Bank of Cyprus Holdings PLC · CSECY:BOCH
Bank of Cyprus — 9M2022 Earnings Presentation
74 slides from Bank of Cyprus's earnings presentation, Nov 18, 2022
Slide 1: Group Financial Results for the nine months ended 30 September 2022
Bank of Cyprus Group Group Financial Results For the nine months ended 30 September 2022
Slide 2: Disclaimer
DISCLAIMER The financial information included in this presentation is neither reviewed nor audited by the Group’s external auditors. ratios, intentions, beliefs or current expectations and projections about the Group’s future results of operations, financial condition, expected impairment charges, t
Slide 3: 9M2022 Financial Results
9M2022 Financial Results 3
Slide 4: 9M2022 - Highlights
9M2022 - Highlights • Resilient Cypriot economy supported by strengthened sovereign Resilient economic • 5.4%1 GDP growth in 3Q2022; expected to grow by c.6.0%1 in 2022, and by c.3.0%1 in 2023, both years well outlook above the eurozone average • Strong new lending of €1.7 bn in 9M2022 up 25% yoy •
Slide 5: Key milestones achieved in 3Q2022
Key milestones achieved in 3Q2022 11.7% Achieved 11.7%1 ROTE in 3Q2022, confident in achieving c.10%1 Underlying Profitability ROTE1 ROTE in 2022 and >10% in 2023 Achieved sub 50% cost to income ratio2 in 3Q2022 (47%), well below Efficiency 47% the previous 2022 guidance of 55% to 60% C/I ratio2 Ass
Slide 6: Profitability: c.10% ROTE to be achieved in 2022
Strong performance in 9M2022; c.10% ROTE to be achieved in 2022 FY2022 FY2022 FY2023 9M2022 Previous Updated Guidance guidance guidance NII €234 mn c.€320 mn >€350 mn +€100-€120 mn Profitability Cost to 54% 55-60% Low-50s c.50% income ratio1 Financial targets to be 8.8% c.10% ROTE n/a >10% (recurrin
Slide 7: Delivering on levers under management control
Delivering on levers under management control Breakdown of Revenue Breakdown of Non-NII 1 Diversified business F&C 2 model: 18% Insurance banking, insurance, 50% 50% 10% 52% Payments (JCC) payments 20% Other Non-NII NII 2 Costs improved, 60% 54% 77% enhanced operating C/I ratio 1 Loan credit losses
Slide 8: Resilient Cypriot economy supported by strengthened sovereign
Resilient Cypriot economy supported by strengthened sovereign GDP grew by 5.4% in 3Q2022 Cyprus Public Debt to GDP in line with European average Quarterly Real GDP yoy % change as at 30 June 2022 GDP expected to grow by 182% expected to decline to • c.6.0%1 in 2022 vs 6.6% 2021 and; 150% c.90% by en
Slide 9: Strong tourism recovery and energy resilience
Strong tourism recovery and energy resilience Unemployment rate at 6.6% in 2Q2022 Real estate property prices up 4.7% yoy in 2Q20221 Quarterly (%) (seasonally adjusted) 120.0 6.0 4.7 3.2 110.0 100.0 99.1 4.0 2022 unemployment rate 100.0 2.0 8.2 expected at 7.0%2 83.2 90.0 81.9 0.0 7.6 7.5 (vs 7.5% i
Slide 10: Strong new lending of €1.7 bn in 9M2022 up 25% yoy
Strong new lending of €1.7 bn in 9M2022 up 25% yoy Traditionally seasonally lower 3Q2022 Net performing4 book up 4% to €9.7 bn new lending of €497 mn Net loans € bn € mn +25% +4% 1,602 1,656 622 183 9.38 9.72 9.73 297 1,321 8.94 9.00 104 537 0.63 0.73 0.75 491 497 112 48 31 427 765 3.80 3.78 103 708
Slide 11: Profitability
Profitability 11
Slide 12: Income Statement
