Group Financial Results
Total Operating Expenses down 12% yoy
Total operating expenses down 12% yoy
Group Financial Results for the year ended 31 December 2020
Cost to income ratio¹ at 60% for FY2020, broadly flat yoy
(€ mn)
-12%
385
340
63%
62%
64%
58%
57%
165
59%
59%
60%
145
57%
96
91
84
81
84
43
55
35
34
35
41
220
195
53
49
47
49
50
4Q2019
1Q2020 2Q2020
3Q2020
4Q2020
FY2019
FY2020
1
C/I ratio
FY2019
1H2020
9M2020
FY2020
•
•
•
•
•
Other operating expenses Staff costs
Staff costs of €195 mn for FY2020, down 11% yoy, reflecting the Voluntary Staff
Exit Plan in 4Q2019
Staff costs of €50 mn for 4Q2020, broadly flat qoq
Operating expenses of €145 mn for FY2020, down 12% yoy, resulting from focus
of management for cost containment and savings from 1H2020 lockdown
Operating expenses of €41 mn for 4Q2020, up 16% qoq, due to seasonally higher
marketing, property and professional fees
Targeted Voluntary Staff Exit Plan in 4Q2020; total cost of €6 mn with a gross
saving of c.€2 mn p.a. (1%)
C/I ratio of 60%¹ for FY2020 broadly flat yoy despite cost reduction, as revenues
remain under pressure
Bank of Cyprus Holdings
Special Levy and contributions to SRF and DGF (€ mn)
9
9
7
6
6
4Q2019 1Q2020 2Q2020
3Q2020
4Q2020
Special levy and contributions to SRF and DGF for 4Q2020
reduced to €6 mn due to the seasonality of Deposit Guarantee
Fund (contribution)
1)
Excluding Special Levy and contributions to SRF and DGF
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