Investor Presentaiton
3Q2021 - Highlights
Strong recovery
continues
€1.3 bn
New lending ytd
Group Financial Results for the nine months ended 30 September 2021
• 5.3% GDP growth in 3Q2021, well above the eurozone average of 3.7%
.
GDP expected to grow by c.5.5%¹ in FY2021 and recover to pre-pandemic levels by year-end
Continuing to support the recovery; new lending of €1.3 bn in 9M2021, up 35% yoy
Positive Operating
Performance
€41 mn
Operating Profit
.
•
•
Total income of €139 mn for 3Q2021, down 8% qoq partly impacted by Helix 2 completion
Strong net fees and commissions at €44 mn for 3Q2021; 32% of total income
Profit after tax and before non-recurring items of €13 mn for 3Q2021 and €64 mn for 9M2021
Profit after tax of €19 mn for 3Q2021 and €20 mn for 9M2021
64%
Cost/Income²
.
Total operating expenses² of €89 mn for 3Q2021, flat qoq
•
Cost to income ratio² at 64% for 3Q2021, up 6 p.p. qoq, mainly impacted by Helix 2 completion
Operating Efficiency
Strong Capital and
Liquidity
15.3%
CET1 ratio 3,4
•
Single digit NPE ratio4
3.6%4
Net NPE ratio
•
•
CET1 ratio of 15.3% 3,4 and Total Capital ratio of 20.4% 3,4
Deposits at €17.1 bn up 2% qoq; significant surplus liquidity of €6.0 bn (LCR 294%)
NPE sale signed in November 2021 (Helix 3), reducing NPE ratio to 8.6%4 (3.6%4 net), already
in line with 2022 target
.
NPES reduced to €0.9 bn4 (€0.4 bn4 net)
Organic NPE reduction of c. €300 mn in 9M2021
• 96% of performing loans 5 under expired payment deferrals with an instalment due by 22
November 2021, presented no arrears
On-track to achieve our Medium Term Targets
1)
Source: Ministry of Finance
2)
3)
Excluding special levy on deposits and other levies/contributions
Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments transitional arrangements
Bank of Cyprus Holdings
4)
Pro forma for Helix 3.
5)
As at 30 September 2021
4View entire presentation