Bank Of Cyprus Holdings Plc · CSECY:BOCH
Bank Of Cyprus — Bank of Cyprus Holdings Public Limited Company — Q3 2021 Earnings Presentation
72 slides from Bank Of Cyprus's earnings presentation, Nov 30, 2021
Slide 1: Group Financial Results for the nine months ended 30 September 2021
Group Financial Results for the nine months ended 30 September 2021 Bank of Cyprus Group Group Financial Results For the nine months ended 30 September 2021
Slide 2: Disclaimer
Group Financial Results for the nine months ended 30 September 2021 DISCLAIMER The financial information included in this presentation is neither reviewed nor audited by the Group’s Forward Looking Statements external auditors. This document contains certain forward-looking statements which can usua
Slide 3: Highlights
Group Financial Results for the nine months ended 30 September 2021 Highlights 3
Slide 4: 3Q2021 - Highlights
Group Financial Results for the nine months ended 30 September 2021 3Q2021 - Highlights • 5.3% GDP growth in 3Q2021, well above the eurozone average of 3.7% Strong recovery €1.3 bn • GDP expected to grow by c.5.5%1 in FY2021 and recover to pre-pandemic levels by year-end continues New lending ytd •
Slide 5: Significant progress achieved on strategic priorities
Group Financial Results for the nine months ended 30 September 2021 Significant progress achieved on strategic priorities Single digit NPE ratio achieved New lending recovering towards pre-pandemic levels Preserved strong capital 1 CET1 ratio 31.3% 26.3% 8.6% -78% -18% € bn 4.1 € bn 1.6 15.2% 14.6%
Slide 6: Strong recovery of Cypriot economy continues with GDP growing 5.3% in 3Q2021
Group Financial Results for the nine months ended 30 September 2021 Strong recovery of Cypriot economy continues with GDP growing 5.3% in 3Q2021 • Open, small and flexible economy which has demonstrated Strong economic recovery continued in 3Q2021 historically that it can quickly recover from econom
Slide 7: New lending of €1.3 bn in 9M2021, up 35% yoy
Group Financial Results for the nine months ended 30 September 2021 New lending1 of €1.3 bn in 9M2021, up 35% yoy New lending recovering towards pre-pandemic levels New lending1 remained strong in 3Q2021 € mn 1,602 +35% 487 451 32 427 297 1,321 37 407 374 49 112 31 7 977 288 233 708 64 206 162 583 2
Slide 8: €0.6 bn NPE sale agreed, reducing NPE ratio to 8.6%
Group Financial Results for the nine months ended 30 September 2021 €0.6 bn NPE sale agreed, reducing NPE ratio to 8.6%1 NPEs REMU properties Helix 3 Corporate Re-performing NPEs 4 SMEs • Agreement for the sale of €568 mn2 NPEs and €120 mn2 REMU 5% Commercial 1% properties 1% 26% • Gross cash consid
Slide 9: NPE sales of €4.7 bn since 2018
Group Financial Results for the nine months ended 30 September 2021 NPE sales of €4.7 bn since 2018 Helix 1 Velocity 1 Velocity 2 Helix 2 Helix 3 ✓Completed ✓Completed ✓Completed ✓Completed ✓SPA signed Sale of €2.7 bn NPEs Sale of €34 mn NPEs Sale of €133 mn NPEs Sale of €1.3 bn NPEs Sale of €0.6 bn
Slide 10: Single digit NPE ratio achieved
Group Financial Results for the nine months ended 30 September 2021 Single digit NPE ratio achieved On track to deliver NPE ratio of 5% in the medium term NPE ratio 62.9% 8.6% c.5% € bn 15.0 (4.7) (9.4) 0.9 1 Dec 2014 NPE Sales Net Organic Reduction Sep 2021 Net Organic Reduction Medium-term target
Slide 11: Strong performance of moratorium portfolio continues after deferral expiry
Group Financial Results for the nine months ended 30 September 2021 Strong performance of moratorium portfolio continues, 11 months after deferral expiry Private Individuals Businesses 4% 1% 13% 3% 8% Resumed payments as per 19% original schedule €4.66 €1.72 €2.94 Restructured bn bn bn In arrears 83
Slide 12: Profitability
Group Financial Results for the nine months ended 30 September 2021 Profitability 12
Slide 13: Income Statement