Income Statement € mn 9M2022 9M2021 3Q2022 2Q2022 qoq% yoy% QoQ Performance (3Q2022 vs 2Q2022) Net Interest Income 234 223 89 74 19% 5% • NII up 19% driven by higher loan and liquid asset effective yields Non interest income 237 204 83 79 6% 16% Total income 471 427 172 153 12% 10% • Non-NII up 6% d
Slide 13: NII up 19% qoq supported by rate hikes
NII up 19% qoq supported by rate hikes NII of €89 mn for 3Q2022 +19% Effective yield on assets & cost of funding (€ mn) 89 3 NIM (bps) 134 134 132 133 153 1692 71 73 71 74 TLTRO III 4 4 4 3 1 Performing Legacy Liquids Cost of funding 86 67 69 67 71 66000% 563 555 525 538 200.00 532 54000% 150.00 420
Slide 14: Liquid balance sheet positively geared to higher interest rates
Liquid balance sheet positively geared to higher interest rates As at 30 September 2022 Cash and balances with Central Banks of €9.83 bn, of which €2.95 bn 1 TLTRO III 26.20 26.20 Other assets 1.28 Other • Benefit from ECB depo rate increases to be booked 2.22 (including HFS) 2.04 Equity immediately
Slide 15: Rising interest rates enabling faster NII growth
Rising interest rates enabling faster NII growth Immediate benefit Loan repricing sensitivity ECB Deposit rate 3m Euribor rate 2 3 Aug 2022 Oct-22 2.77% 2.92% 3.0% 2.48% 2.40% 3.0% 2.33% 2.00% 1.80% 2.0% 1.50% 2.0% 1.37% 1.36% 1.17% 0.75% 1.0% 1.0% 1.22% 1.31% -0.20% 0.75% -0.57% 1.00% 1.17% 0.0% 1.
Slide 16: Net interest income positively geared to higher interest rates
Net interest income positively geared to higher interest rates NII sensitivity to parallel shift in interest rates (annualised) Key simplifying assumptions • An instantaneous and sustained parallel movement in EUR and USD interest rates Y1 +50bps +100bps • Static balance sheet in size and compositio
Slide 17: Deposits at €18.8 bn up 2% qoq; strong liquidity position
Deposits at €18.8 bn up 2% qoq; strong liquidity position Ytd +7% Cyprus deposits by passport origin2 qoq +2% € bn 18.8 18.5 17.5 16.5 1 5% 3.9 IBU 5% 7% Cyprus 2.8 Corporate Other EU 15% Other countries Deposits 68% Other European countries, excl. Russia 11.1 Retail Russia/Belarus/Ukraine 1.0 SMEs
Slide 18: Fixed income portfolio up 18% qoq
Fixed income portfolio up 18% qoq; further meaningful increase expected in 20234 Fixed income securities per portfolio category - NBV Fixed income securities per issuer type - NBV % assets 8% 7% 10%3 18% 2,259 (€ mn) 1 Average yields of (€ mn) 2,259 9M2022 new 105 5% 1 1,925 1,908 482 investments: 2
Slide 19: Non interest income at €83 mn in 3Q2022
Non interest income at €83 mn in 3Q2022, above pre-pandemic levels QoQ Performance (3Q2022 vs 2Q2022) Total non – NII (€ mn) • Net fee and commission income down 3%, due to lower non- transactional fees but seasonally higher transactional fees and higher +6% +16% credit card commissions 83 237 79 4
Slide 20: Profitable Life Insurance business
Profitable Life Insurance business - valuable and sustainable contribution to the Group € mn 9M2022 9M2021 yoy% GWP1 109.8 98.9 11% Net reinsurance cost (15.7) (13.8) 14% 12% 12% 25% contribution contribution Net impact of interest rate movements 3.1 (3.5) - Market share6 to non-NII to the Group’s P
Slide 21: Profitable Non-Life Insurance business
Profitable Non–Life Insurance business – valuable and sustainable contribution to the Group € mn 9M2022 9M2021 yoy% Insurance income 52.4 45.1 16% 8% 9% 13% contribution contribution Market share2 (of which GWP1) 44.3 39.8 11% to non-NII to the Group’s PBT4 Costs and claims (33.0) (26.1) 26% Net ins
