Bank of Cyprus Holdings PLC · CSECY:BOCH
Bank of Cyprus — 9M 2018 Earnings Presentation
68 slides from Bank of Cyprus's earnings presentation, Nov 26, 2018
Slide 1: Group Financial Results for the nine months ended 30 September 2018
Bank of Cyprus Group Group Financial Results for the nine months ended 30 September 2018 The financial information included in this presentation is neither reviewed nor audited by the Group’s external auditors. This financial information is presented in Euro (€) and all amounts are rounded as indica
Slide 2: 9M2018 – Highlights
9M2018 – Highlights 3Q corporate • Agreement for sale of €2.7 bn Gross NPEs (Project Helix); Awaiting ECB approval, completion expected 1Q2019 actions • Completion of sale of UK subsidiary following receipt of regulatory approvals from the PRA and ECB delivering value for shareholders • Pricing of €
Slide 3: Corporate Actions in 3Q2018 delivering Value for Shareholders
Corporate Actions in 3Q2018 delivering Value for Shareholders Update • Agreement signed for sale of gross loans of €2.81 bn, of which €2.71 bn Gross NPEs (contractual balance of c.€5.72,3 bn) in August Agreement • Consideration of c.€1.4 bn, 24 cents on contractual and 48 cents on GBV for sale of •
Slide 4: Impact of Corporate actions on Key Metrics
Impact of Corporate actions on Key Metrics €10 bn Gross NPE reduction since peak 26 p.p. reduction in NPE ratio since peak Net NPEs (€ bn) Gross NPEs provision coverage LLR(€ bn) 34% 52% 49% -26 p.p. -c.€10 bn 63% 15.0 47% 43% Sale of 7.6 5% 37% BOC UK 5.0 9.9 42% 3.6 2.6 Dec Sep Sep Dec June Sep Se
Slide 5: Group Loan Portfolio and Asset Quality
Group Loan Portfolio and Asset Quality 5
Slide 6: €10 bn NPE reduction since peak
€10 bn NPE reduction since peak 73% reduction of Net NPEs since peak (Dec 14) Group € bn Net NPEs (€ bn) Gross NPE ratio LLR (€ bn) 63% 62% 60.0% 55% Sale of 15.0 14.0 47% 47% €2.6 bn NPEs 50.0% 43% 42% • €2.6 bn NPE sale improves Gross NPE 11.0 37% 40.0% ratio by 10 p.p.5 8.8 30.0% 7.9 7.6 7.6 • UK
Slide 7: c.€0.3 bn NPE outflows in 3Q2018
c.€0.3 bn NPE outflows in 3Q2018, leading to €224 mn organic NPE reduction post Helix Outflows of NPEs on curing and exits (€ bn) Cyprus operations (€bn) Curing of restructured loans DFAs & DFEs Write offs and non contractual write offs Other (Interest / Collections / Change in balances) - 0.04 (0.0
Slide 8: Core NPE risk at €4.0 bn down by 65% since 2015
Core NPE risk at €4.0 bn3 down by 65% since 2015 and 57% covered € bn % of Gross Loans Provision coverage Forborne 14.0 No impairment Exit dates for non core NPEs No arrears1 2.0 €1.0 bn NPEs with no arrears1 NPEs No impairments no arrears No arrears but 0.6 No arrears but Impaired impaired € bn 8.8
Slide 9: Clear strategy for residual NPEs
Clear strategy for residual NPEs Organic reduction of €224 mn on residual portfolio in 3Q2018, in line with target of c.€200 mn reduction per quarter Group NPEs (€ bn) pro forma for Helix2 Non Core NPEs • Expect €1.0 bn to exit NPEs in the forthcoming years (see slide 8) • Monitoring redefaults & qu
Slide 10: ESTIA - Government scheme for NPEs backed by Primary Residence
ESTIA- Government scheme for the resolution of NPEs backed by Primary Residence • Eligible loans to be restructured to lower of contractual and Open Market Value (OMV) (on balance sheet solution) • Government to subsidise 1/3 of instalment, provided certain eligibility criteria1 are met: • Borrowers
