Deleveraging and Financial Overview
Consolidated Income Statement
€mn
Net interest income
FY2014
FY2013 4Q2014
3Q2014
2Q2014
1Q2014
967
880
225
231
263
248
Net fee and commission income
153
140
37
37
37
42
Net foreign exchange gains/(losses) and net profits/(losses) on other financial instruments
6
(2)
14
(13)
(1)
6
Insurance income net of insurance claims
46
65
10
10
13
13
Other income/(expenses)
Total income
Staff costs
Other operating expenses
Total expenses
(1)
(64)
(5)
(2)
6
0
1.171
1.019
281
263
318
309
(234)
(265)
(58)
(59)
(59)
(58)
(192)
(170)
(56)
(44)
(45)
(47)
(426)
(435)
(114)
(103)
(104)
(105)
i Profit before provisions and impairments, gains on derecognition and changes in
expected cash flows on acquired loans, restructuring costs and discontinued operations
Provisions for impairment of customer loans
745
584
167
160
214
2041
(666)
(941)
(248)
(115)
(173)
(130)
Gains on derecognition and changes in expected cash flows on acquired loans
47
27
29
6
4
8
Impairments of other financial and non-financial assets
(89)
(23)
(57)
1
(33)
(0)
Share of profit/ (loss) from associates and joint ventures
5
(5)
3
2
2
Profit/(loss) before tax, restructuring costs and discontinued operations
42
(358)
(106)
50
14
84
Tax
(11)
(2)
(1)
(6)
(2)
(Loss)/profit attributable to non-controlling interests
(0)
0
(0)
(0)
I
I Profit /(loss) after tax and before restructuring costs, discontinued operations and net
profit on disposal of non-core assets
31
(359)
(107)
44
12
82
Restructuring costs
(36)
(157)
(3)
(12)
(16)
(5)
Loss from disposal group held for sale / discontinued operations
(303)
(174)
(214)
(37)
(6)
(46)
Net gain (loss) on disposal of non-core assets
47
(1.366)
(13)
60
(Loss)/profit after tax
(261)
(2.056)
(337)
(5)
50
31
As from the fourth quarter of 2014, the Group's operations in Russia are treated as a disposal group held for sale and results have been presented accordingly
as discontinued operations in accordance with IFRS. Hence comparatives for the earlier financial quarters of 2014 and FY2013 have been re-presented.
In order to better reflect its operating results, the Group changed its presentation for impairments of assets and for gains on derecognition and changes in
expected cash flows on loans acquired. Specifically, impairments of other financial and non-financial assets and gains on derecognition and changes in
expected cash flows on loans acquired from Laiki Bank are presented in line with provisions for impairment of customer loans. Comparatives have been
reclassified accordingly to conform with changes in the presentation of the current period.
Bank of Cyprus
36
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