Financial Results 1Q 2012 - Bank of Cyprusbankofcyprus.com/globalassets/investor-relations/...5 1Q 2012 Financial Highlights * Capital ratios include the results (unaudited) for 1Q12

1

Financial Results 1Q 2012

10 May 2012

Bank of Cyprus Group Financial Results 1Q 2012 – Highlights

Income Statement Review

Performance by Geographic Market

Strategic Priorities for 2012

Appendices

Balance Sheet Review and Capital position

2

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 such terms. By their nature,

forward-looking statements involve risks and uncertainties and assumptions about the Group that could

cause actual results and developments to differ materially from those expressed in or implied by such

forward-looking statements. These risks, uncertainties and assumptions could adversely affect the

outcome and financial effects of the plans and events described herein. We have based these forward-

looking statements on our current expectations and projections about future events. Any statements

regarding past trends or activities should not be taken as a representation that such trends or activities will

continue in the future. Readers are cautioned not to place undue reliance on forward-looking statements,

which are based on facts known to and/ or assumptions made by the Group only as of the date of this

presentation. We assume no obligation to update such forward -looking statements or to update the

reasons that actual results could differ materially from those anticipated in such forward-looking

statements. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any

security in any jurisdiction in the United States, to United States Domiciles or otherwise. The delivery of

this presentation shall under no circumstances imply that there has been no change in the affairs of the

Group or that the information set forth herein is complete or correct as of any date. This presentation shall

not be used in connection with any investment decision regarding any of our securities, which should only

be made based on expressly authorised materials from us identified as such, nor in connection with any

decision whether or how to vote on any matter submitted to our stockholders. The securities issued by

Bank of Cyprus Public Company Ltd have not been, and will not be, registered under the US Securities

Act of 1933 (“the Securities Act”), or under the applicable securities laws of Canada, Australia or Japan.

3

Table of Contents

I. Financial Results 1Q 2012 - Highlights

II. Income Statement Review

III. Balance Sheet and Capital position

IV. Performance by Geographic Market

V. Strategic Priorities for 2012

VI. Appendices

4

Financial Results 1Q 2012- Highlights

Financial Results 1Q 2012 - Highlights





Appendices

5

1Q 2012 Financial Highlights

* Capital ratios include the results (unaudited) for 1Q12

• 1Q12 Net Interest Income €295 mn (+7% yoy)

• 1Q12 Profit before provisions €219 mn (+25% yoy)

• Excluding non-recurring credit in employee costs of €13 mn profit before

provisions up by 18% yoy

• 1Q12 Profit after tax and excluding the change in fair value of hedging

derivatives related to GGBs and tax related to GGBs impairment €99 mn

(+33% yoy)

• 1Q12 Profit after tax €295 mn, positively benefiting by €197 mn relating to

change in fair value of hedging derivatives related to GGBs and tax related to

GGBs impairment

• Tier 1 ratio at 8,9%* and Core Tier 1 ratio at 6,8%*

• Taking into account expected profitability by 30 June 2012, capital needs for

complying with EBA by 30 June 2012 reduced to about €200 mn

Strengthening Capital Position

Increasing Profitability

6

1Q 2012 Financial Highlights

• NPLs ratio at 11,9%

• NPLs provisioning coverage at 46%

• NPLs coverage at 114% taking into account tangible collateral

• Return on equity at 15,1%**

• Cost to income ratio at 42,0%

• 1Q12 Net Interest Margin at 3,31%; 54bps higher than 1Q11 and

3bps lower than 4Q11

Key performance indicators

Asset Quality

• Group loans to deposits ratio at 93% (peers* at 137%)

• Deposits to total assets 76% (peers* at 49%)

• Minimal debt repayments in the next two years

Healthy Liquidity

* Weighted average of major Greek and Cypriot banks using 31 December 2011 data

** Excluding the impairment of GGBs and change in fair value of GGB related hedging instruments and taxation for

GGBs impairment

7



Financial Results 1Q 2012 – Highlights



Appendices

Balance Sheet and Capital position

8

Increased Pre-provision Profitability and High

Efficiency

276

356

181 175

295

378

159

219

Net Interest Income Operating income Operating expenses Profit before provisions

Profit & Loss highlights (€ mn)

