Bank of Cyprus Holdings PLC · CSECY:BOCH
Bank of Cyprus — Q1 2016 Earnings Presentation
60 slides from Bank of Cyprus's earnings presentation, May 31, 2016
Slide 1: Group Financial Results for the first quarter ended 31 March 2016
Bank of Cyprus Group Group Financial Results for the first quarter ended 31 March 2016 31 May 2016 * The Group Financial Results have been reviewed by the Group‟s external auditors
Slide 2: 1Q2016 Financial Results – Highlights
1Q2016 Financial Results – Highlights • Problem loans (90+ DPD)1 down by €1,0 bn (or 9%) qoq and by €2,5 bn (or 20%) yoy Reduction in • 90+ DPD ratio down by 3 percentage points to 47% and provisioning coverage ratio improved to 49% Problem Loans • Loan restructurings of €1,5 bn during 1Q2016, up by
Slide 3: Significant Reduction in Problem loans
Significant Reduction in Problem loans 90+ DPD fell by €1,0 bn in 1Q2016 NPEs fell by €0,64 bn in 1Q2016 90+ DPD (€ bn) 90+ DPD ratio NPEs with forbearance measures, no impairments, no arrears Quarterly 90+ DPD change (%) NPEs (€ bn) Quarterly NPEs change (%) Forborne NPEs with no impairments or NPE
Slide 4: 90+ DPD Reduction mainly due to Corporate Loans
90+ DPD Reduction mainly due to Corporate Loans Group 90+ DPD by Customer type (€ bn) 90+ DPD inflows – Cyprus operations (€ bn) Corporate SMEs Retail other Retail housing 90+ DPD inflows 12,65 12,79 12,65 0,68 Average quarterly inflows 12,00 1,21 11,33 1,17 1,24 0,60 1,08 10,29 1,22 1,26 1,18 1,10
Slide 5: Improved Provisioning Coverage Levels
Improved Provisioning Coverage Levels Cost of risk1 Accumulated provisions Cost of Risk - Cyprus Cost of Risk - Group Accumulated provisions (€ bn) Provisions % Gross loans 4,3% 24,1% 23,2% 21,6% 22,2% 22,5% 21,6% 3,6% 19,3% 20,0% 4,0% 2,1% 2,2% 2,1% 2,4% 1,7% 1,6% 1,5% 1,1% 4,9 4,9 5,1 5,4 5,4 4,9
Slide 6: 90+ DPD Fully Covered by Provisions & Tangible collateral
90+ DPD Fully Covered by Provisions & Tangible collateral Analysis of 90+ DPD coverage for Cyprus operations Mar -15 Jun -15 Sep -15 Dec -15 Mar - 16 • For Cyprus operations, 90+ DPD 110% 109% 111% 115% 114% provision coverage increased to 47% at 31 March 2016, 70% 72% 69% 67% 71% compared to 46% at
Slide 7: Restructuring Momentum Remains Strong
Restructuring Momentum Remains Strong Restructuring Activity by quarter (€ bn) Corporate SMEs Retail Total restructurings Average restructurings 117% 11% 1,50 1,35 0,95 0,73 0,82 0,69 0,56 0,73 0,44 0,38 0,32 0,33 0,34 0,35 0,20 0,24 0,29 0,17 0,15 0,19 0,19 0,07 0,07 0,09 0,11 4Q2014 1Q2015 2Q2015
Slide 8: Sustainable Improvements Across the RRD book
Sustainable Improvements Across the RRD book Bespoke tactical plans are in place for each segment within RRD, delivering asset quality improvements across the book… Business unit summary Key management actions Progress Good progress • c. 94 experienced restructuring officers Major • 23 connections •
Slide 9: Progress on top 20 Group Exposures
Progress on top 20 Group Exposures Top 20 group exposures as at 30 September 2014 and their progress since then 1 Total Exposure (€ bn) Loans other than 90+ DPD (€ bn) 90+ DPD (€ bn) NPEs over Total Exposure 90+ DPD over Total Exposure Top 20 group exposures (as at 30 Restructured loans over Total
Slide 10: €1,0 bn Reduction of ELA during 2016
€1,0 bn Reduction of ELA during 2016 Rapid reduction of ELA Plans to fully eliminate ELA 34% • Deposit Growth 32% 31% 31% 31% • Wholesale and interbank market access 28% 28% 11,40 11,11 26% • Maturity of non-core bonds 9,86 23% 9,56 9,51 8,78 • Retention of cash profits from operations 20% 7,68 7,40