Slide 22: Leading card processing and payment solutions business in Cyprus
Leading card processing and payment solutions business in Cyprus € mn 9M2022 9M2021 yoy% Net fee and commission income 19.2 15.6 23% 10% 9% 85% Other income 3.4 1.8 88% contribution Market contribution FX and net gains on revaluation 1.7 0.8 104% to non-NII to the Group’s Share1 PBT2 of investment T
Slide 23: Tight cost management: efficiency actions offset inflationary pressures
Tight cost management: efficiency actions more than offset inflationary pressures Total operating expenses1 down 7% qoq Substantial streamlining of workforce and branches (€ mn) 66% 75% 79% 80% 80% 89 87 86 87 4,500 96 100 81 4,000 84 80 3,500 75 80 38 37 36 37 3,000 35 60 60 2,500 4,155 60 2,000 3,
Slide 24: Leverage leading Digital Capabilities to serve customers and the economy
Leverage leading Digital Capabilities to serve customers and the economy Digital transactions ratio at 94% Digitally engaged customers ratio at 81% Leader in shaping the digital transformation of local economy 78% 81% 94% 88% 68% 76% 1 1 Oct 19 Oct 21 Oct 22 Oct 19 Oct 21 Oct 22 Vision • Introductio
Slide 25: Capital, Liquidity & Asset Quality
Capital, Liquidity & Asset Quality 25
Slide 26: Pro forma for Helix 3, CET1 at 14.7% and Total Capital ratio at 19.8%
Pro forma for Helix 3, CET1 at 14.7% 1 and Total Capital ratio at 19.8%1 min OCR requirement for 20223 19.8% 2.9% 14.6% (0.4%) 14.2% 14.7% 2.2% 15.0% 0.8% 0.1% (0.9%) 0.5% 10.1% 10.1% CET1 1,4 Operating Provisions and RWAs VEP CET1 1 Helix 3 CET1 30 AT1 T2 Total 30 Jun 2022 profit impairments 2 30 S
Slide 27: MREL position
MREL position MREL (% of RWAs) • MREL ratio as % of RWAs at 20.66% as at 30 September 2022 pro forma for 24.35% as at 31 Dec 2025 Helix 3 20.66% 2 • MREL ratio as % of Leverage Ratio Exposure (LRE) of 9.62% as at 30 Senior preferred liabilities 4.60% September 2022 • Based on latest SRB communicatio
Slide 28: NPE ratio reduced to 4.5%; 2022 target delivered early
NPE ratio reduced to 4.5%; 2022 target delivered early NPE reduced to €0.5 bn in 3Q2022 Residual NPEs comprises mainly Retail NPE inflows remain under control • Helix 3 (€0.6 bn) (€ bn) • Organic reduction (€0.3 bn) (€ bn) (€mn) 1.3 0.47 1.2 0.11 1.0 1 -65% Re-performing NPEs 0.22 Retail 19 20 0.5 1
Slide 29: Gross loans and coverage by IFRS 9 staging
Gross loans and coverage by IFRS 9 staging Gross loans by IFRS 9 stage (€ mn) Allowance for expected loan Coverage ratio credit losses (€ mn) 10,856 11,047 10,913 10,358 Sep 22 792 Dec 21 Jun 22 Sep 22 pro forma Stage 1 7,529 7,799 7,905 84 677 7,905 76.3% 54 610 for Helix 3 83 51 89 48 Stage 1 1.1%
Slide 30: Stage 2 exposures well collateralised with low migration history
Stage 2 exposures well collateralised with low migration history € mn 1,986 Limited historic migration of Stage 2 to Stage 3 3.4% Real estate 187 Of which: 3.1% Trade 188 • €1,009 mn (51%) Performing Forborne • Strong performance of Stage 2 exposures; 99% Other 230 • €355 mn (18%) Overlays 2.4% pres
Slide 31: Cost of risk of 45 bps for 3Q2022