Group Financial Results for the nine months ended 30 September 2021 Income Statement € mn 9M2021 9M2020 3Q2021 2Q2021 qoq% yoy% Net Interest Income 223 250 71 76 -6% -11% • NII for 3Q2021 decreased to €71 mn following Helix 2 Non interest income 204 175 68 76 -10% 16% completion in June 2021 (c.€8 m
Slide 14: Drivers of NIM
Group Financial Results for the nine months ended 30 September 2021 Drivers of NIM NII impacted by Helix 2 deconsolidation Effective yield on assets & cost of funding NII (€ mn) 82 80 76 76 71 NIM (bps) 179 175 163 149 134 3 4 Interest income Non-Legacy Legacy Liquids Cost of funding 95 91 66000% 5
Slide 15: Balance sheet composition
Group Financial Results for the nine months ended 30 September 2021 Balance sheet composition Total assets Total equity & liabilities € bn € bn 24.21 24.55 24.21 24.55 Other assets 1.99 2.36 1 1.30 1.30 Other (including HFS) AIEA Mix 2.09 1.40 1.26 2.07 Equity REMU properties 0.76 0.48 3Q2021 0.65 0
Slide 16: Deposits at €17.1 bn up 2% qoq; significant liquidity surplus of €6.0 bn
Group Financial Results for the nine months ended 30 September 2021 Deposits at €17.1 bn up 2% qoq; significant liquidity surplus of €6.0 bn Cyprus deposits by passport origin3 € bn 3% 16.69 16.80 17.13 17.13 4% 16.53 5% 1 IBU 3.28 19% Corporate 2.16 69% Deposits Retail 10.86 SME 0.83 Cyprus Other c
Slide 17: Non interest income at €68 mn in 3Q2021
Group Financial Results for the nine months ended 30 September 2021 Non interest income at €68 mn in 3Q2021 Net fee & Commission % of Total Income 23% 25% 30% 28% 30% 32% • Non interest income for 3Q2021 amounted to €68 mn, down 10% qoq, reflecting mainly lower net insurance income (€ mn) 235 • Net
Slide 18: Profitable Insurance business - sustainable healthy profitability in 9M2021
Group Financial Results for the nine months ended 30 September 2021 Profitable Insurance business- sustainable healthy profitability in 9M2021 € mn 9M2021 9M2020 yoy% € mn 9M2021 9M2020 yoy% GWP2 98.9 92.7 7% Net reinsurance cost (13.8) (14.4) -4% Insurance income 45.1 41.9 8% Net impact of interest
Slide 19: Total Operating Expenses at €89 mn flat qoq
Group Financial Results for the nine months ended 30 September 2021 Total Operating Expenses at €89 mn flat qoq Total operating expenses1 flat qoq and up 4% yoy Cost to income ratio1 at 61% for 9M2021 64% 64% 64% 62% 61% Mid 60s% 60% 63% 58% 60% 61% 59% 59% (€ mn) Mid 50s% 91 89 89 84 82 35 41 32 38
Slide 20: Leverage leading Digital Capabilities to serve customers and the economy
Group Financial Results for the nine months ended 30 September 2021 Leverage leading Digital Capabilities to serve customers and the economy Vision Digital Transactions ratio1 Oct 20192 Oct 20202 Oct 2021 Leverage Be the driver of 75.9% 84.4% 88.0% Serve customer technology to digital economy, needs
Slide 21: Capital & Asset Quality
Group Financial Results for the nine months ended 30 September 2021 Capital & Asset Quality 21
Slide 22: Pro forma for Helix 3, CET1 at 15.3% and Total Capital ratio at 20.4%
Group Financial Results for the nine months ended 30 September 2021 Pro forma for Helix 3, CET1 at 15.3% 1 and Total Capital ratio at 20.4%1 min OCR (SREP) requirement for 20213 +67 bps 20.4% 3.1% 14.2% 14.7% 15.3% 2.0% 0.4% (0.3%) 0.1% 0.2% 0.1% 0.6% 14.5% 9.7% 4 CET1 Operating Provisions RWAs Othe
Slide 23: Interim MREL requirement for 1 January 2022 already achieved
Group Financial Results for the nine months ended 30 September 2021 Interim MREL requirement for 1 January 2022 already achieved MREL (% of RWAs) • MREL ratio at 19.83%1 as at 30 September 2021 pro forma for Helix 3 23.74% as at 31 Dec 2025 • Leverage Ratio Exposure of 10.17% as at 30 September 2021
Slide 24: NPE ratio reduced to 8.6% a year earlier than anticipated
Group Financial Results for the nine months ended 30 September 2021 NPE ratio reduced to 8.6% a year earlier than anticipated €2.2 bn NPE reduction ytd • Helix 3 (€0.6 bn) Pro forma for Helix 3 Retail NPEs reduced by >50% • Helix 2 (€1.3 bn) (€ bn) • Organic reduction (€0.3 bn) 1.4 1.4 3.9 -€2.2 bn
