Bank Of Cyprus Holdings Plc · CSECY:BOCH
Bank Of Cyprus — Bank of Cyprus Holdings Public Limited Company — Q1 2022 Earnings Presentation
69 slides from Bank Of Cyprus's earnings presentation, May 19, 2022
Slide 1: Bank of Cyprus Group Financial Results
Bank of Cyprus Group Group Financial Results For the quarter ended 31 March 2022
Slide 2: Disclaimer
DISCLAIMER The financial information included in this presentation is not audited by the Group’s external auditors. growth, provisions, impairments, business strategies and opportunities. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depe
Slide 3: 1Q2022 Financial Results
1Q2022 Financial Results 3
Slide 4: 1Q2022 Key messages
1Q2022 Key messages €618 mn €27 mn €75 mn Record New Lending Healthy Profit after tax and before Non-NII non-recurring items Building net performing loan book at underlying ROTE of 6.7% converging trends in line €9.55 bn, up 2% in this quarter to ROTE>10% representing 51% of total income €16 mn 1 1
Slide 5: Improving rate environment since we updated our medium term guidance
Improving rate environment since we updated our medium term guidance (in Feb 2022) Revised macroeconomic outlook: Significant shift in interest rate curves, higher inflation rate and slower economic growth Impact on Financial Performance Impact on Capital and Dividend • Total income • Significant NI
Slide 6: 1Q2022 - Highlights
1Q2022 - Highlights Supportive Macro, • 5.6%1 GDP growth in 1Q2022; expected to slow down to +2.7%2 in FY2022 due to geopolitical risks Reflected in Volume • Loan momentum building up; performing book increased by 2% in 1Q2022 with record new lending €618 mn Growth • Total income of €146 mn, up 7% y
Slide 7: Economic growth expected to slow down in 2022 due to geopolitical risks
Economic growth expected to slow down in 2022 due to geopolitical risks GDP grew by 5.6% in 1Q2022 1Q2022 Tourist arrivals reaching 70% of 1Q2019 levels Annual Real GDP yoy % change Tourist arrivals (in mn) 3.98 Cyprus 5.5% Russian/ 22% 14.6% Ukrainian 15.00% 12.00% Euro Area 13.3% 3.7% 3.8% 9.00% 5
Slide 8: 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; <€5 mn net legacy • The economic effects are expected to come from higher inflation and a exposure as at 31 Mar 2022 being run down slowdown in activity, with
Slide 9: Record new lending in 1Q2022, returning to pre-pandemic levels
Record new lending in 1Q2022, returning to pre-pandemic levels New lending up 31% qoq and 27% yoy Net performing book up 2% qoq to €9.55 bn € mn Net loans € bn 618 563 35 104 +2% 487 471 32 407 427 38 9.38 9.55 9.00 31 49 254 302 233 215 162 188 64 79 63 42 39 45 102 124 128 81 109 140 66 57 48 42 3
Slide 10: Profitability
Profitability 10
Slide 11: Income Statement
Income Statement € mn 1Q2022 1Q2021 4Q2021 qoq% yoy% Net Interest Income 71 76 73 -2% -7% • NII at €71 mn, broadly flat qoq; down 7% yoy reflecting mainly Non interest income 75 60 81 -8% 24% foregone Helix 2 interest (c.€7 mn per quarter) Total income 146 136 154 -5% 7% • Non interest income at €75
Slide 12: Drivers of NIM