Slide 11: Foreclosures becoming an important tool in NPEs resolution
Foreclosures becoming an important tool in NPEs resolution Amendments in Foreclosure law approved in July 2018 strengthened the foreclosure framework via: Clarifying and limiting the reasons for setting aside the foreclosure process through court Enhance auction routes • Introduction of e-auctio
Slide 12: Coverage & Collateral maintained post Helix
Coverage & Collateral maintained post Helix Quarterly CoR at 0.7% NPE total coverage at 118% when collateral included 1 Quarterly Cost of Risk - Group (excluding additional provisions in 2Q17) 1 3 Quarterly Cost of Risk - Group (including additional provisions in 2Q17) Loan loss reserves Tangible Co
Slide 13: REMU sale agreements of €410 mn YTD, including CyREIT disposal
REMU sale agreements of €410 mn YTD, including CyREIT disposal €250 mn organic sales agreed in 9M2018; profit of €32 mn for sold assets of €189 mn Sales contract prices1 (€ mn) Total Sale Agreements • 430 properties sold, representing of €410 mn YTD c.14% of total REMU properties 10 • SPAs signed fo
Slide 14: New lending of €1.5 bn in Cyprus in 9M2018
New lending of €1.5 bn in Cyprus in 9M2018 97% of new lending in Cyprus since 2016 is performing Tourism & Trade core sectors New Lending (Cyprus) Contribution to 1H2018 real growth of GVA in p.p. Consumer SME Corporate Tourism, trade and transport 1.4 Construction 1.0 9M2018 Professional & admin 0.
Slide 15: Capital and Funding Position
Capital and Funding Position 15
Slide 16: Capital Position
Capital Position Total Capital ratio at 16.2%2,4 pro forma3,4 for CET1 ratio at 13.2%2,4,5 pro forma for Helix Helix and AT1 issuance 1.5% Regulatory Organic capital build up 1.5% adjustments of c.40 bps in 3Q2018 16.2% 1.3% 0.5% (0.3%) 0.2% (0.7%) (0.1%) 13.2% 13.2% 0.6% 11.9% (0.2%) 11.9% CET 1 Ex
Slide 17: Significant liquidity surplus of €1.9 bn
Significant liquidity surplus of €1.9 bn1 10% YTD increase in local deposits, more than offsets the 8% YTD reduction in IBU deposits Cyprus deposits €bn Liquidity Minimum 30 Sep Surplus Cyprus non-IBU Cyprus IBU ratio required 2018 16.85 Cyprus deposits by 16.48 passport origin4 15.98 16.11 15.59 NS
Slide 18: Operating Performance
Operating Performance Bank of Cyprus Holdings 8 18
Slide 19: Balance sheet de-risking results in a smaller but safer loan book
Balance sheet de-risking results in a smaller but safer loan book Interest Income on Loans flat qoq at €123 mn after deconsolidation of UK subsidiary and pro forma for Helix Net Loans: Performing vs Legacy Interest Income on Loans: Performing vs Legacy Representation for deconsolidation of UK subsid
Slide 20: Profitability
Risk adjusted yield will rise as Legacy book reduces Performing Legacy Group Of which Of which Of which 9M2018 9M2018 9M2018 included included included w/o UK w/o UK w/o UK in Helix in Helix in Helix • Performing Book is expected to grow and to increasingly drive Interest Income on loans (€ mn) (pre
Slide 21: Drivers of NIM
Drivers of NIM Total Assets (€ bn) AIEA mix (% Total) Effective yield on assets & cost of funding 1 Performing Legacy Performing Legacy Liquids1 Non int-producing Performing Legacy Liquids NIM Liquids 2 Cost of funding 3 Effective yield (bps) AIEA €17.9 bn €18.0 bn €18.2 bn 256 254 247 22.1 21.5 21.
