Investor Presentaiton
Group Financial Results for the six months ended 30 June 2021
1H2021 - Highlights
Strong Recovery
Underway
Positive Operating
Performance
€894 m n
New lending
€57 mn
Operating Profit
• 12.9% GDP growth in 2Q2021
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Continuing to support this recovery; new lending of €894 mn in 1H2021, up 30% yoy
Tourism demonstrating signs of recovery; July 2021 arrivals +358% yoy or 54% of July 2019 levels
• 78% of adult population in Cyprus vaccinated with first dose¹ and 74% have completed their
vaccination regime
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Total income of €152 mn for 2Q2021, up 11% qoq
Cost of risk of 52 bps for 2Q2021, improved by 14 bps qoq
Profit after tax and before non-recurring items of €34 mn for 2Q2021 and €51 mn for 1H2021
After recognising exceptional costs, loss after tax of €7 mn for 2Q2021 and profit after tax of
€1 mn for 1H2021
Operating Efficiency
Good Capital
Strong Liquidity
Balance Sheet Repair
Continuing
1)
Data as at 28 August 2021 (Source: Ministry of Health)
2)
Excluding special levy on deposits and other levies/contributions.
Bank of Cyprus Holdings
58%
Cost/Income²
14.2%
CET1 ratio³
6.4%
Net NPE ratio
• Total operating expenses² of €89 mn for 2Q2021, up 7% qoq reflecting seasonality in prior quarter
Cost to income ratio² at 58% for 2Q2021, down 2 p.p. qoq
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CET1 ratio of 14.2%³ and Total Capital ratio of 19.2%3
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MREL interim requirement as of 1 Jan 2022 already achieved through the successful refinancing
of Tier 2 and the inaugural issuance of Senior Preferred notes in 2Q2021
Deposits at €16.8 bn, up 3% qoq; Significant surplus liquidity of €5.7 bn (LCR at 303%)
.
€1.3 bn NPE sale (Helix 2 Portfolios A and B) completed in 2Q2021
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NPES at €1.6 bn (€0.6 bn net)
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Gross NPE ratio reduced to 14.6% (6.4% net); organic NPE reduction of €171 mn in 1H2021
Coverage improved to 60% over the quarter
• 96% of performing loans under expired payment deferrals with an instalment due by 12 Aug
2021, presented no arrears
3)
4)
Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments transitional arrangements
As at 30 June 2021
4View entire presentation