Drivers of NIM NII of €71 mn for 1Q2022 Effective yield on assets & cost of funding NII (€ mn) 76 76 71 73 71 NIM (bps) 163 149 134 134 132 Interest income 86 86 85 83 81 3 4 6 Liquids 10 10 6 3 4 2 4 Non-Legacy Legacy Liquids Cost of funding 6 8 7 5 Helix 2 & 3 7 Legacy 66000% 563 555 200.00 497 46
Slide 13: Rising interest rates enabling faster NII growth
Rising interest rates enabling faster NII growth Conservative interest rate assumptions in plan, given current market expectations Liquids Loans ECB Deposit rate 3m Euribor rate BOC Base rate ECB MRO rate 1.5 1.10% 1.15% 1.87% 2.51% 2.60% 1.5 1.28% 1.78% 2.37% 0.70% 0.90% 2.32% 2.30% 1.0 1.0 0.90% 0
Slide 14: Non interest income at €75 mn in 1Q2022
Non interest income at €75 mn in 1Q2022 Non-NII % of Total Income 44% 50% 49% 53% 51% F&C % of Total Income 28% 30% 32% 28% 30% • Non interest income of €75 mn for 1Q2022, down 8% qoq, impacted mainly by lower net FX and other income and lower net insurance income; up 24% yoy as 1Q2021 was impacted
Slide 15: Profitable Insurance business - sustainable healthy profitability in 1Q2022
Profitable Insurance business- sustainable healthy profitability in 1Q2022 € mn 1Q2022 1Q2021 yoy% € mn 1Q2022 1Q2021 yoy% GWP2 37.4 32.9 14% Insurance income 15.4 13.4 15% Net reinsurance cost (5.5) (5.4) 1% Net impact of interest rate 1.1 (2.1) - (of which GWP2) 13.6 12.4 10% movements Costs, clai
Slide 16: Total Operating Expenses at €86 mn, broadly flat qoq
Total Operating Expenses at €86 mn, broadly flat qoq Total operating expenses1 of €86 mn for 1Q2022 C/I ratio1 expected to rise to mid 60s% before Branch rationalisation plan for 2022 64% 64% improving to 50-55% 61% 60% 59% 58% 57% 78.7% 79.3% Mid-60s% 75.2% (€ mn) 82 89 89 87 86 69.1% 59% 63.9% 32
Slide 17: Leverage leading Digital Capabilities to serve customers and the economy
Leverage leading Digital Capabilities to serve customers and the economy Digital Transactions ratio Leader in shaping the digital transformation of local economy Apr 20201 Apr 20211 Apr 2022 85.3% 86.5% 92.5% Digitally Engaged Customers Apr 20201 Apr 20211 Apr 2022 71.1% 76.0% 79.6% Average mobile l
Slide 18: Capital, Liquidity & Asset Quality
Capital, Liquidity & Asset Quality 18
Slide 19: Pro forma for Held For Sale, CET1 at 15.2% and Total Capital ratio at 20.3%
Pro forma for Held For Sale, CET1 at 15.2% 1 and Total Capital ratio at 20.3%1 min OCR (SREP) requirement for 20213 20.3% 2.9% 15.1% 14.6% 15.2% 2.2% (0.6%) 0.5% (0.2%) (0.2%) 0.6% 15.0% 10.1% 10.1% CET1 Phasing in Operating Provisions and Other CET1 Held for Sale CET1 31 AT1 T2 Total 1 31 Dec 2021
Slide 20: Interim MREL requirement of 1 January 2022 achieved
Interim MREL requirement of 1 January 2022 achieved MREL (% of RWAs) 23.74% as at 31 Dec 2025 • MREL ratio as % of RWAs at 19.53%1 as at 31 Mar 2022 pro forma for HFS 19.53% • MREL ratio as % of Leverage Ratio Exposure (LRE) of 9.54% as at 31 Mar 2022 Interim requirement 14.94% as at 1 Jan 2022 • In
Slide 21: Balance sheet composition
Balance sheet composition Total assets Total equity & liabilities € bn € bn 24.96 25.12 24.96 25.12 Other assets 2.26 1.28 1.27 Other 2.28 (including HFS) 2.08 2.09 Equity 1.21 1.17 REMU properties 0.44 0.43 0.64 0.61 Wholesale AIEA Mix 2.96 Legacy net loans 2.97 Funding from 1Q2022 0.46 0.53 Centra