Slide 22: Non interest income of €66 mn in 3Q2018
Non interest income of €66 mn in 3Q2018 Analysis of Non Interest Income (€ mn) – Quarterly 2 Net FX gains/(losses) & Net gains/(losses) on other financial instruments, and other income % Net fee and commission Recurring income income % Total income Gains/(losses) from revaluation and disposal of inv
Slide 23: Total Expenses
Total Expenses Cost to Income Ratio (C/I ratio) Representation for deconsolidation of UK subsidiary Cost to Income ratio excluding special levy on banks and SRF contibution • C/I ratio at 47% for 9M2018 (excl special levy on banks and 46% 47% SRF contribution) after deconsolidation of the UK 39% 40%
Slide 24: Income Statement Review
Income Statement Review 9M2018 9M2017 3Q2018 2Q2018 € mn qoq % yoy% Key Highlights w/o UK w/o UK w/o UK w/o UK Net Interest Income 340 426 113 114 0% -20% • Stable qoq NII at €113 mn Non interest income 246 234 66 74 -12% 5% • Non-Interest Income for 3Q2018 at Total income 586 660 179 188 -5% -11% €
Slide 25: Key Information and Contact Details
Key Information and Contact Details Credit Ratings: Standard & Poor’s Global Ratings: Long-term issuer credit rating: Upgraded to “B+” on 30 August 2018 (stable outlook) Short-term issuer credit rating: Affirmed at “B” on 30 August 2018 Fitch Ratings: Long-term Issuer Default Rating: Affirmed at “B-
Slide 26: Appendix – Macroeconomic overview
Appendix – Macroeconomic overview 26
Slide 27: Cyprus economy recovering strongly
Cyprus economy recovering strongly… GDP growth of 4.1%, 4% and 3.6% yoy in Q1, Q2, & Q3 2018 SA (seasonally Unemployment rate dropped to 9.4% in Q1 & 8.1 in Q2, 2018 (seasonally adjusted) adjusted) 8.0 18.0 16.4 15.8 460 16.0 6.0 4.1 4.0 3.6 14.0 440 4.0 4.8 12.0 10.3 4.2 3.8 420 2.0 10.0 400 8.1 0.
Slide 28: Driven by tourism, professional services and construction activity
… driven by tourism, professional services and construction activity Economic activity has been broadly based with 1 Tourism arrivals (mn) Tourism: % changes y-o-y main drivers tourism and construction Contribution to growth of real GVA 3.7 3.7 Total arrivals (% change) Total receipts (% change) 4,8
Slide 29: Appendix - Helix additional information
Appendix-Helix additional information 29
Slide 30: Impact of Helix on 9M2018 Financial Results
Impact of Helix on 9M2018 Financial Results 30.09.2018 Balance Sheet 30.09.2018 Helix pro forma1 for Helix Liquid Assets 6.2 1.2 7.4 Net Loans 12.2 (1.2) 11.0 A more liquid balance sheet Total Assets 22.1 22.1 • Loan to deposit ratio of 65% from 72% Deposits 16.9 16.9 • Loan/Assets decrease to 50% f
Slide 31: Impact of Helix on 9M2018 Financial Results
Impact of Helix on 9M2018 Financial Results 30.09.2018 Capital Position 30.09.2018 Helix pro forma Pro forma capital strengthened due to corporate actions for Helix1 15.7 (1.3) 14.4 • RWA reduced by €1.3 bn, or 9% RWAs (€ bn) • Risk intensity reduced to 65% from 71% CET 1 (€ bn) 1.9 1.9 • CET 1 upli
Slide 32: Helix key highlights
Helix key highlights 30 September 2018 Assets sold (based on carrying value as at 30 June 2018, before the impact of the Transaction on the 2Q2018 income statement) € bn Receipts € bn Contractual Loans1 5.71 Consideration 1.38 Gross Loans 2.81 of which: of which NPEs 2.70 - Cash 1.03 Provisions Held
Slide 33: Transformational NPE Trade (Helix) Delivers Accelerated Risk Reduction