Slide 11: Improving Funding Structure
Improving Funding Structure Growing customer deposit base (€ bn ) Improving funding structure 1 Customer deposits to Total Assets Cyprus UK Other countries Loans to deposits ratio (net) 2 EU average Loans to deposits ratio 14,18 14,13 148% 13,80 13,61 13,63 13,61 141% 138% 13,33 0,01 136% 132% 13,17
Slide 12: Strong and Improving CET1 ratio
Strong and Improving CET1 ratio Evolution for CET11 ratio during 1Q2016 Pillar II capital requirement • CET1 ratio at 14,3% 0,7% (0,3%) (0,1%) 0,2% (0,2%) 14,3% 14,0% (0,8%) • Post 31 March 2016 the Bank sold 13,5% Kermia Hotels Ltd3. This is expected P&L impact of 0,3% to have a 0,1 p.p. positive i
Slide 13: Capital Position Compares well with Peers
Capital Position Compares well with Peers „Clean‟ Fully Loaded CET1 ratio1 (December–20152) 'Clean' Fully Loaded CET1 ratio (LHS) Average 'Clean' Fully Loaded CET1 ratio • “Clean” Fully loaded RWA % Total Assets (RHS) Average (RWA % Total Assets) CET1 ratio at 13,5%, 25% 90% higher than average BOC
Slide 14: Income Statement Review
Income Statement Review € mn 1Q2016 4Q2015 qoq % 1Q20152 yoy % Key Highlights 1Q2016 Total income 244 253 -4% 274 -11% Total expenses (99) (119) -17% (102) -3% Profit before provisions and impairments1 145 134 9% 172 -15% • A solid start to 2016 with a Provisions for impairment of customer loans net
Slide 15: A Solid Start to 2016
A Solid Start to 2016 Group Income Statement Highlights (€ mn) 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 274 261 251 253 244 172 169 149 134 145 50 29 31 13 -62 -102 -92 -102 -119 -99 -110 -123 -96 -630 -512 Total Income Total Expenses Profit before impairments1 Provisions for impairment of Profit/(loss) a
Slide 16: Maintaining NIM and Customer Spread in a Competitive Market
Maintaining NIM and Customer Spread in a Competitive Market Net Interest Income and Net Interest Margin Interest income from Republic of Cyprus bond (€ mn) • Net Interest Income (NII) at €185 mn, compared to € bn Net interest income (€ mn) €198 mn for 4Q2015; The decrease is primarily due to Interes
Slide 17: Stable Non-interest Income
Stable Non-interest Income Analysis of Non Interest Income (€ mn) – Quarterly Net fee and commission income Insurance income net of insurance claims Other 1 % 14% 15% 15% Net fee and commission 16% 14% income % Total income 47 49 46 55 59 x 1 9 11 54 4 54 Non interest income (€ 16 50 9 45 12 48 14 m
Slide 18: Costs under control
Costs under control Total expenses (€ mn) Staff costs Operating expenses • Total expenses in line with previous quarters • Staff costs in line with previous quarters 115 119 103 102 92 102 99 • Operating expenses for 4Q2015 were elevated due to higher non-recurring advisory and professional 57 62 44
Slide 19: Core Profitability Residing in the Cyprus Operations
Core Profitability Residing in the Cyprus Operations 1Q2016 Cyprus Vs Group performance (€ mn) 93% 92% 90% 93% 102% % 244 % contribution of 224 173 185 Cyprus operations 135 145 68 67 Cyprus operations 12 20 -89 -99 10 Rest of operations -10 -1 Net interest income Total income Total expenses Profit
Slide 20: Significant Progress made on Group KPIs