Slide 22: Deposits at €17.7 bn up 1% qoq; significant liquidity surplus of €6.4 bn
Deposits at €17.7 bn up 1% qoq; significant liquidity surplus of €6.4 bn Cyprus deposits by passport origin2 € bn 5% 17.53 17.66 17.66 16.69 16.53 17.13 6% 5% 1 IBU 3.47 Corporate 2.11 15% 69% Deposits Retail 11.22 SME 0.86 Cyprus Dec 19 Dec 20 Sep 21 Dec 21 Mar 22 Mar 22 Other EU Russia/Belarus/Ukr
Slide 23: NPE ratio reduced to 6.5%; Coverage maintained at 60%
NPE ratio reduced to 6.5%; Coverage maintained at 60% 1.4 NPE reduced to €0.7 bn in 1Q2022 Residual NPEs comprises mainly Retail 1.2 (€ bn) • Helix 3 (€0.6 bn) & Sinope (c.€12 mn) 1.0 3.1 0.8 0.7 1 Re-performing NPEs -46% 0.6 0.1 Retail 1.3 1.2 0.4 0.3 SME 0.7 1.2 0.2 0.1 Corporate 0.6 0.5 0.3 0.2 0
Slide 24: €96 mn net organic NPE reduction in 1Q2022
€96 mn net organic NPE reduction in 1Q2022 Net organic -59 -112 -131 -98 -96 outflows (€ mn) Inflows (€ mn) 16 17 14 New inflows 8 11 • €103 mn organic NPE outflows in 1Q2022, 13 6 Redefaults 7 1 7 leading to €96 mn net organic NPE reduction, 4 5 Unlikely to pay 4 3 2 7 broadly flat qoq 1 2 1 1 1Q20
Slide 25: 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) 12,261 10,856 10,964 10,389 Mar 22 Stage 1 6,870 Dec 20 Dec 21 Mar 22 Pro forma 1,902 for HFS 7,529 7,753 75% 95 7,753 76 792 734 Stage 1 1.4% 1.1% 1.1% 1.1%
Slide 26: Cost of risk of 44 bps for 1Q2022
Cost of risk of 44 bps for 1Q2022 1.18% 1.12% Bank’s IFRS 9 Macroeconomic assumptions 0.43% 0.57% 0.66% Base line GDP rate Unemployment rate 0.29% 0.44% 0.75% 4Q2021 1Q2022 4Q2021 1Q2022 0.61% 0.37% 2022 4% 2% 6% 7% (0.04%) FY2019 FY2020 FY2021 1Q2021 1Q2022 2023 3% 3% 6% 6% bps 66 52 78 35 44 140 3
Slide 27: REMU: asset disposal recovered to pre-pandemic levels
REMU: asset disposal recovered to pre-pandemic levels REMU stock reduced to €1.17 bn as at 31 Mar 2022 Properties sold exceed properties acquired since 2017 Group BV (€ mn) #1,951 #3,388 #2,860 #2,780 Group BV (€ mn) 1,800 1,653 1,332 (1,418) 1,473 1,438 (178) 1,174 1,215 1,174 1,200 1 Jan 2017 Addi
Slide 28: Medium-term strategic targets
Medium-term strategic targets 28
Slide 29: ESG strategy - Lead the transition to a Sustainable Future
ESG strategy - Lead the transition to a Sustainable Future Robust Infrastructure • Set-up of dedicated Executive Committee to oversee ESG agenda • Formulation of dedicated workgroups to ensure delivery • Launch of ESG Targets • Improvement of MSCI ESG rating: AA rating assigned to BOCH Carbon neutra
Slide 30: Increased focus on value creation, with medium term targets
Increased focus on value creation, with medium term targets 1Q2022 2023 2025 Progress Mid-single digit Return on • Uplift in ROTE each year starting in 2023 5.5% On trajectory to Tangible Equity >10% • Currently expect to achieve a ROTE >10% from 6.7% (recurring) consider dividend (ROTE)1 2024, a ye
Slide 31: Key Information and Contact Details
Key Information and Contact Details Contacts Credit Ratings Standard & Poor’s Global Ratings: Investor Relations & ESG Long-term Issuer Credit Rating: Affirmed at "B+" on 7 February 2022 (positive outlook) Tel: +35722122239, Email: investors@bankofcyprus.com Short-term Issuer Credit Rating: Affirmed