Transformational NPE Trade (Helix) Delivers Accelerated Risk Reduction First sizeable Corporate and SME secured NPE sale in Cyprus (15% of Cyprus GDP) Helix Portfolio (€ bn ) 2.8 Performing 0.2 Non Core NPEs 0.3 0.1 Core NPEs: Retail Update SMEs 0.6 Corporate • As at 30 Sept 2018 portfolio includes
Slide 34: Helix - Legal structure
Helix- Legal structure Key Steps and Diagram • The transaction intends to follow the below broad key steps: • The portfolio will be transferred by the Bank of Cyprus (Seller) to a licensed Cypriot Credit Acquiring Company (“CyCAC”). • The transfer is expected to take place pursuant to a court sancti
Slide 35: Helix - Conditions Precedent in current draft SPA
Helix- Conditions Precedent in current draft SPA Helix conditions precedent Condition Precedent Description Transfer of the Assets Transfer of the NPL Assets to the CyCAC in accordance with the Scheme of Arrangement (this is the arrangement as per which the NPL Assets will be transferred by the Sell
Slide 36: Appendix – Additional asset quality slides
Appendix – Additional asset quality slides As from 1 January 2018 and following IFRS 9 implementation, the Bank’s disclosure in relation to the loan portfolio quality is based on Non Performing Exposures (NPEs), in line with the EBA standards and ECB NPEs Guidance to the banks. Exposures that meet t
Slide 37: Improved Legislative Framework supporting realisation and disposal of collateral
Improved Legislative Framework1 supporting realisation and disposal of collateral Amendments approved aim to strength the foreclosure framework via: Clarifying and limiting the reasons for setting aside the foreclosure process through court Foreclosure Enhance auction routes Law • Introduction o
Slide 38: Restructuring efforts continue; re-default levels stable
Restructuring efforts continue; re-default levels stable Quarterly evolution of restructuring activity (€ bn) (Cy operations) Restructured loans Write offs & non contractual write offs DFAs 2.2 2.0 0.3 0.4 0.4 0.3 1.1 0.9 0.9 0.2 0.8 0.8 0.2 0.7 1.50 0.2 0.1 0.5 0.1 0.2 0.5 0.2 0.1 1.26 0.2 0.3 0.2
Slide 39: Adequacy of provisions with NPE provision coverage at 52%
Adequacy of provisions with NPE provision coverage at 52% NPE coverage at 52% Quarterly Provisions for impairment of customer loans (€ mn) NPEs provision coverage 52% 52% 60% 49% 51% 48% 48% 42% 50% 40% 41% 40% 592 30% 20% 10% 109 103 64 73 50 58 41 29 0% 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q
Slide 40: Continuous progress across all segments
Continuous progress across all segments Focus shifts to Retail and SME after intense Corporate attention Corporate Sep 2018 Sep 2018 pro forma 4.51 For Helix NPEs (Cy) €4.83 bn Dec 16 Inflows 0.14 0.30 Exits (1.27) Dec 17 1 3.68 NPE ratio 43% 24% IFRS 9 adjustments (0.23) Corporate €1.17 bn Inflows
Slide 41: Gross loans & NPEs by Customer Type
Gross loans & NPEs by Customer Type Gross loans by customer type Total 20.13 19.25 18.75 18.59 18.31 2.09 2.06 16.20 13.45 2.06 2.01 1.96 4.22 4.12 1.93 4.17 4.27 4.22 4.35 4.05 1.82 4.03 3.51 3.66 3.53 3.22 4.04 2.45 9.47 9.04 9.01 8.65 8.60 7.00 5.14 1 Dec-16 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Sep
Slide 42: NPE provision coverage and Total coverage by segment (Cy)
NPE provision coverage and Total coverage by segment (Cy) Coverage and collateral maintained post Helix Cyprus operations 1 Pro forma NPEs Loan loss reserves Tangible Collateral Corporate €1.3bn SME €1.2 bn €1.5 bn Retail-Other €1.0 bn Total Cyprus €5.0 bn Retail-Housing 127% 127% 123% 123% 123% 122
Slide 43: Asset Quality - NPEs analysis
