Performance and Capital Position Overview
Income Statement Review
(1)
(2)
(3)
€ mn
Total income
Total expenses
1Q2016
4Q2015
qoq %
1Q20152
yoy %
Key Highlights 1Q2016
244
253
-4%
274
-11%
(99)
(119)
-17%
(102)
-3%
145
134
9%
172
-15%
•
A solid start to 2016 with a
profit after tax of €50 mn
Profit before provisions and impairments¹
Provisions for impairment of customer loans net of
gains/(losses) on derecognition of loans and changes in
expected cash flows
(62)
(630)
-90%
(110)
-44%
•
Impairments of other financial and non financial assets
(8)
(24)
-67%
(1)
Share of profit from associates
1
2
-65%
1
-57%
•
Profit/(loss) before tax, restructuring costs and
discontinued operations
76
(518)
62
22%
Tax
Profit attributable to non-controlling interests
(8)
8
(8)
2%
(1)
1
1
Profit/(loss) after tax and before restructuring costs,
discontinued operations and net profit on disposal of non-
core asset
67
(509)
55
24%
•
Advisory and other restructuring costs³
(17)
(16)
7%
(8)
112%
Loss from disposal group held for sale/discontinued
operations
(0)
(18)
•
Net gain/(loss) on disposal of non-core assets
13
Profit/(loss) after tax
50
(512)
29
76%
Net interest margin
3,63%
3,69%
-6 bps
3,94%
-31 bps
Return on average assets (annualised)
0,9%
-8,6%
+9,5 p.p
0,4%
+0,5 p.p
Return on tangible equity (annualised)
6,7%
-69,5%
+ 76,2 p.p
3,4%
+3,3 p.p
Cost-to-Income ratio
40%
47%
-7 p.p
37%
+3 p.p
Total Income down by 4%
Total Expenses down by
17%
•
Profit before provisions
up by 9%
Cost to Income ratio at
40%
NIM maintained at 3,63%
Profit before provisions and impairments, gains/(losses) on derecognition and changes on expected cash flows, restructuring costs and discontinued operations.
1Q2016 is not comparable to 1Q2015 given the significant deleveraging completed since then, including, among others, the repayment by the Republic of Cyprus of the sovereign bond held by the
Bank and the disposal of the majority of the Russian operations during 3Q2015.
Restructuring costs comprise mainly costs of external advisors in relation to disposal of operations as well as fees for customer loan restructuring activities which are not part of the effective
interest rate, listing related expenses and other expenses including property transfer fees relating to the restructuring process of the Group and costs incurred in closing down branches and
operations.
Bank of Cyprus
DINO
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