Cost of risk of 45 bps for 3Q2022 Bank’s IFRS 9 Macroeconomic assumptions Base line GDP rate Unemployment rate 1.18% 0.43% 2022 4.7% 6.3% 0.66% 2023 2.6% 6.2% 0.57% 0.44% 0.75% 0.71% 0.61% (0.04%) -0.05% • Cost of risk of 44 bps for 9M2022, down by 22 bps yoy FY2020 FY2021 9M2021 9M2022 reflecting s
Slide 32: REMU: Asset disposals recovering towards pre-pandemic levels
REMU: Asset disposals recovering towards pre-pandemic levels Organic sales of €142 mn in 9M2022 Organic sales consistently close to their Open Market Value; Organic sales € mn ( contract prices1) comfortably above Book Value # 433 # 320 # 553 # 512 122% 116% 115% 195 +26% 110% 110% 142 99% 113 95% 8
Slide 33: Key milestones achieved in 3Q2022
Key milestones achieved in 3Q2022 11.7% Achieved 11.7% ROTE1 in 3Q2022, confident in achieving c.10%1 Underlying Profitability ROTE1 ROTE in 2022 and >10% in 2023 Achieved sub 50% cost to income ratio2 in 3Q2022 (47%2), well below Efficiency 47% the previous 2022 guidance of 55% to 60% C/I ratio2 As
Slide 34: Key Information and Contact Details
Key Information and Contact Details Contacts Moody’s Investors S&P Global Fitch Ratings Services Ratings Investor Relations & ESG Long-term Deposit rating Tel: +35722122239, Email: investors@bankofcyprus.com Ba2 BB- B Annita Pavlou Manager Investor Relations & ESG Long-term Counterparty Tel: +357 22
Slide 35: Appendix: Environmental Social Governance
APPENDIX Environmental Social Governance 35
Slide 36: Integrated delivery against our ESG Agenda
Integrated delivery against our ESG Agenda Environment; continued progress against our climate agenda Carbon Neutral - Own Operations Measurement of Financed emissions (Scope 3 ) o 1.119K KWh yoy energy savings and 18% yoy reduction in o First Bank in Cyprus joining the Partnership for Carbon paper
Slide 37: Integrated delivery against our ESG Agenda
Integrated delivery against our ESG Agenda Society and Governance; maintaining our leading role, fully aligning with our selected SDGs BOC Oncology Centre • Cumulative investment of c.€70 mn since 1998 • 60% of diagnosed cancer cases in Cyprus are being treated at the Centre Network Support CY1 • 16
Slide 38: Appendix: Macroeconomic overview
APPENDIX Macroeconomic overview 38
Slide 39: EU Recovery and Resilience Facility (RRF)
EU Recovery and Resilience Facility (RRF) To mitigate the socioeconomic impact of the pandemic & to strengthen the resilience and competitiveness of the Cypriot economy c.7% increase in GDP for 2022-2026 €1.2 bn €1.0 bn from EU mechanism additional funds mobilised in Cyprus c.3% increase in employme
Slide 40: Recovery and Resilience Facility Estimated Budget
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 6.0% 1.1 Resilient and effective health system and enhanced civil protection 74.1 6.0% 2
Slide 41: Limited economic effects on BOCH from Russia-Ukraine war
Limited economic effects on BOCH from Russia-Ukraine war Direct Impact Indirect Impact • No banking operations in Ukraine/Russia since 2015; <€1 mn net legacy • The economic effects are expected to come from higher inflation and a exposure as at 30 Sep 2022 slowdown in activity, with tourism sector
Slide 42: Appendix: Additional asset quality slides
APPENDIX Additional asset quality slides 42
Slide 43: Well diversified loan portfolio with high quality collateral
