bank of cyprus holdings plc said monday that it swung to a pretax profit in 2021 on greatly reduced credit losses despite a slip in turnover the lender posted a pretax profit of 361 million euros 409 million compared with a loss of eur1669 million for 2020 the company posted greatly reduced credit losses from covering credit risk on loans and advances to customers as well as reduced operating expenses and higher fee and commission income turnover slipped to eur7552 million from eur7651 million for the same period a year earlier the banks common equity tier 1 ratioa key measure of balancesheet strengthamounted to 158 2021 saw a strong recovery in the cypriot economy after a period of pandemicrelated disruption providing an improved backdrop against which the bank performed well we remain confident that our strategy will generate sustainable profitability and create shareholder value in the medium term chief executive panicos nicolaou said