1Q11 1Q12 +6%

-12% +25%

+7%

51,0% 50,9% 47,0%

42,0%

1Q10 1Q11 FY11 1Q12

Cost to Income ratio

Group

11,0% 11,3%*

15,1%*

1Q11 FY2011 1Q12

Return on Equity

* Excluding the impairment of GGBs and change in fair value of GGBs related hedging

instruments and taxation for GGBs impairment

9

Profit and Loss highlights

Amounts in € mn 1Q12 1Q11 Change

Total Income 378 356 +6%

Profit before provisions 219 175 +25%

Profit after tax excluding GGBs impairment

and related tax 99 74 +33%

Change in fair value of related hedging

derivatives for GGBs and tax for GGBs

impairment *

197 -- --

Profit after tax 295 74 +299%

*Change in fair value of related hedging instruments for GGBs and tax for GGBs

impairment amounting to €197 mn is the net amount of:

• €231 mn relating to the recognition of a deferred tax asset for the impairment of GGBs

• €34 mn loss relating to changes in the fair value of hedging derivatives used to hedge

the interest rate risk of GGBs

Group

10

213 236

255 251 260 264 265 272 277 278

311 334 331

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

Group Net Interest Margin (bp)

FFY11: 298 FY10: 266

181 242 276 295

213 260 277

331

0

50

100

150

200

250

300

350

400

1Q09 1Q10 1Q11 1Q12

Net Interest Income and NIM

Net Interest Income (€ mn)

Net Interest Margin (bp)

Higher Interest Margins and Increasing Net

Interest Income

• 1Q12 Group NIM at 3,31%, an increase of

54 basis points compared to 1Q11 (2,77%)

• 1Q12 Net Interest Income at €295 mn (+7% yoy)

181 207

228 231 242

255 271 273 276 277

302 313

295

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

Quarterly Net Interest Income (€ mn)

+7%

Group

11

Net Interest Income and Net Interest Margin

trends in main markets

95 107

121 104

120 128 139 136 139 143 161 165 157

187 202

221

184 210 213 210 213 219 223

256 271

248

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

Net Interest Income and NIM - Cyprus

Net Interest Income (€ mn) NIM (bp)

49 61 69 84 77 77 76 80 79 79 85 89 92

154 193 201

226 214 219 222 239 256 258 275 302

340

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

Net Interest Income and NIM - Greece

Net interest income (€ mn) NIM (bp)

19 15 16 21 24

30 32 34 34 31 32 33 28

470 396 414

473 505 598 630 631 619

559 570 595 510

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

Net Interest Income and NIM - Russia

Net interest income (€ mn) NIM (bp)

Net Interest Income and Net Interest Margin

in main markets

• Cyprus – 1Q12 NII at €157 mn (+13% yoy)

• Greece – 1Q12 NII at €92 mn (+17% yoy)

• Russia – 1Q12 NII at €28 mn (-16% yoy)

