Group Financial Results H1 2016
Key Takeaways
.
BOC franchise remains strong in an economy that is recovering quickly
Problem loans (90+ DPD) down by €1,0 bn (or 10%) qoq and by €2 bn (or 18%) during 1H2016 ; Provision coverage
improved to 53%
Strong Restructuring momentum continues with €2,76 bn of restructurings in 1H2016
Further normalisation of funding structure; Loans to Deposits ratio (L/D) at 110% and customer deposits accounting
for 65% of total assets
ELA reduced by €2,3 bn year to date to €1,5 bn
CET1 ratio (transitional basis) at 14,4%;
Pre-provision profitability of €135 mn for 2Q2016 directed at increased provisions and impairment charges to faster
de-risk balance sheet
Profit after tax of €6 mn for 2Q2016 and €56 mn for 1H2016
Bank of Cyprus
KOINO
KYMPI
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