Investor Presentaiton
Income Statement
€ mn
Net Interest Income
9M2020
9M20191 3Q2020
2Q2020
909%
yoy%
•
250
260
82
83
-1%
-4%
.
Non interest income
175
235
55
60
-9%
-25%
Total income
425
495
137
143
-5%
-14%
Total expenses
(273)
(307)
(93)
(87)
7%
-11%
Operating profit
152
188
44
56
-23%
-19%
Total loan credit losses, impairments
(158)
(129)
(38)
(50)
-26%
22%
and provisions
(Loss)/profit after tax-Organic
(18)
42
1
4
-71%
(attributable to the owners)
Exceptional items¹
(104)
74
3
(104)
(Loss)/profit after tax-attributable to
(122)
116
4
(100)
owners
Group Financial Results for the nine months ended 30 September 2020
.
NII broadly flat qoq at €82 mn
• Non interest income reduced to €55 mn,
negatively impacted by lower insurance fees and
revaluation loss on financial instruments, partly
offset by an increase in net fees and commission
income (refer to slide 14)
Total expenses of €273 mn for 9M2020, down
11% yoy
• Total expenses increased to €93 mn for 3Q2020,
driven by the 2H contribution to DGF (€3 mn)
and normalised staff costs post lockdown
.
• Provisions and impairments reduced to €38 mn
in 3Q2020 (including loan credit losses of €31
mn) reflecting lower impairments on properties
Key Ratios
Net Interest margin (annualised)
1.87%
1.92%
1.79%
1.88%
-9 bps
Cost to income ratio
64%
62%
68%
61%
+7 p.p.
-5 bps
+2 p.p.
• Profit after tax of €4 mn in 3Q2020 and Loss
after tax of €122 mn in 9M2020
Cost to income ratio adjusted for the
special levy and contributions to
59%
58%
62%
57%
+5 p.p.
+1 p.p.
SRF and DGF
Cost of Risk (annualised)
1.25%
1.19%
0.97%
0.76%
+21 bps +6 bps
EPS Organic (€ cent)
-4.1
9.2
0.2
0.8
-0.6
-13.3
1)
Exceptional items for 9M2020 relate to mainly Helix 2 loss of €68 mn recognised in 2Q2020 and additional loan credit losses of €21 mn for potential future NPE sales. For 9M2019 exceptional items consist of loss from the sale of CNP Insurance of €21 mn, reversal of impairment of
DTA and impairment of other tax receivables of €101 mn and provisions/net loss relating to NPE sales of €6 mn
Bank of Cyprus Holdings
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