Group

12

Balance Sheet and

Capital position




Appendices

Balance Sheet and Capital position


13

Solid Funding Structure: Strong Deposit Franchise

and Limited Dependence on Wholesale Funding

87% 86% 89% 92% 93%

120% 129%

135% 137%

31.03.11 30.06.11 30.09.11 31.12.11 31.03.12

Net Loans % Customer deposits

Bank of Cyprus Peers*

77% 78% 80% 79% 76%

55% 50% 48% 49%

31.03.11 30.06.11 30.09.11 31.12.11 31.03.12

Customer deposits % Total Assets

Bank of Cyprus Peers*

Healthy liquidity; one of the best loans/deposits

ratios in Europe at 93%

Primarily deposit funded: 76% of assets funded by

customer deposits

Limited reliance on wholesale funding and minimal

repayments: only €28 mn due in 2012 and €29 mn

due in 2013

ECB funding at €3,5 bn comprising LTRO funding,

while Net ECB funding was around €2,5 bn

* Peers: Weighted average of major Greek and Cypriot banks

** Loans and deposits exclude the sale of BOC Australia

Group

27,7 27,9 27,4 27,2 33,0 31,3 29,7 29,2

84% 87% 92% 93%

31.12.10 31.03.11 31.12.11 31.03.12

Balanced business expansion **

Net Loans (€ bn) Customer Deposits (€ bn) Net Loans % Customer Deposits

14

Loan quality

55% 54% 54% 51% 46%

7,6% 8,2% 8,6% 10,2%

11,9%

31.03.11 30.06.11 30.09.11 31.12.11 31.03.12

Group NPLs ratio and Provision coverage

Provision Coverage NPLs ratio

• Loan quality

Group NPLs ratio at 11,9%

NPLs ratio in Cyprus 11,5%

NPLs ratio in Greece 13,4

NPLs ratio in Russia 11,8%

• Provision coverage at 46%

• NPLs coverage increases to 114% taking

into account tangible collateral

7,2

%

8,0

%

8,3

%

9,5

%

11

,5%

8,8

%

9,3

%

10

,0%

11

,6%

13

,4%

8,2

%

8,5

%

8,6

%

11

,4%

11

,8%

7,6% 8,2% 8,6% 10,2%

11,9%

31.03.11 30.06.11 30.09.11 31.12.11 31.03.12

NPLs ratio in main markets

Cyprus Greece Russia Group

Group

4,8% 5,1% 5,0% 4,9% 5,2% 5,2% 5,5% 5,7% 5,9% 6,3%

1,8% 1,7% 1,3% 1,4% 1,7% 1,6% 2,0% 1,9%

2,9%

4,3%

De

c-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

De

c-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

De

c-1

1

Ma

r-12

High capacity to absorb higher provisions

Profit before provisions (last 4 quarters) / Net Loans (adj for 50% coverage) Increase in NPLs ratio (yoy)

15

High Ability to Manage Through Credit Cycle

Due to Increased Pre-provision Profit Margin

109 107 111 135

109 126 134 148 139

252 243 250 261 246 268 281 293 322

44% 44% 45% 52%

46% 49% 49% 53% 46%

1Q10 1H10 9M10 FY10 1Q11 1H11 9M11 FY11 1Q12

Pre-provision profit margin

Provision charge/Avg Gross Loans (bp)

Profit before provisions/Net Loans (bp)

Provisions % Pre-provision profit

73 146

229

375

79

183

295

426

100

109 107 111

135

109 126

134 148

139

1Q10 1H10 9M10 FY10 1Q11 1H11 9M11 FY11 1Q12

Provision charge

Provision charge (€ mn)

Charge/Avg Gross Loans (bp)

• Capacity to absorb provisions remains high

• Pre-provision profit margin at 322 basis points

or more than 2,3 times higher than provision

charge for 1Q12

• Credit costs remain high due to challenging

credit conditions

• 1Q12 provision charge of €100 mn

(+27% yoy)

• 1Q12 credit costs 139 basis points

compared to 109 basis points for 1Q11

and 148 basis points in FY11

Group

16

3,6%

6,8%

7,5%

8,9%

7,8%

9,2%

31.12.11 31.03.12*

Capital adequacy ratios

Core Tier 1 ratio Tier 1 ratio

Total Capital ratio

*Capital ratios include the results (unaudited) for 1Q12

(€ mn) 31.12.11 31.03.12

Shareholder’s equity 2.259 2.768

Core Tier I capital 892 1.711

Hybrid capital (Tier I) 957 524

Tier I capital 1.849 2.235

Tier II capital 239 261

Total regulatory capital 1.925 2.323

Risk weighted assets 24.790 25.189

Strengthening of capital position Group

Taking into account the €592 mn increase in Core

tier 1 capital in March 2012 (comprising €160 mn

from Rights Issue and €432 from conversion of

Convertible Enhanced Capital Securities (CECS)

to shares), Tier 1 capital ratio at 8,9% and Core

Tier 1 capital ratio at 6,8%

17

Improving capital position

The Group has been improving its capital position

Capital Strengthening Plan improved Core Tier 1 by €592 mn in March 2012 (€160 mn from Rights

Issue and €432 from conversion of CECS to shares)

Sale of Bank of Cyprus Australia Ltd in 2011 improved Core Tier 1 by approximately €80 mn

Further enhancement of capital position via:

Profitability

Effective management of risk weighted assets

European Banking Authority (EBA) 30 June 2012 deadline:

Remaining capital needs of around €200 mn* taking into consideration

CECS of €455 mn which EBA eligible for capital buffer

Estimated profitability by 30 June 2012

The Group plans to cover the remaining shortfall through the effective management of risk weighted

assets and other actions

* Remaining shortfall estimated based on 31 March 2012 capital position and estimated profitability by 30 June 2012

Group

18



Appendices

Performance by Geographic

Market




19

139

103

29

61

157 143

33

94

Net Interest Income

Profit before provisions

Provisions Profit after tax*

Profit & Loss Highlights (€ mn)

