Bank of Cyprus Credit Ratings and Financial Position
Cost to income ratio¹ at 34% in 1Q2023
Cost base continues to reflect benefits from efficiency actions
-3%
yoy
81
83
84
80
77
60
34
35
33
33
42
34
47
48
46
44
42
1Q2022
2Q2022
3Q2022
4Q2022
1Q2023
Comparative information restated for
transition to IFRS 17 from IFRS 4
Other operating expenses
Staff costs
•
Total operating expenses down 3% yoy reflecting benefits from
efficiency actions partly offset by wage and inflationary pressures
Staff costs up 9% qoq driven by higher cost-of-living adjustments
(COLA2), salary increments and accrued staff reward costs of c.€2 mn
(variable pay, driven by both delivery of the Group's strategy as well as
individual performance)
Staff costs down 4% yoy as VEP savings offset inflationary pressures
Other operating expenses down 19% qoq due to seasonally higher
professional and marketing expenses in 4Q2022
Other operating expenses flat yoy
C/I ratio¹ at 34% for 1Q2023, down 5 p.p. qoq supported by higher
revenues
Cost to income ratio¹ at 34% supported by higher revenues
60%
57%
49%
47%
39%
34%
34%
1Q2022 2Q2022 3Q2022 4Q2022 1Q2023
FY2022
1Q2023
Excluding special levy on deposits and other levies/contributions
2)
4.4% effective from 1 January 2023, reflecting c.50% of prior year's inflation rate
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