Investor Presentaiton
Income Statement
€ mn
FY2020
FY2019
4Q2020
3Q2020
909%
Net Interest Income
330
344
80
82
-2%
Non interest income
237
307
62
55
11%
yoy%
-4%
-23%
Total income
567
651
142
137
3%
-13%
Total operating expenses³
(340)
(385)
(91)
(84)
7%
-12%
Operating profit
197
241
45
45
44
2%
-18%
Total loan credit losses, impairments
(198)
(178)
(40)
(38)
6%
11%
and provisions
(Loss)/profit after tax-Organic
(16)
36
2
1
72%
(attributable to the owners)
Exceptional items¹
(155)
(106)
(51)
3
47%
(Loss)/profit after tax-attributable to
(171)
(70)
(49)
4
owners
Key Ratios
Net Interest margin (annualised)
1.84%
1.90%
1.75%
1.79%
-4 bps
-6 bps
Cost to income ratio
65%
63%
69%
68%
1 p.p.
2 p.p.
Cost to income ratio excluding
special levy and contributions to
60%
59%
64%
62%
2 p.p.
1 p.p.
SRF and DGF
Cost of Risk (annualised)
1.18%
1.12%
0.99%
0.97%
2 bps
6 bps
EPS Organic (€ cent)
-3.66
7.97
0.42
0.24
0.18
-11.63
1)
Exceptional items for FY2020 relate to €146 mn provisions/net loss of NPE sales including restructuring expenses, Voluntary Exit Plan cost of €6 mn, and levy in the form of
guarantee fee relating to tax credits of €3 mn. For FY2019 exceptional items consist of loss from the sale of CNP Insurance of €21 mn, reversal of impairment of DTA and
impairment of other tax receivables of €88 mn and provisions/net loss relating to NPE sales of €92 mn and Voluntary Exit Scheme of €81 mn Including restructuring expenses
Including restructuring expenses
2)
3)
Excluding Special Levy and contributions to SRF and DGF
Bank of Cyprus Holdings
•
•
Group Financial Results for the year ended 31 December 2020
NII for 4Q2020 at €80 mn as pressure on lending
yields continues
Non interest income for 4Q2020 increased to €62
mn, positively impacted by higher fee and
commission income, as transactional volumes
gradually recover post 1H2020 lockdown and
higher REMU revaluation gains; non interest
income for FY2020 reduced to €237 mn driven
mainly by lower REMU gains, revaluation gains
on financial instruments and other income,
negatively impacted by COVID-19
Total operating expenses³ of €91 mn for 4Q2020,
up 7% qoq driven mainly by higher operating
expenses mainly due to seasonality; total
operating expenses³ of €340 mn for FY2020,
down
successful
12% yoy, following the
completion of a Voluntary Staff Exit Plan in
4Q2019 and lower operating expenses
Provisions and impairments for 4Q2020 at €40
mn, including loan credit losses of €31 mn, driven
mainly by the increase in provisions for litigations
and other financial instruments
• Exceptional items for 4Q2020 of €51 mn relate to
provisions/net loss of NPE sales² of €42 mn, cost
for targeted Voluntary Exit Plan of €6 mn and
DTC levy of €3 mn
• Loss after tax of €49 mn for 4Q2020
Loss after tax of €171 mn for FY2020
17View entire presentation