1Q11 1Q12

+14%

+38%

+55%

95 107 121 104 120

128 139 136 139 143 161 165 157

187 202

221 184

210 213 210 213 219 223 256

271 248

236 258

301 325 325 326 331

314 325 337 350 358 357

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

Cyprus NII (€ mn), NIM and Spread (bp)

NII NIM Customer Spread

46% 44% 45% 41%

33%

FY09 FY10 1Q11 FY11* 1Q12*

Cost to Income ratio (%)

Resilient Cypriot operations

1Q12 Cyprus profitability affected by:

• Strong increase of Net Interest Income

(+14% yoy)

• Changes in accounting policy and provident

fund scheme had a positive no recurring

impact of €13 mn

• Profit before Provisions at €143 mn

(+38% yoy )

• Profit after tax at €94 mn* (+55% yoy)

Cyprus

+14%

•Excluding the impairment of GGBs and change in fair value of GGB related hedging instruments

20

5,2 5,4 5,4

2,4 2,5 2,5

6,6 7,0 7,1

14,2 14,9 15,0

31.03.11 31.12.11 31.03.12

Gross Loans (€ bn)

Retail SMEs Corporate

+5% yoy

28,1

%

20,9

%

10,6

%

6,2

%

24,4

%

31,4

%

20

,8%

9,7

%

5,6

%

21,4

% 3

1,4

%

18,4

%

11

,0%

4,2

%

23

,6%

BOC MPB Hellenic Alpha Coops

Deposit market share (%)

31.12.09 31.12.10 31.03.12

Leading financial institution in Cyprus with an

unrivalled deposit franchise

8,2 7,2 10,2 11,2 11,4

6,8 8,1

8,9 8,0 7,8 15,0 15,3

19,1 19,2 19,2

31.03.09 31.03.10 31.03.11 31.12.11 31.03.12

Deposits (€ bn)

Non-IBUs IBUs

• A strong deposit franchise benefiting from a flight to

quality; 31,4% deposit market share (bigger than the

combined share of 2nd and 3rd largest banks); a 3,3

percentage points expansion of market share since

December 2009

• Leading IBU position with 41% market share in foreign

currency deposits

• IBU Sector continues to expand: Registered

companies in Cyprus increased by 6% and active IBU

customers increased by 13% on annual basis

+8% yoy

+3% yoy

+6% yoy

Cyprus

+1% yoy

-12% yoy

+12% yoy

Source: Central Bank of Cyprus, market shares between commercial banks

and Co-ops

21

79

47 38

3

92

57 55

-2 Net Interest

Income Profit before provisions

Provisions Profit after tax*

Profit & Loss Highlights (€mn)

1Q11 1Q12

+16%

+23% +44%

57% 51% 52% 49%

45%

FY09 FY10 1Q11 FY11* 1Q12

Cost to Income ratio (%)

Facing a challenging market

49 61 69 84 77 77 76 80 79 79 85 89 92

154

193 201 226 214 219 222

239 256 258

275 302

340

209

284

322 328 320 302 302 291 289

305 314 320

317

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

Greece NII (€mn), NIM and Spread (bp)

NII NIM Customer Spread

1Q12 Greece profitability affected by:

• Increase in net interest income (+16% yoy)

• Higher NIM (1Q12: 3,40% vs FY11: 2,74%)

NIM affected by the transfer of GGBs in the

Greek book

• Higher provisions (+44% yoy)

Greece

* Excluding the deferred tax asset for GGBs impairment

22

9,5 7,7 7,4 7,1 7,2

31.03.11 31.12.11 31.01.12 29.02.12 31.03.12

Deposits (€ bn)

Managing portfolio through difficult economic

conditions

• Loans to deposits ratio 127%

• Bigger reduction of loan book compared to

the market

• Based on Bank of Greece statistics,

Annual change in consumer loans of

-13,9% vs a system change of -6,3%

Annual change in mortgage loans

-3,6% vs a system change of -2,7%

Annual change in business loans

-3,0% vs a system change of -3,7

• Loans market share at 4,2% at the end of

March 2012

• Deposits market share at 3,8% at end of

March 2012

• Small exposure to shipping

3,2 3,0 2,9

3,7 3,6 3,5

3,3 3,4 3,4

10,2 10,0 9,8

31.03.11 31.12.11 31.03.12


Retail SMEs Corporate

-4% yoy

-6% yoy

-7% yoy

Greece

+2% yoy

23

Performance to benefit from business

expansion

19 15 16

21 24

30 32 34 34 31 32 33

28

470 396 414

473 505

598 630 631 619 559 570 595

510

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

Russia NII (€ mn) & NIM (bp)