Well diversified loan portfolio with high quality collateral Gross loans (excluding legacy)1 by business sector of €9.92 bn € bn Housing Other Private individuals Private individuals- Business LTV2 housing other Private €3.74 bn €0.68 bn €5.50 bn 3.74 0.68 4.42 Individuals <80% 88% 36% 71% Hotels &
Slide 44: Gross loans and NPEs by Customer Type
Gross loans and NPEs by Customer Type Gross loans by customer type (€ mn) 10,856 10,964 11,047 10,913 10,358 1,240 1,246 1,242 1,215 963 3,741 3,758 3,799 3,788 3,514 1,198 1,188 1,169 1,161 1,140 2,196 2,257 2,287 2,324 2,325 2,481 2,515 2,550 2,425 2,416 Dec 21 Mar 22 Jun 22 Sep 22 Sep 22 pro form
Slide 45: Continuous progress on NPE reduction across all segments
Continuous progress on NPE reduction across all segments Focus shifts to Retail Sep 2022 Pro forma Corporate for Helix 3 € mn Dec 21 281 NPE ratio 2.8% 467 Inflows 23 Exits (160) NPE coverage 113% Sep 22 144 Corporate 114 NPE total coverage 179% €135 mn Helix 3 (9) Pro forma 135 for Helix 3 Terminat
Slide 46: €133 mn net organic NPE reduction in 3Q2022
€133 mn net organic NPE reduction in 3Q2022 Net organic -131 -98 -96 -74 -133 outflows (€ mn) Inflows (€ mn) 19 20 New inflows 14 5 11 1 6 7 17 Redefaults 7 1 13 Unlikely to pay 2 7 5 2 1 1 2 1 • €153 mn organic NPE outflows in 3Q2022, leading to €133 mn net organic NPE reduction 3Q2021 4Q2021 1Q202
Slide 47: NPE Coverage and Total coverage by segment
NPE Coverage and Total coverage by segment Coverage and collateral maintained Tangible Collateral 1 Allowance for expected loan credit losses Large and International Corporate €78 mn SME €62 mn Retail-Housing €197 mn Retail-Other €73 mn Total €467 mn corporate : €57 mn 196% 196% 180% 175% 163% 167%
Slide 48: Asset quality - NPE analysis
Asset quality- NPE analysis (€ mn) Sep-22 Jun-22 Mar-22 Dec-21 Sep-21 Jun-21 Mar-21 Dec-20 A. Gross Loans after Residual Fair value 10,797 10,902 10,815 10,678 10,683 10,708 12,055 12,031 adjustment on initial recognition Residual Fair value adjustment on initial 116 145 149 178 181 185 226 230 reco
Slide 49: Analysis of gross loans and NPE ratio by Economic activity
Analysis of gross loans and NPE ratio by Economic activity Dec 21 Mar 22 Jun 22 Sep 22 Sep 22 pro forma for Helix 3 Gross loans by economic activity (€ bn) % of total 9% 4% 12% 6% 11% 45% 6% 7% 5.10 5.08 5.06 5.06 4.69 1.30 1.23 1.21 1.20 1.19 1.19 1.18 1.18 1.12 1.12 1.04 1.03 1.02 1.02 0.97 0.80 0
Slide 50: Balance sheet de-risking results in a smaller but safer loan book
Balance sheet de-risking results in a smaller but safer loan book Net Loans: Performing1 vs Legacy Interest Income on Loans: Performing1 vs Legacy € bn € mn 15.62 36% 5.64 10.36 10.37 87 10.06 10.30 10.07 81 83 77 79 77 9 1.36 0.68 0.63 0.57 0.34 3% 5 10 9 10 9 64% 9.98 9.38 9.74 9.73 9.73 97% 78 78
Slide 51: Rescheduled Loans
Rescheduled Loans1 Rescheduled loans1-Asset Quality Rescheduled loans1 by customer type (€ bn) 30 September 2022 € mn 2.09 Stage 1 - 1.68 852 0.81 1.58 1.51 Stage 2 0.43 0.37 0.34 Stage 3 447 0.36 0.17 0.15 0.14 0.17 0.14 0.13 POCI 51 0.41 0.51 0.52 FVPL 157 0.55 0.15 0.36 0.40 0.40 0.35 Total 1,507
Slide 52: REMU - decline of foreclosed assets inflows and sales
REMU- decline of foreclosed assets inflows and sales record positive results €1.73 bn sales of 3,718 properties across all property classes since set-up Evolution of properties managed by REMU Sales € mn (contract prices1) Group BV (€ mn) # 99 # 331 # 575 # 579 # 492 # 1,1302 # 512 1,215 84 Sales €1
