Performance and Capital Position Overview
Costs under control
Total expenses (€ mn)
Staff costs ■Operating expenses
103
115
102
44
44
44
57
43
119
102
99
92
62
333
43
62
40
10
59
58
59
59
59
57
59
3Q2014 4Q2014 1Q2015 2Q2015
3Q2015 4Q2015
1Q2016
Cost to Income Ratio
(1)
Group
EU average
63%
63%
61%
59%
60%
40%
40%
38%
37%
37%
36%
FY2014
1Q2015
1H2015
9M2015
FY2015
1Q2016
Based on EBA Risk Dashboard Report, Data as at 31 December 2015
•
•
Total expenses in line with previous quarters
Staff costs in line with previous quarters
Operating expenses for 4Q2015 were elevated due
to higher non-recurring advisory and professional
expenses and increased provisions for litigations and
legal settlements.
•
Cost to income ratio stable at 40%
Actions for focused, targeted cost containment:
Tangible savings through a targeted cost
reduction program for operating expenses
Introduction of appropriate technology/
processes to enhance product distribution
channels and reduce operating costs
Introduction of HR policies aimed at enhancing
productivity, including a Voluntary Exit Plan
(VEP).
Bank of Cyprus
18
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