Net Interest Income Net Interest Margin

Russia

33

12

6 4

28

9 7

3

Net Interest Income


Provisions Profit after tax

Profit & Loss Highlights (€ mn)

1Q11 1Q12

-16%

-22% +9%

1Q12 Russia profitability affected by:

• Reduction in net interest income (-16% yoy)

• Lower NIM (1Q12: 5,10% vs FY11: 5,84%)

• Higher provisions (+9% yoy)

24

Continuing business expansion

• Business expansion continued in 1Q12

• Increase in deposits (10% yoy, +7% yoy in

local currency

• Increase in loans (+9% yoy, +6% yoy in local

currency)

1,17

1,41

1,89 2,00 2,09

31.12.08 31.12.09 31.12.10 31.12.11 31.03.12


0,90 1,02

1,12

1,29 1,35

31.12.08 31.12.09 31.12.10 31.12.11 31.03.12

Customer Deposits (€ bn)

Corporate 22%

SMEs 57%

Mortgages 4%

Other Consumer

9%

Car finance 8%

Loan diversification

Russia

25

6,6

4,7

2,1 2,1

4,8

2,5 2,0

0,3

Net Interest Income



Profit and Loss Highlights Romania (€ mn)

1Q11 1Q12

Resilient EE operations

5,2

3,0 2,2

0,8

5,9

2,9

0,8

1,9

Net Interest Income



Profit and Loss Highlights Ukraine (€ mn)

1Q11 1Q12

206

248 245

332 322

31.12.09 31.12.10 31.03.11 31.12.11 31.03.12

Ukraine loans (€ mn)

678

625 643

586 580

31.12.09 31.12.10 31.03.11 31.12.11 31.03.12

Romania Loans (€ mn)

Romania - Ukraine

26

Strategic priorities for 2012



Appendices




27


Safeguard healthy liquidity

Strengthen capital position

Maintain organic profitability

Manage risks effectively


28

Key information and contact details

Participation in indices:

CSE General Index , FTSE/CySE 20

FTSE/ATHEX Top 20

FTSE Med 100

FTSE New EU

DJ STOXX EU Enlarged TMI

Credit Ratings:

Fitch: BB+ / F-2 / B

Moody’s : B1 / NP / E+

Listing:

ATHEX – BOC

CSE – BOCY

ISIN CY0000100111

www.bankofcyprus.com

Christis Hadjimitsis

Senior Group General Manager

Tel: +357 22 122127

Email: [email protected]

Constantinos Pittalis, Head of Investor Relations, Tel: +357 22 121883, Email: [email protected]

Argiro Papadopoulou, Investor Relations, Tel: +357 22 121725, Email: [email protected]

Ioanna Shaili, Investor Relations, Tel: +357 22 121740, Email: [email protected]

Investor Relations

Yiannis Kypri

Deputy Group CEO

Tel: +357 22 122126

Email: [email protected]

Contacts

Group Finance Division

Eliza Livadiotou, Manager Group Finance and Tax Planning, Tel: +357 22 122344, Email: [email protected]

http://www.bankofcyprus.com/

mailto:[email protected]






29

Appendices



Appendices




30

Profit and Loss (€ mn) 1Q12 1Q11 yoy % 4Q11 1Q12v4Q11 %

Net interest income 295 276 +7% 313 -6%

Net fee & commission income 56 56 -1% 61 -10%

FX income and net gains from financial instruments 10 4 +91% 16 -35%

Insurance income net of insurance claims 16 17 -5% 14 +12%

Other income 1 3 -43% 10 -85%

Total income 378 356 +6% 414 -9%

Total expenses 159 181 -12% 203 -22%

Profit before provisions 219 175 +25% 211 +4%

Provisions 100 79 +27% 132 -24%

Share of loss of associates - - - - -

Profit before tax 119 96 +24% 79 +52%

Taxation 21 22 -1% 15 +45%

Non-controlling interest profit 1 - -- 5 -85%

Profit after tax excluding GGBs impairment 99 74 +33% 69 +43%

Impairment of GGBs and change in fair value of related

hedging derivatives including tax 197 - - (636) -

(Loss)/profit after tax including GGBs impairment 295 74 +299% (567) -

Cost to Income Ratio 42,0% 50,9% -8,9 p.p. 49,2% -7,2 p.p.