Slide 53: REMU - the engine for dealing with foreclosed assets
REMU- the engine for dealing with foreclosed assets On-board assets in REMU at conservative c.25%-30% discount to OMV €142 mn organic sales in 9M2022; comfortably above Book Value BV € mn 110% 105% 121% 109% Legacy 2016 2017 2018 2019 2020 2021-22 89% 90% 91% 88% 151 428 184 137 93 75 93 1,161 43 26
Slide 54: Appendix: Additional financial information
APPENDIX Additional financial information 54
Slide 55: Consolidated Balance Sheet
Consolidated Balance Sheet % % Assets (€ mn) 30.09.2022 31.12.2021 change Liability and Equity (€ mn) 30.09.2022 31.12.2021 change Cash and balances with Central Banks 9,827 9,231 6% Deposits by banks 519 457 14% Loans and advances to banks 458 292 57% Funding from Central Bank 2,952 2,970 -1% Debt
Slide 56: Balance sheet composition
Balance sheet composition Total assets Total equity & liabilities € bn € bn 25.84 26.20 25.84 26.20 Other assets 2.22 1.24 1.28 Other (including HFS) 2.25 1.16 2.09 2.04 Equity 1.15 0.34 0.62 REMU properties 0.40 3 0.61 Wholesale AIEA Mix 2.95 Legacy net loans 2.96 Funding from 3Q2022 0.52 0.49 Cent
Slide 57: Risk Weighted Assets – Regulatory Capital
Risk Weighted Assets– Regulatory Capital Risk Weighted Assets by Geography (€ mn) Reconciliation of Group Equity to CET1 30.09.22 € mn 30.09.22 31.12.19 31.12.20 31.12.21 30.06.22 30.09.22 Pro forma for Helix 3 Total equity 2,041 Cyprus 12,678 11,477 10,595 10,526 10,472 10,146 Less: Intangibles (29
Slide 58: Pro forma for Helix 3, RWA intensity reduced to 39%
Pro forma for Helix 3, RWA intensity reduced to 39% RWAs reduced to €10,212 mn as at 30 September 2022 pro forma for Helix 3 Sep RWAs Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Jun 22 Sep 22 Pro forma for Helix 3 € bn 19,666 18,865 17,260 15,373 12,890 11,636 10,694 10,600 10,538 10,212 RWA in
Slide 59: Overall capital requirements
Overall capital requirements Overall capital requirements for 2022 and 2023 CET1 ratio Total capital ratio 15.01% 15.08% 10.23% O-SII 1.25% 1.50% 10.08% O-SII 1.25% 1.50% CCB 2.50% 2.50% CCB 2.50% 2.50% Pillar 2R 3.26% 3.08% Pillar 2R 1.83% 1.73% Tier 2 2.00% 2.00% AT1 1.50% 1.50% Total Pillar 1: 8%
Slide 60: Buffer to MDA Restrictions Level & Distributable Items
Buffer to MDA Restrictions Level & Distributable Items1 CET1 Ratios 408 bps • No prohibition applies to the payment of coupons on any AT1 capital instruments 14.2% issued by the Company and the Bank c.10.1% • Significant CET1 MDA buffer as at 30 Sep 2022: 408 bps (€429 mn) <0.1% Unfilled AT1 + T2 ca
Slide 61: Cypriot business
Cypriot business Loan market share at 41% in Sep 2022 Strong market shares in resident and non-resident deposits Loans Deposits Residents Non-residents 45.4% 41.1% 41.9% 41.9% 41.2% 41.1% 38.3% 37.9% 37.1% 38.8% 37.3% 37.5% 35.8% 35.4% 35.2% 36.0% 36.0% 35.1% 35.0% 35.8% 36.8% 37.1% 32.8% 34.8% 35.3
Slide 62: Income Statement bridge for 9M2022
Income Statement bridge1 for 9M2022 Underlying € mn basis NPE sales Other Statutory Basis Net interest income 234 - - 234 Net fee and commission income 142 - - 142 Net foreign exchange gains and net gains/(losses) on financial instruments 24 - 6 30 Net gains/(losses) on derecognition of financial as
Slide 63: Income Statement
