Investor Presentaiton
Group Financial Results for quarter ended 31 March 2021
Total Operating Expenses down 9% qoq
Total operating expenses ¹ down 9% qoq and broadly flat yoy
Cost to income ratio¹ at 60% for 1Q2021
(€ mn)
62%
64%
58%
60%
57%
91
84
81
84
82
35
34
35
41
32
49
47
49
50
50
1Q2020
2Q2020
3Q2020
4Q2020
1Q2021
1
1
Other operating expenses
Staff costs
C/I ratio
•
Staff costs of €50 mn for 1Q2021, flat qoq
Operating expenses of €32 mn for 1Q2021, down 21% qoq, mainly
due to seasonally lower marketing, consultancy and professional
fees
C/I ratio of 60%¹ for 1Q2021 down 4 p.p. qoq, mainly due to lower
operating expenses
C/I ratio¹ for 1Q2021 pro forma for Helix² at 64%
1)
Excluding Special Levy and contributions to SRF and DGF
2)
Pro forma for Helix 2 (Portfolio A and B). Calculations on a pro forma basis assume legal completion of the transaction
Bank of Cyprus Holdings
64%
Mid 60s%
60%
60%
58%
57%
Mid 50s%
1Q2020 1H2020 FY2020 1Q2021
1Q2021
pro forma
FY2021
Medium
term
for Helix 22
•
•
C/I ratio¹ expected to rise in the near term as revenues remain
under pressure and operating expenses increase due to higher
IT/digitisation investment costs
C/I ratio¹ to reduce to mid 50s% in the medium term
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