Significant Progress made on Group KPIs A clear plan of action to achieve Medium Term Targets Medium Key Pillars & Plan of action Key performance Dec- Mar- Category Term indicators 2015 2016 Targets • Intensify restructuring and workout activities of delinquent 1. Significantly borrowers reduce • In
Slide 21: Key Takeaways
Key Takeaways Cypriot economy recovering well; BOC franchise remains strong ELA significantly down; Now at €2,8 bn; Intention to fully repay as soon as possible Improving funding structure; Loans to Deposits ratio (L/D) at 119% and customer deposits accounting for 62% of total assets CET1 ra
Slide 22: Key Information and Contact Details
Key Information and Contact Details Credit Ratings: Fitch Ratings: Long-term Issuer Default Rating: upgraded to “B-" on 25 April 2016 (stable outlook) Short-term Issuer Default Rating: upgraded to “B" on 25 April 2016 Viability Rating: upgraded to “b-” on 25 April 2016 Moody‟s Investors Service: Bas
Slide 23: Appendix – Macroeconomic overview
Appendix – Macroeconomic overview 23
Slide 24: Macroeconomic Overview: Cyprus economy surpassing expectations
Macroeconomic Overview: Cyprus economy surpassing expectations Economic growth gaining momentum GDP Growth* (yoy) 2,8% 2,7% 2,3% 2010 2011 2012 2013 2014 2015 2016E 2017E 1,2% 1,2% 2,5% 0,1% 2,2% -0,4% 1,3% 1,6% -0,8% -1,2% 0,3% -1,8% -1,8% -2,1% -2,3% -2,4% (2,4%) (2,7%) -3,2% -3,7% -4,7% (6,0%) -5
Slide 25: Macroeconomic Overview – Economic growth gaining momentum
Macroeconomic Overview – Economic growth gaining momentum Indicators of private consumption Unemployment will ease gradually (annual percentage change) 70,0% 76,0% 60,0% 74,0% 16,2% 15,9% 50,0% 72,0% 15,0% 14,5% 13,2% 40,0% 70,0% 11,9% 11,9% 10,6% 30,0% 68,0% 1,2% 1,5% 9,6% 7,9% 0,6% 0,6% 1,5% 20,0%
Slide 26: Macroeconomic Overview – Key economic sectors performing well
Macroeconomic Overview – Key economic sectors performing well Construction growth % qoq Tourist Arrivals and Receipts: yoy % changes Construction growth % qoq 32,4% 20,0% Arrivals Receipts 10,0% 0,0% 14,4% 12,5% 10,1% 8,9% -10,0% 8,7% 8,0% -20,0% 3,8% 3,0% 5,0% 1,5% 1,5% -30,0% -40,0% -2,4% -2,8% Q1
Slide 27: Macroeconomic Overview – Improving fiscal conditions
Macroeconomic Overview – Improving fiscal conditions Total Government revenue vs expenditure (% of GDP) Prudent fiscal policy delivers strong results (% of GDP) 108% 109% Total revenue Total expenditure 120% 103% 99% 95% 13% 100% 79% 44,0% 80% 66% 42,2% 42,5% 56% 8% 41,9% 60% 42,0% 41,4% 40% 3% 3% 3
Slide 28: Appendix – Additional financial information
Appendix – Additional financial information 28
Slide 29: Consolidated Balance Sheet
Consolidated Balance Sheet € mn % 31.03.16 31.12.15 € mn % 31.03.16 31.12.15 change change Cash and balances with Deposits by banks 29% 313 242 -20% 1.141 1.423 Central Banks Funding from central banks -15% 3.803 4.453 Loans and advances to -3% 1.273 1.314 banks Repurchase agreements -8% 339 368 Cus
Slide 30: Income Statement Review
Income Statement Review € mn 1Q2016 4Q2015 qoq % 1Q20153 yoy % Net interest income 185 198 -7% 227 -19% Fees and commission income 36 38 -6% 43 -17% Insurance income net of insurance claims 14 16 -16% 12 14% Core income 235 252 -7% 282 -17% Other income 9 1 - (8) - Total income 244 253 -4% 274 -11%
Slide 31: Analysis of Operating Expenses
Analysis of Operating Expenses € mn 1Q2016 4Q2015 3Q2015 2Q2015 1Q2015 Operating lease rentals for property and equipment 2 2 3 3 2 Advertising, marketing and communication expenses 5 8 8 2 5 Property related costs 10 16 10 7 8 Insurance expenses 3 4 4 4 3 Depreciation and amortisation 4 5 5 5 5 Spe