Slide 25: €142 mn organic NPE outflows in 3Q2021
Group Financial Results for the nine months ended 30 September 2021 €142 mn organic NPE outflows in 3Q2021, leading to €131 mn organic NPE reduction Net organic -208 -85 -59 -112 -131 outflows (€ mn) Inflows (€ mn) 24 1 1 • €8 mn NPE inflows in 3Q2021 (€38 16 17 New inflows mn in 9M2021) relate to t
Slide 26: Gross loans and coverage by IFRS 9 staging
Group Financial Results for the nine months ended 30 September 2021 Gross loans and coverage by IFRS 9 staging Gross loans by IFRS 9 stage (€ mn) Allowance for expected loan Coverage ratio credit losses (€ mn) 12,261 10,893 10,864 10,295 Sep 21 Stage 1 6,870 Dec 20 Jun 21 Sep 21 Pro forma 7,116 1,90
Slide 27: Cost of risk of 78 bps for 3Q2021
Group Financial Results for the nine months ended 30 September 2021 Cost of risk1 of 78 bps for 3Q2021 1.18% 1.12% Bank’s IFRS 9 Macroeconomic assumptions 1.00% 0.43% 0.66% Base line GDP rate Unemployment rate 0.75% 0.71% 2021 5.2% 7.4% 2022 4.0% 7.0% (0.05%) FY2018 FY2019 FY2020 9M2021 bps 66 52 78
Slide 28: REMU: Properties sold exceed properties acquired since 2017
Group Financial Results for the nine months ended 30 September 2021 REMU: Properties sold exceed properties acquired since 2017 Pro forma for Helix 3, REMU stock reduced by 14% in 9M2021 Sales >€1.3 bn since 2017 Group BV (€ mn) Group BV (€ mn) #1,951 #3,388 #2,884 1,653 -14% 1,319 (1,340) 1,473 1,2
Slide 29: Organizational resilience & ESG agenda: ESG Performance
Group Financial Results for the nine months ended 30 September 2021 Organizational resilience & ESG agenda: ESG Performance Environmental Social Governance 1,544k kWh >16 ths 30% of energy savings in 9M2021 cancer patients received treatment and of the board of directors are female as at 30 Sep 2021
Slide 30: Medium Term Outlook
Group Financial Results for the nine months ended 30 September 2021 Medium Term Outlook 30
Slide 31: Our journey
Group Financial Results for the nine months ended 30 September 2021 Our journey Where we want to be… What we have achieved Business turnaround for sustainable growth in 2020… Normalisation of balance sheet Medium-term 2021-2022 2020 Where we were… Priorities Priorities Shrinkage to core strength ▪ C
Slide 32: Medium-term strategic targets
Group Financial Results for the nine months ended 30 September 2021 Medium-term strategic targets 2022 Medium Term Profitability Return on Tangible Equity (ROTE)1 c.7% Total Operating Expenses2 <€350 mn <10% Asset Quality NPE Ratio c.5% early achieved pro forma for Helix 3 Cost of risk c.70-80 bps C
Slide 33: Key Information and Contact Details
Group Financial Results for the nine months ended 30 September 2021 Key Information and Contact Details Contacts Credit Ratings Investor Relations & ESG Standard & Poor’s Global Ratings: Tel: +35722122239, Email: investors@bankofcyprus.com Long-term issuer credit rating: Affirmed at “B+” on 18 Novem
Slide 34: Appendix: Macroeconomic overview
Group Financial Results for the nine months ended 30 September 2021 APPENDIX Macroeconomic overview 34
Slide 35: Confidence returning as strong economic recovery continues in 3Q2021
Group Financial Results for the nine months ended 30 September 2021 Confidence returning as strong economic recovery continues in 3Q2021 Economic Sentiment Indicator: Confidence returning Unemployment rate decreased to 6.6% in 3Q2021 8.5% 8.4% 9.0% 8.3% 109.9 106.0 7.5% 7.4% 8.1% 8.1% 8.0% 8.0% 80.0
Slide 36: Consumption and business activity continue to improve
Group Financial Results for the nine months ended 30 September 2021 Consumption and business activity continue to improve Retail sales continue to improve Card spending continues to increase in line with economic activity Retail trade volume % change -3m average (€ mn) 52.4 50.0 1,100 1,002 975 30.0
Slide 37: EU Recovery and Resilience Facility (RRF)
