Investor Presentaiton
Total expenses
Total expenses (€ mn)
FY2014: 427
115
105
104
103
102
57
47
45
44
43
33
92
92
FY2015: 416
102
119
62
43
33
58 59
59
58
59
59
59
57
1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015
Total expenses for 4Q2015 increased to €119 mn
from €102 mn for 3Q2015, with the increase
reflecting primarily higher non-recurring advisory and
professional expenses and increased provisions for
litigations and legal settlements. Going forward, the
run-rate for other operating expenses is expected to
be in line with earlier of quarters of 2015
Staff costs for 4Q2015 at €57 mn in line with the
previous quarters
Total expenses for FY2015 totalled €416 mn
compared to €427 mn for FY2014
Staff costs
Other operating expenses
Cost to Income Ratio
■Group ■Cyprus
40%
38%
38%
35%
37%
35%
37%
36%
35%
35%
35%
34%
33%
33%
31%
31%
1Q2014 1H2014 9M2014 FY2014 1Q2015 1H2015 9M2015 FY2015
•
The cost to income ratio for FY2015 was 40%,
compared to 37% for FY2014
Actions for focused, targeted cost containment:
Tangible savings through a targeted cost
reduction program for operating expenses and
though a program of staff exits
Introduction of
appropriate technology/
processes to enhance product distribution
channels and reduce operating costs
Introduction of HR policies aimed at enhancing
productivity
Bank of Cyprus
6
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