Performance and Capital Position Overview
Income Statement Review
€ mn
Net interest income
Fees and commission income
1Q2016
4Q2015
qoq %
1Q2015³
yoy %
185
198
-7%
227
-19%
36
38
-6%
43
-17%
Insurance income net of insurance claims
14
16
-16%
12
14%
Core income
Other income
! Total income
235
252
-7%
282
-17%
9
1
(8)
244
253
-4%
274
-11%
Total expenses
(99)
(119)
-17%
(102)
-3%
Profit before provisions and impairments¹
145
134
9%
172
-15%
I
Provisions for impairment of customer loans net of gains/(losses) on derecognition of
(62)
(630)
-90%
(110)
-44%
loans and changes in expected cash flows
Impairments of other financial and non financial assets
(8)
(24)
-67%
(1)
Share of profit from associates
1
2
-65%
1
-57%
(Profit/(loss) before tax, restructuring costs and discontinued operations
76
(518)
62
22%
Tax
(8)
8
(8)
2%
(Loss)/profit attributable to non-controlling interests
(1)
1
1
(Profit/(loss) after tax from continuing operations²
67
(509)
55
24%
Advisory and other restructuring costs 4
(17)
(16)
7%
(8)
112%
Loss from disposal group held for sale/discontinued operations
(0)
(18)
Net gain on disposal of non-core assets
13
(Profit/(loss) after tax
50
(512)
29
76%
Net interest margin
3,63%
3,69%
-6 bps
3,94%
-31 bps
Cost-to-Income ratio
40%
47%
-7 p.p
37%
+3 p.p
(1)
(2)
Profit before provisions and impairments, gains/(losses) on derecognition and changes on expected cash flows, restructuring costs and discontinued operations.
Profit/(loss) after tax and before restructuring costs, discontinued operations and net profit on disposal of non-core assets.
(3)
1Q2016 is not comparable to 1Q2015 given the significant deleveraging completed since then, including, among others, the repayment of the sovereign bond held by the Bank by the Bank of Cyprus
Republic of Cyprus and the disposal of the majority of the Russian operations during 3Q2015.
DINO
JWN K
(4)
Advisory and other restructuring costs comprise mainly fees of external advisors in relation to: (i) disposal of operations (ii) customer loan restructuring activities which are not part of
the effective interest rate and (iii) the listing on a european stock exchange.
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