Group Financial Results for the nine months ended 30 September 2021 EU Recovery and Resilience Facility (RRF) To mitigate the socioeconomic impact of the pandemic & to strengthen the resilience and competitiveness of the Cypriot economy 7.1% increase in GDP for 2022-2026 €1.2 bn €1.1 bn from EU mech
Slide 38: Recovery and Resilience Facility Estimated Budget
Group Financial Results for the nine months ended 30 September 2021 Appendix- Recovery and Resilience Facility Estimated Budget Policy axis/ Component Estimated budget (€ mn) % of total estimated budget 1 Public Health and civil protection- lessons learnt from the pandemic 74.1 6.1% 1.1 Resilient an
Slide 39: Appendix: Additional asset quality slides
Group Financial Results for the nine months ended 30 September 2021 APPENDIX Additional asset quality slides 39
Slide 40: €0.6 bn NPE Trade Delivers single digit NPE ratio
Group Financial Results for the nine months ended 30 September 2021 €0.6 bn NPE Trade Delivers single digit NPE ratio 30 September 2021 Assets sold € mn Receipts € mn Contractual Loans1 993 Consideration 385 Gross Loans 569 of which NPEs 568 Provisions Held (350) REMU Properties 120 Other2 11 Transa
Slide 41: Well diversified loan portfolio with high quality collateral
Group Financial Results for the nine months ended 30 September 2021 Well diversified loan portfolio with high quality collateral Gross loans (excluding legacy)1 by business sector of €9.46 bn € bn Housing Other Housing Other Business LTV2 €3.53 bn €0.70 bn €5.23 bn Private 3.53 0.70 4.23 Individuals
Slide 42: Portfolio exposure to businesses most impacted by COVID-19
Group Financial Results for the nine months ended 30 September 2021 Portfolio exposure to businesses most impacted by COVID-19 Tourism: €1.15 bn Trade: €0.93 bn 30 Jun 2021 30 Sep 2021 % of 30 Jun 2021 30 Sep 2021 % of Hotels & Catering Trade € bn € bn portfolio € bn € bn portfolio Food services 0.0
Slide 43: Decomposition of payment deferrals
Group Financial Results for the nine months ended 30 September 2021 Decomposition of payment deferrals IFRS 9 staging for expired loan payment deferrals Private Individuals Private individuals: €1.88 bn1 • Reclassification of c.€120 mn from Stage 2 to Stage 1 mainly due 1.4% 3.5% 19.9% to improved m
Slide 44: Continuous progress across all segments
Group Financial Results for the nine months ended 30 September 2021 Continuous progress across all segments Focus shifts to Retail Corporate Sep 2021 Pro forma € mn Dec 20 541 Inflows 2 Exits 1 (248) NPE ratio 6.2% 881 Sep 21 295 NPE coverage 76% Helix 3 (9) Pro forma NPE total coverage 118% Corpora
Slide 45: Gross loans and NPEs by Customer Type
Group Financial Results for the nine months ended 30 September 2021 Gross loans and NPEs by Customer Type Gross loans by customer type (€ mn) 12,822 12,309 12,261 1,875 1,696 1,667 10,893 10,864 10,295 1,316 1,293 1,042 4,077 4,044 4,073 3,680 3,698 3,417 1,922 1,798 1,765 1,269 1,222 1,194 2,209 2,
Slide 46: NPE Coverage and Total coverage by segment
Group Financial Results for the nine months ended 30 September 2021 NPE Coverage and Total coverage by segment Coverage and collateral maintained Tangible Collateral 1 Allowance for expected loan credit losses Corporate €220 mn Global Corporate: €66 mn SME €106 mn Retail-Housing €329 mn Retail-Other
Slide 47: Asset quality - NPE analysis
Group Financial Results for the nine months ended 30 September 2021 Asset quality- NPE analysis (€ mn) Sep-21 Jun-21 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Dec-19 A. Gross Loans after Residual Fair value 10,683 10,708 12,055 12,031 12,066 12,243 12,457 12,551 adjustment on initial recognition Residual F
Slide 48: Analysis of gross loans and NPE ratio by Economic activity
Group Financial Results for the nine months ended 30 September 2021 Analysis of gross loans and NPE ratio by Economic activity Gross loans by economic activity (€ bn) Dec 18 Dec 19 Dec 20 Jun 21 Sep 21 % of total 9% 3% 11% 6% 11% 47% 7% 6% 6.47 6.02 5.83 5.08 5.06 1.95 1.85 1.61 1.36 1.29 1.27 1.27
