Investor Presentaiton
Income Statement
€ mn
Net Interest Income
1H2021 1H2020 2Q2021 1Q2021
qoq%
yoy%
152
168
76
76
-1%
-9%
Non interest income
136
120
76
60
26%
12%
Total income
288
288
152
136
11%
0%
Total operating expenses¹
(171)
(165)
(89)
(82)
7%
3%
Operating profit
102
108
57
45
28%
-6%
Total loan credit losses, impairments and
(50)
(120)
(24)
(26)
-6%
-58%
provisions
Profit/(loss) after tax and before non-
51
recurring items²
(13)
34
17
99%
Advisory and other restructuring costs -
(18)
(6)
(15)
(3)
organic
Profit/(loss) after tax-Organic²
33
(19)
19
14
30%
Exceptional items³
(32)
(107)
(26)
(6)
-70%
Profit/(loss) after tax²
1
(126) (7)
8
Key Ratios
Net Interest margin (annualised)
1.56%
1.90% 1.49%
Cost to income ratio
64%
62%
62%
1.63% -14 bps
67%
-5 p.p.
-34 bps
+2 p.p.
Cost to income ratio excluding
special levy on deposits and other
59%
57%
58%
60%
-2p.p.
+2 p.p.
levies/contributions
Cost of Risk (annualised)
0.61%
1.39%
0.52%
0.66% -14 bps -78 bps
EPS5 before non-recurring items
11.24
(2.93)
7.48
3.76
3.72
14.17
(€ cent)
Group Financial Results for the six months ended 30 June 2021
•
•
•
•
.
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NII for 2Q2021 flat at €76 mn of which c.€8 mn relates NII from
Helix 2; Helix 2 NII will be partially set off by the unwinding of
the net present value and interest income of the deferred
consideration
Increase in % of AIEA held in liquids to c.50% (see slide 21),
resulting in a dilutive impact on NIM which reduced to 1.49% for
2Q2021; Adjusting for the €3.0 bn TLTRO III4, NIM amounts to
1.66% for 2Q2021
Non interest income for 2Q2021 increased to €76 mn, driven
mainly by higher net fee and commission income, higher net
insurance income and higher revaluation gains on financial
instruments (see slide15)
Total operating expenses¹ increased to €89 mn for 2Q2021, up
7% qoq, mainly due to seasonally lower marketing, consultancy
and professional fees in the previous quarter
Profit after tax and before non-recurring items of €34 mn
for 2Q2021 and €51 for 1H2021
Advisory and other restructuring costs-organic of €15 mn for
2Q2021 including €12 mn relating to the tender offer for existing
Tier 2 notes
After recognising exceptional costs of €26 mn relating to NPE
sales (of which €14 mn related to the completion mechanics of
Helix 2 which is expected to unwind over time) loss after tax of
€7 mn for 2Q2021 and profit after tax of €1 mn for 1H2021
ROTE 5 before non-recurring items of 8.1% for 2Q2021 and
6.1% for 1H2021
1)
Excluding special levy on deposits and other levies/contributions
2)
Attributable to the owners of the Company
4)
3)
Please refer to section B.3.4 "Profit/(loss) after tax (attributable to the owners of the Company)" of the 6M2021 FR Press Release
5)
Removing the TLTRO from AIEA and the respective benefit recognised over the period from the NII
Calculated using Profit/(loss) after tax and before non-recurring items
Bank of Cyprus Holdings
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