Bank of Cyprus Credit Ratings and Financial Position
2)
F234
1)
3)
4)
REMU - the engine for dealing with foreclosed assets
On-board assets in REMU at conservative c.25%-30% discount to OMV
€43 mn organic sales³ in 1Q2023; comfortably above Book Value
BV € mn
Legacy
2016
2017
2018
2019 2020 2021-23
113
401
161
127
87 70
91
1,050
100%
68%
avg on-boarded value as a % of OMV1
71%
72%
72% 73% 71%
Sales contracts (excl. DFAs)2 for 1Q2023 up 19% yoy
13,409
10,366
10,347
9,242
7,481
7,968
+19%
5,885
4,875
6,656
yoy
4,983
3,574
3,009
5,928
4,367
4,481
2,985
3,691
1,583
1,592
1,426
1,982
2018
2019
2020
2021
2022
1Q2022 1Q2023
Sales to Cypriots
Sales to non-Cypriots
Open market value at on-boarding date
Based on data from Land of Registry- Sales contracts
Amounts as per Sales purchase Agreements (SPAs)
Based on Residential price index published by Central Bank dated on 3 February 2023
107%
91%
106%
96%
11
43
125%
93%
102%
88%
25
Residential
Land
Total Organic
Commercial
Sales 1Q2023
Net Proceeds / BV
Gross Proceeds / OMV
Relatively strong pipeline of €58 mn by contract value as at 31
March 2023, of which €38 mn related to SPAs signed
Real estate property prices up 6.3% yoy in 3Q20224
100.0 99.1
6.3
4.7
3.2
81.9 83.2 85.0
1Q2010
4Q2010
4Q2012
4Q2013
4Q2014
4Q2015
4Q2016
4Q2017
4Q2018
4Q2019
4Q2020
4Q2021
1Q2022
2Q2022
3Q2022
Residential Propert Price index (2010Q1=100)
% change y-o-y (RHS)
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