Group Financial Results
4Q2020 - Highlights
Positive Organic
Performance
in 4Q2020
€45 mn
Operating Profit
Operating Efficiency
64%
Cost/Income²
•
.
Group Financial Results for the year ended 31 December 2020
New lending of €374 mn in 4Q2020, up 30% qoq, reflecting early recovery post 1H2020
lockdown
•
Total income of €142 mn up 3% qoq
•
Cost of risk of 99 bps
Organic profit after tax of €2 mn
•
•
Exceptional items of €51 mn, including provisions/net loss relating to NPE sales¹ of €42 mn
Loss after tax of €49 mn for 4Q2020 and €171 mn for FY2020, post exceptional items
Total operating expenses² of €91 mn for 4Q2020, up 7% qoq
Cost to income ratio² at 64% for 4Q2020
Good Capital
Strong Liquidity
15.2%
CET1 ratio 3,4
CET1 ratio of 15.2% 3,4 and Total Capital ratio of 18.7% 3,4
Deposits at €16.5 bn, broadly flat yoy and qoq
Significant surplus liquidity of €4.2 bn (LCR at 254%)
Significant Progress in
Balance Sheet Repair
7%
Net NPE ratio³
€0.5 bn NPE sale (Helix 2 Portfolio B) signed in January 2021; €1.5 bn NPE sales since
December 2019
NPEs reduced by €2.1 bn³ to €1.8 bn³ (€0.7 bn net)³ in FY2020
Gross NPE ratio reduced to 16%³ (7% net³) and coverage maintained at 59%³
Excluding Special Levy and contributions to SRF and DGF
1)
Including restructuring expenses
2)
3)
4)
Pro forma for Helix 2 (Portfolio A and B). Calculations on a pro forma basis which assume legal completion of the transaction
Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments transitional arrangements
Bank of Cyprus Holdings
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