Return on Equity 15,1% 11,0% +4,1 p.p. 9,1% +6,0 p.p.

p.p. = percentage points

Group

Note 1: Return on Equity and Cost to Income ratios exclude the impact from the GGBs impairment

31

Balance Sheet Overview

€ mn % yoy 31.03.12* 31.03.11***

Cash and balances with

central banks +62% 1.575 971

Placements with banks and

reverse repurchase

agreements

-25% 4.023 5.340

Debt securities, Treasury bills

and equity investments -38% 3.429 5.542

Net loans and advances to

customers -3% 27.211 27.926

Other assets +25% 2.417 1.937

Total assets -7% 38.655 41.716

Group

€ mn %

yoy

31.03.12 31.03.11***

Amounts due to banks and

repurchase agreements +22% 5.244 4.282

Customer deposits -9% 29.187 32.194

Debt securities in issue -47% 37 70

Other liabilities -13% 1.203 1.391

Subordinated loans stock -86% 130 940

Total liabilities -8% 35.801 38.877

Share Capital +101% 1.795 895

Share premium -26% 861 1.160

CECS** - 429 --

Revaluation and other reserves +139% 59 (153)

(Accumulated losses)/ retained

earnings -145% (376) 845

Shareholders’ equity +1% 2.768 2.747

Non controlling interests -6% 86 92

Total equity +1% 2.854 2.839

Total liabilities and equities -7% 38.655 41.716

* Australia is not included

**Convertible Enhanced Capital Securities

*** Restated due to change in accounting policy

32

Gross Loans by Geography

14,2 14,9 15,0

10,2 10,0 9,8

1,9 2,0 2,1 1,9 2,0 1,9

28,2 28,9 28,8

31.03.11 31.12.11 31.03.12

Other countries

Russia

Greece

Cyprus

Total

(€ bn)

31.03.11

(Eur mn)

As % of

total

31.03.12

(Eur mn)

As % of

total

YoY (%) Market

Share (%)

Cyprus 14.151 50% 15.009 52% +6% 28,0%

Greece 10.167 36% 9.810 34% -4% 4,2%

Russia 1.915 7% 2.085 7% +9%

Other countries* 1.928 7% 1.896 7% -2%

TOTAL 28.161 28.800 +2%

United Kingdom 1.041 993 -5%

Romania 643 580 -10%

Ukraine 244 323 +32%

* Other countries: Romania, Ukraine and United Kingdom;

Group

33

Gross Loans Segmental Diversification

Corporate 45%

SMEs 24%

Mortgages 19%

Consumer Credit 12%

Group: €28.800 mn

Corporate 34%

SMEs 36%

Mortgages 17%

Consumer Credit 13%

Greece: €9.810 mn

Corporate 47%

SMEs 17%

Mortgages 23%

Consumer Credit 13%

Cyprus: €15.009 mn

(+6% yoy)

(-2% yoy)

(-0% yoy)

(2% yoy)

(+8% yoy)

(+3% yoy)

(+1% yoy)

(+12% yoy)

(+2% yoy)

(-6% yoy)

(-4% yoy)

(-12% yoy)

Group

34

Customer Deposits by Geography

19,1 19,2 19,2

9,5 7,7 7,2

1,3 1,3 1,3

1,4 1,5 1,5

31,3 29,7 29,2

31.03.11 31.12.11 31.03.12

Other countries

Russia

Greece

Cyprus

Total

(€ bn)

31.03.11

(Eur mn)

As % of

total

31.03.12

(Eur mn)

As % of

total

YoY (%) Market

Share (%)

Cyprus 19.096 61% 19.220 66% +1% 31,4%

Greece 9.538 30% 7.173 24% -25% 3,8%

Russia 1.224 4% 1.349 5% +10%

Other countries* 1.410 5% 1.445 5% +2%

TOTAL 31.268 29.187 -7%

United Kingdom 1.185 1.158 -2%

Romania 186 203 +9%

Ukraine 39 84 +116%

* Other countries: Romania, Ukraine and United Kingdom

Group

35

Cyprus: Summary profit & loss and key indicators Excluding the change in fair value of related hedging instruments and taxation for GGBs impairment

Note 1: b.p. = basis points, p.p. = percentage points ; 100 b.p. = 1 p.p.

