.3 billion euros in preliminary earnings, was “only as a result of the finalization of the accounting treatment of the effect in the participation” in Greece’s private sector debt swap program, according to an Athens bourse filing. [Bloomberg] - 

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