Bank of Cyprus Credit Ratings and Financial Position
Income Statement
€ mn
Net Interest Income
1Q2022
4Q2022
1Q2023
qoq%
yoy%
(IFRS 17)
(IFRS 17)
162
71
136
19%
127%
Net fee and commission income
44
44
50
-12%
1%
Net insurance result
Net foreign exchange gains and net gains/(losses) on financial instruments
Net gains/(losses) from revaluation and disposal of investment properties and on disposal of stock of
properties
13
12
12%
10
11
10
-11%
-15%
2
5
2
-34%
-68%
Other income
Total income
Staff costs
3
4
5
-38%
-31%
234
137
215
8%
70%
(46)
(47)
(42)
9%
-4%
Other operating expenses
(34)
(34)
(42)
-19%
-1%
Special levy on deposits and other levies/contributions
Total expenses
Operating profit
(11)
(91)
143
Loan credit losses
(11)
Impairments of other financial and non-financial assets
(11)
Provisions for pending litigations, regulatory and other matters (net of reversals)
(6)
Total loan credit losses, impairments and provisions
(28)
Profit before tax and non-recurring items
115
Tax
(18)
Profit attributable to non-controlling interests
(1)
Profit after tax and before non-recurring items (attributable to the owners of the Company)
Advisory and other restructuring costs - organic
96
(1)
Profit after tax - organic (attributable to the owners of the Company)
95
Provisions/net profit/(loss) relating to NPE sales
Restructuring and other costs relating to NPE sales
Restructuring costs – Voluntary Staff Exit Plan (VEP)
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(10)
(11)
-7%
12%
(91)
(95)
-5%
-1%
120
19%
213%
(12)
(11)
0%
-6%
(13)
-8%
126%
(8)
-26%
(17)
(32)
-10%
68%
88
29%
(13)
40%
236%
(1)
-45%
74
28%
(1)
-22%
-15%
73
29%
2
-100%
-100%
-41%
-72%
-100%
Profit after tax (attributable to the owners of the Company)
95
75
26%
40
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