Asset Quality- NPEs analysis (€ mn) Sep-18 Jun-18 Mar-18 Dec-17 A. Gross Loans after Fair value on Initial recognition 15,721 17,798 18,020 18,087 Fair value on Initial recognition 480 514 566 668 B. Gross Loans 16,201 18,312 18,586 18,755 B1. Loans with no arrears 8,330 10,097 9,922 9,565 B2. Loans
Slide 44: Analysis of Loans and NPEs ratios by Economic Activity
Analysis of Loans and NPEs ratios by Economic Activity Gross loans by economic activity (€ bn) % of total 30.09.17 31.12.17 31.03.18 30.06.18 30.09.18 12% 4% 8% 12% 11% 40% 8% 5% 6.83 6.82 6.77 6.72 6.50 3.29 3.26 3.24 3.20 2.50 2.34 2.12 2.11 2.04 2.04 2.02 1.98 1.97 1.91 1.77 1.45 1.40 1.39 1.39 1
Slide 45: Rescheduled Loans for the Cyprus Operations
Rescheduled Loans for the Cyprus Operations Rescheduled Loans1 by customer type (€ bn) Retail housing Retail consumer SMEs Corporate 7.4 6.3 1.7 5.9 5.6 5.4 0.6 1.4 1.4 1.3 0.6 1.3 1.7 0.5 0.5 1.3 0.5 1.3 1.3 1.2 3.4 3.0 2.7 2.5 2.4 31.12.16 31.12.17 31.03.18 30.06.18 30.09.18 Rescheduled loans1 % g
Slide 46: Gross loans and provisions by IFRS 9 stage
Gross loans and provisions by IFRS 91 stage Gross Loans Provisions Gross Loans Provisions 30 Sep 2018 30 Sep 2018 30 Sep 2018 30 Sep 2018 pro forma for Helix2 pro forma for Helix2 €bn Stage 1 4,4 0.1 4.4 0.1 Stage 23 4.2 0.2 4.0 0.1 Stage 33 7.6 3.7 5.0 2.2 TOTAL 16.2 4.0 13.4 2.4 (1) The Group’s IF
Slide 47: REMU – stock of properties
REMU – stock of properties REMU focus now on sales (Group) € mn BV (154) 311 (166) (17) (60) 3 1641 1558 Stock as at Additions Sales Transfer to Impairment loss Transfer to non-current Foreign exchange and Stock as at 01 Jan 2018 Investment Properties assets and disposal other movements 30 Sep 2018
Slide 48: REMU – the engine for dealing with foreclosed assets
REMU – the engine for dealing with foreclosed assets Book Value Sales of €154 mn for the 9M2018 (Group) Book Value sales by type (Group) Hotels Commercial Residential Land 110 2018 ytd €154 mn 25 71 25 64 60 56 55 22 48 46 40 154 16 82 28 1 2 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1
Slide 49: Fair value of collateral and credit enhancements held by the Group
Fair value of collateral and credit enhancements held by the Group 30 Sep 2018 Loans and advances to customers (€ mn) Cash 401 Securities 304 Letters of credit / guarantee 231 Property 18,061 Other 759 Surplus collateral (9,023) Net collateral 10,733 49
Slide 50: Appendix – Additional financial information
Appendix – Additional financial information 50
Slide 51: Consolidated Balance Sheet
Consolidated Balance Sheet % % Assets (€ mn) 30.09.18 31.12.17 change Liability and Equity (€ mn) 30.09.18 31.12.17 change Cash and balances with 4,164 3,394 23% Deposits by banks 503 495 2% Central Banks Loans and advances to 618 1,193 -48% Funding from central banks 830 930 -11% banks Debt securit
Slide 52: Consolidated Balance Sheet – ignoring classification of Helix as Held for Sale
Consolidated Balance Sheet – ignoring classification of Helix as Held for Sale % % Assets (€ mn) 30.09.18 31.12.17 change Liability and Equity (€ mn) 30.09.18 31.12.17 change Cash and balances with 4,164 3,394 23% Deposits by banks 503 495 2% Central Banks Loans and advances to 618 1,193 -48% Fundin
Slide 53: Core Cypriot business
Core Cypriot business Market shares1 Strong market shares in resident and non-resident deposits Loans new basis Deposits Residents Non-residents 1 45.4% 38.8% 39.3% 36.8% 37.3% 37.1% 35.8% 35.3% 34.5% 38.6% 37.5% 37.1% 37.5% 37.1% 37.4% 36.7% 35.5% 34.1% 33.2% 36.3% 31.5% 34.1% 35.1% 30.9% 29.5% 29.