(€ mn) 1Q12 1Q11 1Q12 versus

1Q11 (%)

Net interest income 157 139 +14%

Net fee & commission income 35 33 +6%

Foreign exchange income and gains from financial

instruments 7 1 +447%

Insurance income net of insurance claims 14 14 -3%

Other income 1 1 -21%

Total income 214 188 +14%

Personnel expenses 42 59 -28%

Other operating expenses 29 26 +12%

Total expenses 71 85 -16%


Provisions 33 29 +14%

Share of loss of associate 0 0 --

Profit before tax 110 74 +48%

Taxation 16 13 +17%

Non-controlling interest loss/(gain) 0 0 --

Profit after tax 94 61 +55%

Net Interest Margin (NIM) 2,48% 2,19% +29 b.p.

Return on Equity (ROE) 31,5% 20,9% +10,6 p.p.

Cost/Income Ratio 33,3 % 45,0% -11,7 p.p.

36 Note 1: b.p. = basis points, p.p. = percentage points ; 100 b.p. = 1 p.p.

(€ mn) 1Q12 1Q11 1Q12 versus

1Q11 (%)

Net interest income 92 79 +16%

Net fee & commission income 12 12 +5%


instruments (1) 2 -157%

Insurance income net of insurance claims 2 3 -16%


Total income 105 97 +8%

Personnel expenses 29 28 +1%

Other operating expenses 19 22 -13%



Provisions 55 38 +44%

Share of loss of associate -- -- --

Profit before tax 2 9 -76%

Taxation 4 6 -23%

Non-controlling interest gain -- -- --

(Loss)/Profit after tax (2) 3 -185%


Return on Equity (ROE) -1,4% +1,6% -3,0 p.p.

Cost/Income Ratio 45,3% 51,7% -6,4 p.p.

Greece: Summary profit & loss and key indicators Excluding the change in fair value of related hedging instruments and taxation for GGBs impairment

37

Russia: Summary profit & loss and key indicators

Note 1: b.p. = basis points, p.p. = percentage points ; 100 b.p. = 1 p.p.

(€ mn) 1Q12 1Q11 1Q12 versus

1Q11 (%)

Net interest income 28 33 -16%

Net fee & commission income 7 8 -18%



Insurance income net of insurance claims -- -- --


Total income 38 43 -12%




Profit before provisions 9 12 -22%

Provisions 7 6 +9%



Taxation 0 1 -57%

Non-controlling interest gain 1 (1) --

Profit after tax 3 4 -39%

Net Interest Margin (NIM) 5,10% 6,19% -109 b.p.

Return on Equity (ROE) 5,8% 9,7% -3,9 p.p.

Cost/Income Ratio 75,7% 72,5% +3,2 p.p.

38

Other countries: Summary profit & loss and key indicators

Other countries: Romania, Ukraine and United Kingdom. For 1Q11 other countries

include Australia Note 1: b.p. = basis points,

p.p. = percentage points ; 100 b.p. = 1 p.p.

(€ mn) 1Q12 1Q11 1Q12 versus

1Q11 (%)

Net interest income 18 24 -27%

Net fee & commission income 2 3 -47%



Insurance income net of insurance claims -- -- --

Other income 0 0 --

Total income 21 27 -26%




Profit before provisions 10 12 -26%

Provisions 5 5 -6%



Taxation 1 2 -48%

Non-controlling interest gain -- -- --

(Loss)/Profit after tax 4 5 -36%


Return on Equity (ROE) 11,9% 12,0% -0,1 p.p.

Cost/Income Ratio 54,7% 55,0% -0,3 p.p.

39

Operations in United Kingdom

7,1

3,2

0,3

2,1

7,0

3,9

2,0 1,5

Net Interest Income



Profit and Loss Highlights UK (€ mn)

1Q11 1Q12

1.077 1.041 1.036 993

1.260 1.186 1.210 1.158

31.12.10 31.03.11 31.12.11 31.03.12

UK Loans and Deposits (€ mn)

Loans Deposits

BOC Australia disposed in December 2011

Financial Results 1Q 2012 - Bank of Cyprusbankofcyprus.com/globalassets/investor-relations/...5 1Q 2012 Financial Highlights * Capital ratios include the results (unaudited) for 1Q12

Documents