Slide 49: Balance sheet de-risking results in a smaller but safer loan book
Group Financial Results for the nine months ended 30 September 2021 Balance sheet de-risking results in a smaller but safer loan book Net Loans: Non-legacy1 vs Legacy Interest Income on Loans: Non-legacy1 vs Legacy € bn € mn 15.62 36% 5.64 10.73 10.36 91 89 9.95 10.01 9.76 83 82 1.79 1.36 0.76 0.73
Slide 50: Risk adjusted yield will rise as Legacy book reduces
Group Financial Results for the nine months ended 30 September 2021 Risk adjusted yield will rise as Legacy book reduces Non- Legacy Group Legacy 9M2021 9M2021 9M2021 Interest Income on loans • Non-Legacy Book is expected to grow and to 199 43 242 increasingly drive Group results (€ mn) (pre FTP) Lo
Slide 51: Rescheduled Loans
Group Financial Results for the nine months ended 30 September 2021 Rescheduled Loans Rescheduled loans-Asset Quality Rescheduled loans by customer type (€ bn) 30 Sep 2021 € ‘000 4.89 Stage 1 108 1.17 Stage 2 705,896 0.47 2.73 Stage 3 605,407 1.01 0.97 2.09 POCI 72,800 1.56 1.60 0.44 0.81 FVPL 218,9
Slide 52: REMU - the engine for dealing with foreclosed assets
Group Financial Results for the nine months ended 30 September 2021 REMU- the engine for dealing with foreclosed assets €1.56 bn sales of 3,050 properties across all property classes since set-up Evolution of properties managed by REMU Sales € mn (contract prices1) # 99 # 331 # 575 # 5792 # 492 # 97
Slide 53: REMU - the engine for dealing with foreclosed assets
Group Financial Results for the nine months ended 30 September 2021 REMU- the engine for dealing with foreclosed assets On-board assets in REMU at conservative c.25%-30% discount to OMV Cumulative sales by property type; 38% of sales relate to land BV € mn Sales contract price 6% Legacy 2016 2017 20
Slide 54: Appendix: Additional financial information
Group Financial Results for the nine months ended 30 September 2021 APPENDIX Additional financial information 54
Slide 55: Consolidated Balance Sheet
Group Financial Results for the nine months ended 30 September 2021 Consolidated Balance Sheet % % Assets (€ mn) 30.09.2021 31.12.2020 change Liability and Equity (€ mn) 30.09.2021 31.12.2020 change Cash and balances with Central Banks 8,750 5,653 55% Deposits by banks 402 392 3% Loans and advances
Slide 56: Risk Weighted Assets – Regulatory Capital
Group Financial Results for the nine months ended 30 September 2021 Risk Weighted Assets– Regulatory Capital Risk Weighted Assets by Geography (€ mn) Reconciliation of Group Equity to CET1 30.09.21 € mn 30.09.21 31.12.19 31.12.20 30.06.21 30.09.21 Pro forma for Helix 3 Group Equity per financial sta
Slide 57: Pro forma for Helix 3, RWA intensity reduced to 43%
Group Financial Results for the nine months ended 30 September 2021 Pro forma for Helix 3, RWA intensity1 reduced to 43% RWAs reduced by €645 mn since Dec 2020, following the completion of Helix 2 Sep 21 RWAs Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Jun 21 Sep 21 Pro forma for Helix 3 € bn 19,666 1
Slide 58: SREP requirements
Group Financial Results for the nine months ended 30 September 2021 SREP requirements SREP requirements for 2021 and 2022 CET1 ratio Total capital ratio 15.02% 14.50% 1.25% 10.09% O-SII 1.00% 9.69% 2.50% 1.25% O-SII 1.00% CCB 1 2.50% 2.50% 3.27% CCB1 2.50% Pillar 2R 3.00% Pillar 2R 1.69% 1.84% Tier
Slide 59: Buffer to MDA Restrictions Level & Distributable Items
Group Financial Results for the nine months ended 30 September 2021 Buffer to MDA Restrictions Level & Distributable Items1 Maximum Distributable Amount for BOCH CET1 Ratios • No prohibition applies to the payment of coupons on any AT1 capital instruments 14.7% issued by the Company and the Bank2 49
Slide 60: Cypriot business
Group Financial Results for the nine months ended 30 September 2021 Cypriot business Loan market share stable qoq post completion of Helix 2 Strong market shares in resident and non-resident deposits Loans Deposits Residents Non-residents 45.4% 38.3% 41.1% 41.9% 37.3% 39.1% 39.1% 35.8% 35.4% 35.3% 3