Slide 54: Income Statement bridge for 9M2018
Income Statement bridge1 for 9M2018 € mn Underlying basis Reclassification Statutory Basis Net interest income 340 - 340 Net fee and commission income 123 (3) 120 Net foreign exchange gains and net gains on financial instrument transactions and disposal/dissolution of 52 18 70 subsidiaries and assoc
Slide 55: Analysis of Interest Income and Interest Expense
Analysis of Interest Income and Interest Expense Representation for deconsolidation of UK subsidiary Analysis of Interest Income (€ mn) 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 Loans and advances to customers 166 155 147 147 143 Loans and advances to banks and central banks 3 3 4 1 0 Investments available
Slide 56: Cyprus: Income Statement by business line for 9M2018
Cyprus: Income Statement by business line for 9M2018 Consumer SME Corporate International Wealth & Total € mn RRD REMU Insurance Treasury Other Banking Banking Banking Banking Markets Cyprus Net interest income/(expense) 142 31 77 39 6 60 (12) 0 10 (5) 348 Net fee & commission income 35 7 11 48 2 8
Slide 57: Risk Weighted Assets
Risk Weighted Assets Risk weighted assets by Geography 30.09.2018 € mn) 30.09.17 31.12.17 31.03.18 30.06.18 30.09.18 Helix pro forma for Helix 2 Cyprus 16,098 16,011 16,711 16,051 15,355 (1,336) 14,019 Russia 30 27 25 23 20 - 20 United Kingdom 842 922 989 1,051 95 - 95 Romania 94 118 65 77 70 - 70 G
Slide 58: Regulatory Capital
Regulatory Capital Equity and Regulatory Capital € mn) 30.09.17 31.12.17 31.03.18 30.06.18 30.09.18 Shareholders’ equity 2,562 2,586 2,298 2,243 2,206 CET1 capital 2,1451 2,184 2,1641 2,060 1,866 Tier I capital 2,1451 2,184 2,1641 2,060 1,866 Tier II capital 247 266 262 265 239 Total regulatory capi
Slide 59: Capital Requirements Framework
Capital Requirements Framework Evolution of Capital Requirements CET1 Requirements 9.500% 9.375% 10.500%6 14.00% Total 16.2% TC (%) 13.00% 0.5% O-SII Buffer - (transitional) Tier 2 (%) 12.875% 1.5% 1.25% Capital Conservation 1.5% AT 1 1.875% 2.50% Buffer (“CCB”)4 3.75% 3.0% TBD Pillar 2R2,3 Note: EU
Slide 60: Buffer to MDA Restrictions Level & Distributable Items
Buffer to MDA Restrictions Level & Distributable Items Maximum Distributable Amount Distributable Items at Holding Company level Pro Forma3 CET1 Ratios (Post Helix) • Capital reduction plan approved by AGM in August 2018 13.2% objective is to create distributable items1. 221bps • Plan: reclassify
Slide 61: Analysis of Deposits
Analysis of Deposits Deposits by Currency (€ bn) 30 September 2018 (%) 17.85 18.00 18.43 1% 17.31 0.15 16.85 2% 16.51 0.18 0.17 0.18 9% 2.17 0.22 1.98 2.11 2.12 0.31 0.12 1.69 1.58 1.51 1.74 1.58 1.76 2.20 13.83 14.12 14.53 14.91 12.40 13.39 88% Dec-16 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 EUR USD GBP
Slide 62: Reduction in Overseas Non-Core Exposures
Reduction in Overseas Non-Core Exposures Overseas non-core exposures (€ mn) Russia: Net exposure Romania: Net exposure Serbia: Net exposure UK: Net exposure Greece: Net exposure 518 • The Group continues its efforts for further deleveraging and disposal of non-essential assets and operations in Gree
Slide 63: Appendix – Glossary & Definitions
Appendix – Glossary & Definitions 63
Slide 64: Glossary & Definitions
Glossary & Definitions Comprise: (i) provisions for impairment of customer loans and advances, (ii) the fair value adjustment on initial recognition of loans acquired from Laiki Bank and Accumulated provisions on loans classified at FVPL, and (iii) provisions for off-balance sheet exposures disclose
Slide 65: Glossary & Definitions
Glossary & Definitions ECB European Central Bank Effective yield Interest Income on Loans/Net Loans Effective yield of liquid Interest Income on liquids after hedging, over average liquids (Cash and balances with central banks, placements with banks and bonds). Historical information assets has been
Slide 66: Glossary & Definitions
Glossary & Definitions Net fee and commission Net fee and commission income over total income is the net fee and commission income divided by the total income (as defined) income over total income Net loans and advances Loans and advances net of accumulated provisions (as defined) Non-interest incom
Slide 67: Glossary & Definitions
Glossary & Definitions Provisions for impairment Provisions for impairment of customer loans and gains/(losses) on derecognition of loans and changes in expected cash flows on acquired loans. of customer loans Profit/(loss) after tax and before restructuring costs, Excludes advisory and other restru
Slide 68: Disclaimer
Disclaimer This document contains certain forward-looking statements which can usually be identified by terms used such as “expect”, “should be”, “will be” and similar expressions or variations thereof. These forward-looking statements include, but are not limited to, statements relating to the Grou
Bank of Cyprus Holdings — 9M 2018 Earnings Presentation on 6ix