Group Financial Results H1 2016
Income Statement Review
€ mn
Net interest income
Net fee and commission income
Insurance income net of insurance claims
Core income
Other income
1H2016
1H2015
yoy
represented³ +%
qoq
2Q2016
1Q2016
+%
360
439
-18%
175
185
-5%
74
79
-7%
38
36
5%
25
20
22%
11
14
-19%
459
538
-15%
224
235
-4%
23
23
-3
14
9
33%
i Total income
482
535
-10%
238
244
-3%
Total expenses
(202)
(194)
4%
(103)
(99)
5%
Profit before provisions and impairments1
280
341
-18%
135
145
-7%
Provisions for impairment of customer loans net of gains on derecognition of
loans and changes in expected cash flows
(158)
(234)
-33%
(96)
(62)
53%
Impairments of other financial and non financial assets
(22)
(31)
-31%
(14)
(8)
71%
Share of profit from associates and joint ventures
2
3
-53%
1
1
1%
Profit before tax, restructuring costs and discontinued operations
102
79
29%
26
76
-65%
Tax
(12)
(10)
17%
(4)
(8)
-49%
(Loss)/profit attributable to non-controlling interests
(6)
1
(5)
(1)
Profit after tax from continuing operations 2
84
70
20%
17
67
-75%
Advisory, VEP and other restructuring costs4
(87)
(22)
302%
(70)
(17)
301%
Loss from disposal group held for sale/discontinued operations
(29)
-100%
Net gain on disposal of non-core assets
59
41
45%
59
i Profit after tax
56
60
-6%
6
50
-88%
Net interest margin
3,59%
3,88%
-29 bps
3,55%
3,63%
-8 bps
Cost-to-Income ratio
42%
36%
+6 p.p
43%
40%
+3 p.p
(1)
(2)
(3)
(4)
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.
See Note 2.32 to the Interim Consolidated Financial Statements for the six months ended 30 June 2016, Comparative information.
Advisory, VEP and other restructuring costs comprise mainly: 1) 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 contemplated listing on the London stock exchange and 2) voluntary exit plan cost.
Bank of Cyprus
33
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