Bank of Cyprus Credit Ratings and Financial Position
.
Leading card processing and payment solutions business in Cyprus
JCC
PAYMENT
SYSTEMS
€ mn
1Q2023
1Q2022
yoy%
10%
Net fee and commission income
6.2
5.1
21%
3%
Contribution
85%
to the
Contribution
Other income
0.6
1.51
-62%
to non-NII
Group's
PBT2
Market
share3
FX and net gains on revaluation
0.5
0.4
34%
of investment
Total contribution to Group's
7.3
7.0
3%
Non-NII
•
Total operating costs
(4.3)
(3.8)
11%
PBT-contribution to the Group
3.0
3.2
-6%
•
before non-recurring items
•
Restructuring costs - VEP
(3.1)
PBT-contribution to the Group
3.0
0.1
Market leader in payment business in Cyprus
Trusted business partner
Strong market growth reflects transition away from cash transactions
Compulsory credit card payments in most businesses in Cyprus
Strong transaction volume growth; up 22% yoy
Value of transactions from January to March (€ mn)
•
Net fee and commission income up 21% yoy, in line with higher volume of
transactions
.
Total operating costs up 11% yoy mainly driven by higher marketing and IT
costs
One-stop shop, providing various innovative solutions
Backed by BOC with 75% stake
323
Includes c.€1mn catch up adjustment
2)
Before non-recurring items
3)
As at 31 December 2022 based on market statistics
2,392
1,841
1,960
1,929
I
+22%
yoy
2,929
1Q2019 1Q2020 1Q2021
1Q2022
1Q2023
19View entire presentation