Slide 32: Appendix: Macroeconomic overview
APPENDIX Macroeconomic overview 32
Slide 33: Consumption and business activity impacted by geopolitical crisis
Consumption and business activity impacted by geopolitical crisis Economic Sentiment Indicator: Confidence impacted by geopolitical Retail sales decreased in 1Q2022 crisis Retail trade volume % change -3m average 108.8 52.5 111.0 109.7 50.0 30.0 98.5 7.1 9.6 78.1 81.2 10.0 -10.0 6.4 -1.0 -30.0 -26.6
Slide 34: 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 7.1% increase in GDP for 2022-2026 €1.2 bn €1.1 bn from EU mechanism additional funds mobilised in Cyprus 2.5% increase in employme
Slide 35: 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 6.1% 1.1 Resilient and effective health system and enhanced civil protection 74.1 6.1% 2
Slide 36: Appendix: Additional asset quality slides
APPENDIX Additional asset quality slides 36
Slide 37: Strong performance of moratorium portfolio continues >15 months after deferral expiry
Strong performance of moratorium portfolio continues >15 months after deferral expiry Tourism: €1.17 bn 31 Dec 2021 31 Mar 2022 % of Hotels & Catering € bn € bn portfolio 4% 16% Food services 0.06 0.06 5% Accommodation 1.09 1.11 95% €4.49bn 96% no arrears Total 1.15 1.17 80% Unutilised Liquidity1 0.
Slide 38: 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 €9.75 bn € bn Housing Other Private individuals Private individuals- Business LTV2 housing other €5.43 bn Private 3.64 0.68 4.32 €3.64 bn €0.68 bn Individuals <80% 88% 36% 70% Hotels &
Slide 39: Continuous progress on NPE reduction across all segments
Continuous progress on NPE reduction across all segments Focus shifts to Retail Corporate Mar 2022 Pro forma € mn Dec 21 281 Exits (32) Mar 22 249 NPE ratio 4.8% 675 HFS (20) Pro forma NPE coverage 85% 229 for HFS NPE total coverage 124% Corporate 193 €229 mn SME Mar 2022 Pro forma Dec 21 113 Termin
Slide 40: Gross loans and NPEs by Customer Type
Gross loans and NPEs by Customer Type Gross loans by customer type (€ mn) 12,261 1,667 10,864 10,856 10,964 10,389 1,293 1,240 1,246 994 4,073 3,698 3,741 3,758 3,480 1,765 1,222 1,198 1,188 1,163 2,126 2,186 2,196 2,257 2,247 2,630 2,465 2,481 2,515 2,505 Dec 20 Sep 21 Dec 21 Mar 22 Mar 22 pro form
Slide 41: 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 Corporate €172 mn Global Corporate: €57 mn SME €81 mn Retail-Housing €262mn Retail-Other €103 mn Total €675 mn 187% 175% 179% 59% 64% 64% 136% 137% 134% 133%
Slide 42: Asset quality - NPE analysis
Asset quality- NPE analysis (€ mn) Mar-22 Dec-21 Sep-21 Jun-21 Mar-21 Dec-20 Dec-19 A. Gross Loans after Residual Fair value 10,815 10,678 10,683 10,708 12,055 12,031 12,551 adjustment on initial recognition Residual Fair value adjustment on initial recognition 149 178 181 185 226 230 271 B. Gross L
Slide 43: Analysis of gross loans and NPE ratio by Economic activity
Analysis of gross loans and NPE ratio by Economic activity Dec 19 Dec 20 Dec 21 Mar 22 Mar 22 pro forma for HFS Gross loans by economic activity (€ bn) % of total 9% 4% 11% 6% 11% 46% 7% 6% 6.02 5.83 5.06 5.06 4.67 1.36 1.30 1.29 1.27 1.20 1.19 1.18 1.18 1.18 1.18 1.17 1.08 1.04 1.02 1.00 0.96 0.89