Slide 32: Income Statement bridge for 1Q2016
Income Statement bridge for 1Q2016 Per financial € mn Per presentation Reclassification statements Net interest income 185 185 Net fee and commission income 36 36 Net foreign exchange gains/(losses) and net gains/(losses) on other financial instruments 6 6 Insurance income net of insurance claims 14
Slide 33: Cyprus Income Statement
Cyprus Income Statement € mn 1Q2016 4Q2015 3Q2015 2Q2015 1Q2015 Net interest income 173 186 192 200 211 Net fee & commission income 34 36 34 34 42 Insurance income net of insurance claims 13 16 11 8 12 Core income 220 238 237 242 265 Other income/(expenses) 4 13 16 8 (2) Total income 224 251 253 250
Slide 34: Cyprus: Income Statement by business line for 1Q2016
Cyprus: Income Statement by business line for 1Q2016 Wealth & SME Corporat Internationa Brokerage Consume Total € mn Bankin e l Banking & Asset RRD REMU Insurance Other r Banking Cyprus g Banking Manageme nt Net interest income 63 16 19 16 2 62 (2) - (3) 173 Net fee & commission income 11 2 2 12 1 3
Slide 35: Summary Income Statement by Geography
Summary Income Statement by Geography € mn UK OTHER2 1Q2016 1Q2015 1Q2016 1Q2015 Net interest income 8 8 5 13 Net fee & commission income 1 1 0 2 Insurance income net of insurance claims 0 0 0 0 Other income /(expenses) - - 7 (4) Total income 9 9 12 11 Staff costs (3) (4) (1) (6) Other operating exp
Slide 36: Risk Weighted Assets – Regulatory Capital
Risk Weighted Assets – Regulatory Capital Risk weighted assets by Geography (€ mn) Equity and Regulatory Capital (€ mn) 31.03.15 30.06.15 30.09.15 31.12.15 31.03.16 31.03.15 30.06.15 30.09.15 31.12.15 31.03.16 Cyprus 20.473 19.607 19.473 18.438 18.276 Russia Shareholders‟ equity 3.502 3.506 3.518 3.
Slide 37: BOC- Main performance indicators
BOC- Main performance indicators 31 March 2016 Ratios Group 1Q2016 ROAA (annualised) 0,9% ROTE (annualised) 6,7% Performance Net Interest Margin 3,63% Cost to income ratio 40% Loans to deposits 119% 90+ DPD/ 90+ DPD ratio €10.289 mn (47,1%) 90+ DPD coverage 49% Asset Quality Cost of risk (annualised
Slide 38: UK operations
UK operations • BoC UK has a branch in North London and business centres in Central London, South London and Birmingham. • Focuses on meeting the needs of entrepreneurs and owner-managed businesses and is primarily funded by retail deposits. • Intends to grow its lending business to take advantage o
Slide 39: Reduction in Overseas Non-Core Exposures
Reduction in Overseas Non-Core Exposures Overseas non-core exposures (€ mn) The non-core overseas exposures at 31 March 2016 were as follows: 33% 1.365 Greece: The net exposure comprised: (a) Net on-balance sheet exposures (excluding 1.233 166 foreclosed properties) totalling €16 mn; 627 155 1.105 (
Slide 40: Funding Structure
Funding Structure Analysis of Liabilities and Equity (€ bn) Total equity Other liabilities ELA ECB funding Customer deposits 30,4 29,4 28,6 27,5 26,8 26,7 25,4 24,2 23,3 22,7 15,0 14,1 13,8 13,3 13,2 13,6 13,6 13,6 14,2 14,1 1,4 1,4 1,4 0,9 0,9 0,8 0,5 7,7 0,5 9,6 9,5 8,8 7,4 6,9 5,9 0,7 0,5 4,9 3,8
Slide 41: Analysis of Deposits by Geography and by Type
Analysis of Deposits by Geography and by Type Deposits by geography 31 March 2016 (%) 1 Total Cyprus non-IBU Cyprus IBU1 UK Other countries 2 Cyprus - non IBU Cyprus - IBU UK Other countries 2 (€ bn) 14,97 14,13 13,80 13,61 13,63 13,61 14,18 1,02 13,33 13,17 0,01 1,24 0,87 0,61 0,61 1,49 1,43 1,25 0