Income Statement € mn 3Q2022 2Q2022 qoq% Net Interest Income 89 74 19% Net fee and commission income 48 50 -3% Net foreign exchange gains/(losses) on financial instruments 13 5 141% Insurance income net of claims and commissions 15 17 -9% Net gains from revaluation and disposal of investment propert
Slide 64: Analysis of Interest Income and Interest Expense
Analysis of Interest Income and Interest Expense Analysis of Interest Income (€ mn) 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 Loans and advances to customers 82 77 79 77 81 87 Loans and advances to banks and central banks 7 10 11 9 9 11 Investment at amortised costs 2 2 2 2 2 3 Investments FVOCI 3 3
Slide 65: Income Statement by business line for 9M2022
Income Statement by business line for 9M2022 Large and Consumer SME Corporate International Wealth & € mn International RRD REMU Insurance Treasury Other Total Banking Banking Banking Banking Markets corporate Net interest income/(expense) 77 23 44 48 22 2 24 (22) - 16 - 234 Net fee & commission inc
Slide 66: Income statement for insurance businesses for 9M2022
Income statement for insurance businesses for 9M2022 € mn 9M2022 9M2021 yoy% € mn 9M2022 9M2021 yoy% Gross written premiums (GWPs) 109.8 98.9 11% Gross written premiums (GWPs) 44.3 39.8 11% Reinsurance premium (22.9) (21.8) 5% Reinsurance premium (23.1) (17.6) 31% Commissions from reinsurers and oth
Slide 67: Analysis of Deposits
Analysis of Deposits Deposits by Currency (€ bn) Sep 22 18.45 18.79 16.69 16.53 17.53 0.32 0.08 0.32 0.08 1.70 0.29 0.10 0.31 0.11 1.52 1.29 1.20 0.29 0.11 1.37 9% 2% Other Currencies 15.01 14.93 15.74 16.53 16.69 GBP USD EUR 89% Dec 19 Dec 20 Dec 21 Jun 22 Sep 22 Deposits by Type (€ bn) 18.45 18.79
Slide 68: Appendix: Glossary & Definitions
APPENDIX Glossary & Definitions 68
Slide 69: Glossary & Definitions
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 Advisory and other restructuring costs Old T2 Capital Notes, where applic
Slide 70: Glossary & Definitions
Glossary & Definitions DFEs Debt for Equity Swaps. 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 Digitally engaged customers ratio banking app,
Slide 71: Glossary & Definitions
Glossary & Definitions IB, W&M International Banking, Wealth and Markets. IBU Servicing exclusively international activity companies registered in Cyprus and abroad and not residents. The sensitivity is calculated assuming a constant balance sheet. Impact of parallel shifts in interest curves This s
Slide 72: Glossary & Definitions
Glossary & Definitions New lending includes the disbursed amounts of the new and existing non-revolving facilities (excluding forborne or re-negotiated accounts) as well as the average year-to-date change (if positive) of New lending the current accounts and overdraft facilities between the balance
Slide 73: Glossary & Definitions
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 sales the reporting dates. Non-legacy (performing) Relates to all bus
Slide 74: Glossary & Definitions
Glossary & Definitions Return on Tangible Equity (ROTE) is calculated as Profit/(loss) after tax (attributable to the owners of the Company) (as defined) (annualised - (based on year to date days)), divided by the quarterly Return on Tangible equity (ROTE) average of Shareholders’ equity minus intan
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