Slide 61: Income Statement bridge for 9M2021
Group Financial Results for the nine months ended 30 September 2021 Income Statement bridge1 for 9M2021 Underlying Statutory € mn NPE sales Other basis Basis Net interest income 223 - - 223 Net fee and commission income 128 - - 128 Net foreign exchange gains and net losses on financial instrument tr
Slide 62: Income Statement
Group Financial Results for the nine months ended 30 September 2021 Income Statement € mn 3Q2021 2Q2021 qoq% Net Interest Income 71 76 -6% Net fee and commission income 44 45 -2% Net foreign exchange gains and net losses on financial instrument transactions and disposal/dissolution of subsidiaries a
Slide 63: Analysis of Interest Income and Interest Expense
Group Financial Results for the nine months ended 30 September 2021 Analysis of Interest Income and Interest Expense 3Q2020 Analysis of Interest Income (€ mn) 4Q2020 1Q2021 2Q2021 3Q2021 restated1 Loans and advances to customers 91 89 83 82 77 Loans and advances to banks and central banks 3 2 3 7 10
Slide 64: Income Statement by business line for 9M2021
Group Financial Results for the nine months ended 30 September 2021 Income Statement by business line for 9M2021 Consumer SME Corporate Global International Wealth & € mn RRD REMU Insurance Treasury Other Overseas Total Banking Banking Banking corporate Banking Markets Net interest income/(expense)
Slide 65: Analysis of Deposits
Group Financial Results for the nine months ended 30 September 2021 Analysis of Deposits Deposits by Currency (€ bn) Sep 21 16.69 16.38 16.53 16.33 16.80 17.13 0.29 0.10 0.28 0.12 0.29 0.11 0.32 0.11 0.30 0.10 1.32 0.31 0.10 1.29 1.24 1.20 1.24 1.28 7% 2% Other Currencies 1% 15.01 14.74 14.93 14.66
Slide 66: Appendix: Glossary & Definitions
Group Financial Results for the nine months ended 30 September 2021 APPENDIX Glossary & Definitions 66
Slide 67: Glossary & Definitions
Group Financial Results for the nine months ended 30 September 2021 Glossary & Definitions Comprise mainly (a) fees of external advisors in relation to: (i) disposal of operations and non-core assets, and (ii) customer loan restructuring activities, and (b) the cost of the tender offer for the Advis
Slide 68: Glossary & Definitions
Group Financial Results for the nine months ended 30 September 2021 Glossary & Definitions This is the ratio of digitally engaged individual customers to the total number of individual customers. Digitally engaged customers are the individuals who use the digital channels of the Bank (mobile banking
Slide 69: Glossary & Definitions
Group Financial Results for the nine months ended 30 September 2021 Glossary & Definitions IB, W&M International Banking, Wealth and Markets IBU Servicing exclusively international activity companies registered in Cyprus and abroad and not residents Legacy exposures Legacy exposures are exposures re
Slide 70: Glossary & Definitions
Group Financial Results for the nine months ended 30 September 2021 Glossary & Definitions Non-interest income comprises Net fee and commission income, Net foreign exchange gains/(losses) and net gains/(losses) on financial instrument transactions and disposal/dissolution of Non-interest income subs
Slide 71: Glossary & Definitions
Group Financial Results for the nine months ended 30 September 2021 Glossary & Definitions NPE sales refer to sales of NPE portfolios completed, as well as contemplated and potential future sale transactions, irrespective of whether or not they met the held for sale classification criteria at NPEs s
Slide 72: Glossary & Definitions
Group Financial Results for the nine months ended 30 September 2021 Glossary & Definitions RWAs Risk Weighted Assets. RWA Intensity Risk Weighted Assets over Total Assets. Special levy on deposits and other Relates to the special levy on deposits of credit institutions in Cyprus, contributions to th
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