Slide 42: Analysis of Deposits by sector for Cyprus operations
Analysis of Deposits by sector for Cyprus operations Deposits by sector as per CBC classification for Cyprus operations 31 March 2016 (%) Total Market Shares Households Non financial corporations Other financial corporations General Governments (€ bn) General Governments Other financial corporations
Slide 43: Market Shares and Customer flows in Cyprus
Market Shares and Customer flows in Cyprus Market share evolution in Cyprus Cumulative Customer flows2 (€ mn) Deposits Loans 1.200 900 600 40,5% 300 0 40,4% 40,1% 40,0% 40,0% 39,5% 39,3% 39,1% 38,8% -300 38,5% 38,1% 37,9% 37,7% -600 -900 -1.200 -1.500 -1.800 28,2% 28,2% 28,2% 27,9% 27,5% 27,9% 26,5%
Slide 44: Gross loans by Geography and by Customer Type
Gross loans by Geography and by Customer Type Gross loans by geography 31 March 2016 (%) 1 Total Cyprus UK Other countries (€ bn) 3,1% 5,4% 24,74 23,77 24,09 23,93 22,86 22,59 21,85 Other 1 1,11 1,91 0,91 1,66 1,03 1,74 1,13 1,61 1,14 0,75 0,72 countries 1,21 1,17 0,70 UK 21,72 21,20 21,32 21,19 20,
Slide 45: NPEs by Geography and by Customer Type
NPEs by Geography and by Customer Type NPEs by geography 31 March 2016 (%) 1 Total Cyprus UK Other countries (€ bn) 14,96 15,17 14,81 14,22 13,97 1,20 13,33 0,11 1,10 0,11 0,10 1,12 0,08 0,65 0,07 0,64 0,06 0,63 4,7% Other countries 1 0,4% UK 13,75 13,86 13,59 13,49 13,26 12,64 Cyprus 94,9 % Dec-14
Slide 46: Asset Quality- 90+ DPD analysis
Asset Quality- 90+ DPD analysis (€ mn) Mar-16 Dec-15 Sept-15 Jun-15 Mar-15 A. Gross Loans after Fair value on Initial recognition 20.719 21.385 21.597 22.575 22.540 Fair value on Initial recognition 1.130 1.207 1.266 1.351 1.545 B. Gross Loans 21.849 22.592 22.863 23.926 24.085 B1. Loans with no arr
Slide 47: Asset Quality – NPEs analysis
Asset Quality – NPEs analysis Total Total Cyprus Operations Gross Indexed capped Cumulative Provision Coverage Coverage 31 March 2016 Exposure MV of collateral Provisions coverage (capped MV) (capped MV) 31.03.16 31.12.15 Recoveries 5.095 3.717 2.724 53% 121% 121% NPEs with forbearance measures, no
Slide 48: 90+ DPD by Geography
90+ DPD by Geography 90+ DPD by Geography (€ bn) 90+ DPD ratios by Geography 1 1 Cyprus UK Other countries Cyprus UK Other countries 91% 87% 87% 12,98 12,65 12,79 12,65 1,12 12,00 1,09 1,15 1,08 0,26 0,65 67% 0,11 11,33 66% 0,09 0,09 66% 0,08 0,63 56% 0,07 10,29 54% 54% 54% 54% 53% 51% 0,63 48% 0,06
Slide 49: Analysis 90+ DPD ratios by Business Line
Analysis 90+ DPD ratios by Business Line1 90+ DPD by business line (€ bn) Corporate SMEs Housing Consumer Credit RRD-Major Corporations RRD- Corporates RRD-SMEs RRD-Recoveries corporates RRD-Recoveries SMEs & Retail 12,79 12,65 12,00 11,33 2,72 2,77 2,82 10,29 2,90 2,20 2,95 2,24 2,31 1,12 2,40 1,10
Slide 50: Improved Loan Quality for Top 20 Group Exposures – REMU related activity
Improved Loan Quality for Top 20 Group Exposures – REMU related activity Top 20 group exposures1 as at end of each quarter Gross Loans (€ bn) 90+ DPD € bn 90+DPD ratio Restructured loans ratio of Total Gross Loans Total coverage (Provisions & Collateral over Total Gross Loans) • Top 20 group exposur
Slide 51: RRD - Important Actions Throughout the Organisation
