Bank of Cyprus Credit Ratings and Financial Position
Stage 2 exposures well collateralised with low migration history
Limited historic migration of Stage 2 to Stage 3
3.2%
€ mn
Trade
1,814
153
Of which:
7.5%
Real estate
162
€794 mn (43%) Performing Forborne
2.6%
Other
196
• €550 mn (30%) Overlays
• €309 mn (17%) SICR1
2.4%
1.2%
Construction
319
• €109 mn (6%) POCI
2.0%
0.7%
Hotel & catering
430
3.6%
Private
individuals
554
Provision coverage
Mar 23
Days past due
0 dpd
1-30 dpd
>30 dpd
Private Individuals
97%
2%
1%
Business
99%
1%
0%
1.8%
2.3%
lili
FY2020
FY2021
FY2022
1Q2023
•
Migraton to Stage 3 as a % of Stage 2 loans
Strong performance of Stage 2 exposures; 99%
present no arrears
Only c.2% p.a. of Stage 2 loans migrated to Stage 3
in the last three years
95% of Stage 2 loans are collateralised
18% of gross loans classified as Stage 2 of which:
•
•
43% were classified as Stage 2 mainly due to
Covid-19 forbearances (of which 31% relate to
hotel & catering exposures)
55% expected to be eligible for transfer to
Stage 1 in 2023
30% were classified as Stage 2 due to overlays;
reviewed on an on going basis and expected to
be eligible for transfer to Stage 1 in 2023
LTV2
0-75%
75%-100%
>100%
Private Individuals
75%
9%
16%
Business
79%
7%
14%
Total
78%
7%
15%
1)
Significant increase in credit risk
2)
Loan to Value (LTV) is calculated as the Gross IFRS Balance to the indexed market value of the property. Under Pillar 3 disclosures LTV is calculated as the Gross IFRS Balance to the indexed market value of collateral. Collateral
takes into consideration the mortgage amount registered in the land registry plus legal interest from registration date to the reference date
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