Market Leader with Potential for Further Penetration
DISCLAIMER
The financial information included in this presentation is not audited by the Group's external auditors.
This financial information is presented in Euro (€) and all amounts are rounded as indicated. A comma is
used to separate thousands and a dot is used to separate decimals.
On 1 January 2023, the Group adopted IFRS 17 'Insurance contracts which replaced IFRS 4
'Insurance contracts'. Historical data in the presentation is disclosed as previously reported,
under IFRS 4, unless otherwise stated.
For Glossary & Definitions refer to slides 66-70.
Important Notice Regarding Additional Information Contained in the Investor Presentation
The Investor Update Presentation includes additional financial information not presented within the
Announcement, primarily relating to (i) the Company's strategic pillars (ii) overview of the financial
performance and strategy of the business lines and card payment solutions business, (iii) details of the
business model and strategy of life and non-life insurance companies and (iv) analysis of the business
model of the Group's digital transformation and digital economy platform (namely 'Jinius'). Moreover, the
Investor Update Presentation includes additional financial information not presented within the
Announcement of current and expected levels for (i) growth of new lending, (ii) ratio of fixed income
portfolio to total assets (iii) growth of net fee and commission income (iv) growth of insurance business (v)
ratio of non-interest income to total operating expenses and (vi) REMU stock evolution. Except in relation
to any non-IFRS measure, the financial information contained in the Investor Update Presentation has
been prepared in accordance with the Group's significant accounting policies as described in the Group's
Annual Financial Report 2022. The Investor Update Presentation should be read in conjunction with the
information contained in the Announcement and neither the financial information in the Announcement nor
in the Investor Update Presentation constitutes statutory financial statements prepared in accordance with
International Financial Reporting Standards. For further information, please contact Investor Relations at
[email protected].
Forward Looking Statements
This document contains certain forward-looking statements which can usually be identified by terms used
such as "expect", "should be", "will be” and similar expressions or variations thereof or their negative
variations, but their absence does not mean that a statement is not forward-looking. Examples of forward-
looking statements include, but are not limited to, statements relating to the Group's near term, medium
term and longer term future capital requirements and ratios, intentions, beliefs or current
expectations and projections about the Group's future results of operations, financial condition,
expected impairment charges, the level of the Group's assets, liquidity, performance,
prospects, anticipated growth, provisions, impairments, business strategies and opportunities.
By their nature, forward-looking statements involve risk and uncertainty because they relate to
events, and depend upon circumstances, that will or may occur in the future. Factors that could
cause actual business, strategy and/or results to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in such forward-looking statements made by
the Group include, but are not limited to: general economic and political conditions in Cyprus
and other European Union (EU) Member States, interest rate and foreign exchange
fluctuations, legislative, fiscal and regulatory developments, information technology, litigation
and other operational risks, adverse market conditions, the impact of outbreaks, epidemics or
pandemics, such as the COVID-19 pandemic and ongoing challenges and uncertainties posed
by the COVID-19 pandemic for businesses and governments around the world. The Russian
invasion of Ukraine has led to heightened volatility across global markets and to the
coordinated implementation of sanctions on Russia, Russian entities and nationals. The
Russian invasion of Ukraine has caused significant population displacement, and as the conflict
continues, the disruption will likely increase. The scale of the conflict and the extent of
sanctions, as well as the uncertainty as to how the situation will develop, may have significant
adverse effects on the market and macroeconomic conditions, including in ways that cannot be
anticipated. This creates significantly greater uncertainty about forward-looking statements.
Should any one or more of these or other factors materialise, or should any underlying
assumptions prove to be incorrect, the actual results or events could differ materially from those
currently being anticipated as reflected in such forward-looking statements. The forward-looking
statements made in this document are only applicable as at the date of publication of this
document. Except as required by any applicable law or regulation, the Group expressly
disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statement contained in this document to reflect any change in the Group's
expectations or any change in events, conditions or circumstances on which any statement is
based. Changes in our reporting frameworks and accounting standards, including the recently
announced reporting changes and the implementation of IFRS 17 'Insurance Contracts', which
may have a material impact on the way we prepare our financial statements and (with respect
to IFRS 17) may negatively affect the profitability of Group's insurance business.
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