RRD - Important Actions Throughout the Organisation A results focused culture continues to be driven top down throughout the organisation via a number of important actions… • Department „stretch‟ targets, focused on materially outperforming budget for all key asset quality metrics, are set at the ou
Slide 52: 90+ DPD Fully Covered by Provisions & Tangible collateral
90+ DPD Fully Covered by Provisions & Tangible collateral Gross 90+ DPD Accumulated Provision FV of Tangible Total Provision Tangible Total 31 March 2016 Loans provisions coverage collateral collateral Coverage coverage collateral Coverage Cyprus % % % € mn € mn € mn % € mn1 % % operations 31 Dec 15
Slide 53: 90+ DPD Inflows in the Cyprus Operations have been Significantly Reduced
90+ DPD Inflows in the Cyprus Operations have been Significantly Reduced 90+ DPD inflows – Cyprus operations (€ bn) 90+ DPD inflows – Corporate Loans (€ bn) 90+ DPD inflows Average quarterly inflows Corporate 90+ DPD inflows Average quarterly inflows 0,68 0,60 0,36 0,37 0,34 0,29 0,22 0,29 0,20 0,11
Slide 54: Performance of Restructured Loans
Performance of Restructured Loans Total Bank – Cyprus Corporate 1Q2014 2Q2014 3Q2014 4Q2014 100% 98% 88% 1Q2015 2Q2015 3Q2015 4Q2015 91% 87%84% 85% 88% 72% 71% 74% 85% 76% Quarterly average 69% 75% 80% 65% 69% 67% 87% 60% 40% 23% 18% 16% 15% 14% 15% 13% 8% 20% 15% 8%9% 11% 10% 10% 9% 9% 1%5% 9% 6% 9
Slide 55: Analysis of Loans and 90+ DPD ratios by Business Line
Analysis of Loans and 90+ DPD ratios by Business Line1 Gross loans by business line (€ bn) 31.03.15 30.06.15 30.09.15 31.12.15 31.03.16 % of total 19% 8% 17% 6% 7% 13% 6% 10% 13% 4,59 4,53 4,38 4,29 4,15 3,85 3,80 3,75 3,68 3,62 3,36 3,22 2,98 2,83 2,94 2,91 2,91 2,77 2,71 2,76 2,31 2,40 2,24 2,20 2
Slide 56: Analysis of Loans and 90+ DPD ratios by Economic Activity
Analysis of Loans and 90+ DPD ratios by Economic Activity Gross loans by economic activity (€ bn) 31.03.15 30.06.15 30.09.15 31.12.15 31.03.16 % of 10% 4% 7% 18% 15% 33% 8% 5% total 7,92 7,86 7,41 7,33 7,25 4,19 4,14 4,07 4,04 3,92 3,42 3,38 3,32 3,20 3,17 2,50 2,48 2,38 2,36 2,26 2,09 2,07 1,89 1,8
Slide 57: 90+ DPD and Quarterly Change of 90+ DPD
90+ DPD and Quarterly Change of 90+ DPD 90+ DPD (€ bn) and Quarterly change of 90+ DPD (€ mn) Quarterly change of 90+ DPD (€ mn) 13,0 13,0 12,8 13,0 12,8 12,6 12,6 12,7 12,0 90+ DPD (€ bn) 11,3 11,0 10,3 90+ DPD annual change 7,7 6,5 5,0 5,1 5,1 4,4 3,8 4,0 3,5 3,6 2,9 2,3 2,2 2,5 2,0 1,6 3.319 1.97
Slide 58: Rescheduled Loans for the Cyprus Operations
Rescheduled Loans for the Cyprus Operations Rescheduled Loans by customer type (€ bn) Rescheduled Loans (€ bn) Retail housing Retail consumer SMEs Corporate -752 8,4 8,2 8,4 8,3 1.482 7,4 -574 1,7 1,7 1,7 1,7 8.392 8.307 -241 5,7 1,5 - 0,6 0,6 0,6 0,6 0,5 1,3 1,8 1,7 1,7 1,7 1,5 0,4 1,1 3,9 4,3 4,2
Slide 59: Reconciliation of 90+ DPD to NPEs Cyprus Operations
Reconciliation of 90+ DPD to NPES Cyprus Operations (€ bn) (Mar-16) 0,4 12,6 1,8 0,7 0,1 9,6 8,7 0,1 0,8 €3 bn with arrears Impaired -no other IFRS and Total 90+ DPD with forbearance re-forborne within forborne >30+ Contagion effect NPEs >90+DPD arrears reclassification measure<90+ 2 years DPD adj D
Slide 60: Disclaimer
Disclaimer Certain statements, beliefs and opinions in this presentation are forward-looking. Such statements can be generally identified by the use of terms such as “believes”, “expects”, “may”, “will”, “should”, “would”, “could”, “plans”, “anticipates” and comparable terms and the negatives of suc