Slide 44: 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: Non-legacy1 vs Legacy Interest Income on Loans: Non-legacy1 vs Legacy € bn € mn 15.62 36% 5.64 10.73 10.36 83 82 10.06 10.23 9.98 77 79 77 1.79 0.66 0.43 4% 16 73 1.36 0.68 17 10 10 9 5 64% 9.98 9.38 9.57 9.55 96% 8.94 9.00
Slide 45: Risk adjusted yield will rise as Legacy book reduces
Risk adjusted yield will rise as Legacy book reduces Non- Legacy Group Legacy 1Q2022 1Q2022 1Q2022 Interest Income on loans • Non-Legacy Book is expected to grow and to 68 9 77 increasingly drive Group results (€ mn) (pre FTP) Loan credit losses (€ mn) (2) (10) (12) • Legacy book revenues predominan
Slide 46: Rescheduled Loans
Rescheduled Loans Rescheduled loans-Asset Quality Rescheduled loans by customer type (€ bn) 31 Mar 2022 € ‘000 2.73 Stage 1 - 0.97 2.09 Stage 2 824,687 1.68 1.64 Stage 3 542,080 0.81 0.44 0.43 0.39 POCI 57,387 0.53 0.36 0.17 0.16 0.17 0.15 0.41 FVPL 211,336 0.34 0.51 0.52 0.15 0.45 0.40 0.42 Total 1
Slide 47: REMU - the engine for dealing with foreclosed assets
REMU- the engine for dealing with foreclosed assets €1.64 bn sales of 3,367 properties across all property classes since set-up Evolution of properties managed by REMU Sales € mn (contract prices1) # 99 # 331 # 575 # 5792 # 492 # 1,1302 # 161 1,215 8 (44) 1,174 1,174 Sales €1.64 bn (5) 70 79 255 505
Slide 48: 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 Cumulative sales by property type; 38% of sales relate to land BV € mn Sales contract price 6% Legacy 2016 2017 2018 2019 2020 2021-22 10% Land 38% Commercial 168 448 208 149 104 77
Slide 49: Appendix: Additional financial information
APPENDIX Additional financial information 49
Slide 50: Consolidated Balance Sheet
Consolidated Balance Sheet % % Assets (€ mn) 31.03.2022 31.12.2021 change Liability and Equity (€ mn) 31.03.2022 31.12.2021 change Cash and balances with Central Banks 9,330 9,231 1% Deposits by banks 533 457 17% Loans and advances to banks 313 292 7% Funding from Central Bank 2,962 2,970 0% Debt se
Slide 51: Risk Weighted Assets – Regulatory Capital
Risk Weighted Assets– Regulatory Capital Risk Weighted Assets by Geography (€ mn) Reconciliation of Group Equity to CET1 31.03.22 € mn 31.03.22 31.12.19 31.12.20 31.12.21 31.03.22 Pro forma for HFS Total equity 2,091 Cyprus 12,678 11,477 10,595 10,473 10,128 Less: Intangibles (28) United Kingdom 48
Slide 52: Pro forma for HFS, RWA intensity reduced to 41%
Pro forma for HFS, RWA intensity reduced to 41% RWAs reduced to €10,214 mn as at 31 March 2022 pro forma for HFS Mar 22 RWAs Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Mar 22 Pro forma for HFS € bn 19,666 18,865 17,260 15,373 12,890 11,636 10,694 10,559 10,214 RWA intensity decreased to 41% pr
Slide 53: SREP requirements
SREP requirements SREP requirements for 2021 and 2022 CET1 ratio Total capital ratio 15.01% 14.50% 1.25% 10.08% O-SII 1.00% 9.69% 2.50% 1.25% O-SII 1.00% CCB 1 2.50% 2.50% 3.26% CCB1 2.50% Pillar 2R 3.00% Pillar 2R 1.69% 1.83% Tier 2 2.00% 2.00% AT1 1.50% 1.50% Total 4.50% Pillar 1 Pillar 1 4.50% 4.
