Bank of Cyprus Credit Ratings and Financial Position
IFRS 17 implementation; adjusted FY2022 Income Statement
€ mn
FY2022
IFRS 4
FY2022
IFRS 17 adjustments
IFRS 171
Net Interest Income
370
370
Net fee and commission income
192
192
Net foreign exchange gains and net gains/(losses) on financial instruments
36
(10)
26
Net insurance result²
71
(27)
44
Net gains/(losses) from revaluation and disposal of investment properties and on disposal of stock of
properties
13
13
Other income
17
17
Total income
699
(37)
662
Staff costs
(190)
9
(181)
Other operating expenses
(153)
9
(144)
Special levy on deposits and other levies/contributions
Total expenses
(38)
(38)
(381)
18
(363)
Operating profit
Loan credit losses
318
(19)
299
(47)
(47)
Impairments of other financial and non-financial assets
Provisions for pending litigations, regulatory and other matters (net of reversals)
Total loan credit losses, impairments and provisions
Profit before tax and non-recurring items
Tax
(33)
(33)
(11)
(11)
(91)
(91)
227
(19)
208
(36)
сл
(31)
Profit after tax - organic (attributable to the owners of the Company)
Restructuring and other costs relating to NPE sales
Profit attributable to non-controlling interests
Profit after tax and before non-recurring items (attributable to the owners of the Company)
Advisory and other restructuring costs - organic
Provisions/net profit/(loss) relating to NPE sales
(3)
(3)
188
(14)
174
(11)
(11)
177
(14)
163
1
1
(3)
Restructuring costs – Voluntary Staff Exit Plan (VEP)
(104)
Profit after tax (attributable to the owners of the Company)
71
(14)
(3)
(104)
57
FIL
1)
2)
For more details on the transition to IFSR 17, please refer to section F9 of the press release
Previously reported as insurance income net of claims and commissions under IFRS 4
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