Slide 54: Buffer to MDA Restrictions Level & Distributable Items
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 issued by the Company and the Bank 14.6%3 453 bps • Significant CET1 MDA buffer as at 31 Mar 2022: 453bps (€478
Slide 55: Cypriot business
Cypriot business Loan market share up 3 p.p. qoq Strong market shares in resident and non-resident deposits Loans Deposits Residents Non-residents 45.4% 38.3% 41.1% 41.9% 41.9% 37.3% 37.1% 38.8% 35.8% 35.4% 35.2% 34.8% 36.0% 35.8% 35.3% 36.0% 35.1% 35.0% 34.8% 34.9% 34.9% 32.8% 33.0% 31.5% 1 Dec 17
Slide 56: Income Statement bridge for 1Q2022
Income Statement bridge1 for 1Q2022 Underlying Statutory € mn NPE sales Other basis Basis Net interest income 71 - - 71 Net fee and commission income 44 - - 44 Net foreign exchange gains and net gains/(losses) on financial instrument transactions and disposal/dissolution of 6 - (2) 4 subsidiaries In
Slide 57: Income Statement
Income Statement € mn 1Q2022 4Q2021 qoq% Net Interest Income 71 73 -2% Net fee and commission income 44 44 0% Net foreign exchange gains/(losses) on financial instrument transactions and disposal/dissolution of subsidiaries and associates 6 10 -47% Insurance income net of claims and commissions 16 1
Slide 58: Analysis of Interest Income and Interest Expense
Analysis of Interest Income and Interest Expense Analysis of Interest Income (€ mn) 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 Loans and advances to customers 83 82 77 79 77 Loans and advances to banks and central banks 3 7 10 11 9 Investment at amortised costs 2 2 2 2 2 Investments FVOCI 3 3 3 3 3 91 94 92
Slide 59: Income Statement by business line for 1Q2022
Income Statement by business line for 1Q2022 Consumer SME Corporate Global International Wealth & € mn RRD REMU Insurance Treasury Other Total Banking Banking Banking corporate Banking Markets Net interest income/(expense) 21 7 14 15 2 - 9 (4) - 6 1 71 Net fee & commission income/(expense) 14 3 4 2
Slide 60: Income statement for insurance businesses for 1Q2022
Income statement for insurance businesses for 1Q2022 € mn 1Q2022 € mn 1Q2022 Gross written premiums (GWPs) 13.6 Gross written premiums (GWPs) 37.4 Reinsurance premium (5.8) Reinsurance premium (7.9) Change in provision for unearned premiums (0.4) Commissions from reinsurers and other insurance incom
Slide 61: Analysis of Deposits
Analysis of Deposits Deposits by Currency (€ bn) Mar 22 17.53 17.66 16.69 16.53 0.32 0.09 0.29 0.10 0.31 0.11 1.39 1.29 1.20 0.29 0.11 1.37 8% 2% Other Currencies 0% 15.01 14.93 15.74 15.86 GBP USD 90% EUR Dec 19 Dec 20 Dec 21 Mar 22 Deposits by Type (€ bn) 16.69 17.53 17.66 16.53 7.59 9.22 9.32 33%
Slide 62: Organisational resilience & ESG agenda: driving the transition to a sustainable future
Organisational resilience & ESG agenda: driving the transition to a sustainable future Driving improvements in social and governance pillars and increasing focus on the environmental pillar, by transforming not only its operations but also its client chain BOC Oncology centre • Initiation of decarbo
Slide 63: Appendix: Glossary & Definitions
APPENDIX Glossary & Definitions 63
Slide 64: 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 65: Glossary & Definitions
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 Digitally engaged customers ratio banking app, browser and ATMs) to perform
Slide 66: 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 sens
Slide 67: 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 68: 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 Relates to all business lines e
Slide 69: Glossary & Definitions
Glossary & Definitions Risk adjusted yield Interest Income on Loans net of allowance for expected loan credit losses/Net Loans. RRD Restructuring and Recoveries Division. RWAs Risk Weighted Assets. RWA Intensity Risk Weighted Assets over Total Assets. Special levy on deposits and other Relates to th
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