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1
Financial Results 1Q 2012
10 May 2012
Bank of Cyprus Group Financial Results 1Q 2012 – Highlights
Income Statement Review
Performance by Geographic Market
Strategic Priorities for 2012
Appendices
Balance Sheet Review and Capital position
2
Disclaimer
Certain statements, beliefs and opinions in this presentation are forward-looking. Such statements can be
generally identified by the use of terms such as “believes”, “expects”, “may”, “will”, “should”, “would”,
“could”, “plans”, “anticipates” and comparable terms and the negatives of such terms. By their nature,
forward-looking statements involve risks and uncertainties and assumptions about the Group that could
cause actual results and developments to differ materially from those expressed in or implied by such
forward-looking statements. These risks, uncertainties and assumptions could adversely affect the
outcome and financial effects of the plans and events described herein. We have based these forward-
looking statements on our current expectations and projections about future events. Any statements
regarding past trends or activities should not be taken as a representation that such trends or activities will
continue in the future. Readers are cautioned not to place undue reliance on forward-looking statements,
which are based on facts known to and/ or assumptions made by the Group only as of the date of this
presentation. We assume no obligation to update such forward -looking statements or to update the
reasons that actual results could differ materially from those anticipated in such forward-looking
statements. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any
security in any jurisdiction in the United States, to United States Domiciles or otherwise. The delivery of
this presentation shall under no circumstances imply that there has been no change in the affairs of the
Group or that the information set forth herein is complete or correct as of any date. This presentation shall
not be used in connection with any investment decision regarding any of our securities, which should only
be made based on expressly authorised materials from us identified as such, nor in connection with any
decision whether or how to vote on any matter submitted to our stockholders. The securities issued by
Bank of Cyprus Public Company Ltd have not been, and will not be, registered under the US Securities
Act of 1933 (“the Securities Act”), or under the applicable securities laws of Canada, Australia or Japan.
3
Table of Contents
I. Financial Results 1Q 2012 - Highlights
II. Income Statement Review
III. Balance Sheet and Capital position
IV. Performance by Geographic Market
V. Strategic Priorities for 2012
VI. Appendices
4
Financial Results 1Q 2012- Highlights
Financial Results 1Q 2012 - Highlights
Income Statement Review
Performance by Geographic Market
Strategic Priorities for 2012
Balance Sheet Review and Capital position
Appendices
5
1Q 2012 Financial Highlights
* Capital ratios include the results (unaudited) for 1Q12
• 1Q12 Net Interest Income €295 mn (+7% yoy)
• 1Q12 Profit before provisions €219 mn (+25% yoy)
• Excluding non-recurring credit in employee costs of €13 mn profit before
provisions up by 18% yoy
• 1Q12 Profit after tax and excluding the change in fair value of hedging
derivatives related to GGBs and tax related to GGBs impairment €99 mn
(+33% yoy)
• 1Q12 Profit after tax €295 mn, positively benefiting by €197 mn relating to
change in fair value of hedging derivatives related to GGBs and tax related to
GGBs impairment
• Tier 1 ratio at 8,9%* and Core Tier 1 ratio at 6,8%*
• Taking into account expected profitability by 30 June 2012, capital needs for
complying with EBA by 30 June 2012 reduced to about €200 mn
Strengthening Capital Position
Increasing Profitability
6
1Q 2012 Financial Highlights
• NPLs ratio at 11,9%
• NPLs provisioning coverage at 46%
• NPLs coverage at 114% taking into account tangible collateral
• Return on equity at 15,1%**
• Cost to income ratio at 42,0%
• 1Q12 Net Interest Margin at 3,31%; 54bps higher than 1Q11 and
3bps lower than 4Q11
Key performance indicators
Asset Quality
• Group loans to deposits ratio at 93% (peers* at 137%)
• Deposits to total assets 76% (peers* at 49%)
• Minimal debt repayments in the next two years
Healthy Liquidity
* Weighted average of major Greek and Cypriot banks using 31 December 2011 data
** Excluding the impairment of GGBs and change in fair value of GGB related hedging instruments and taxation for
GGBs impairment
7
Income Statement Review
Income Statement Review
Financial Results 1Q 2012 – Highlights
Performance by Geographic Market
Strategic Priorities for 2012
Appendices
Balance Sheet and Capital position
8
Increased Pre-provision Profitability and High
Efficiency
276
356
181 175
295
378
159
219
Net Interest Income Operating income Operating expenses Profit before provisions
Profit & Loss highlights (€ mn)
1Q11 1Q12 +6%
-12% +25%
+7%
51,0% 50,9% 47,0%
42,0%
1Q10 1Q11 FY11 1Q12
Cost to Income ratio
Group
11,0% 11,3%*
15,1%*
1Q11 FY2011 1Q12
Return on Equity
* Excluding the impairment of GGBs and change in fair value of GGBs related hedging
instruments and taxation for GGBs impairment
9
Profit and Loss highlights
Amounts in € mn 1Q12 1Q11 Change
Total Income 378 356 +6%
Profit before provisions 219 175 +25%
Profit after tax excluding GGBs impairment
and related tax 99 74 +33%
Change in fair value of related hedging
derivatives for GGBs and tax for GGBs
impairment *
197 -- --
Profit after tax 295 74 +299%
*Change in fair value of related hedging instruments for GGBs and tax for GGBs
impairment amounting to €197 mn is the net amount of:
• €231 mn relating to the recognition of a deferred tax asset for the impairment of GGBs
• €34 mn loss relating to changes in the fair value of hedging derivatives used to hedge
the interest rate risk of GGBs
Group
10
213 236
255 251 260 264 265 272 277 278
311 334 331
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
Group Net Interest Margin (bp)
FFY11: 298 FY10: 266
181 242 276 295
213 260 277
331
0
50
100
150
200
250
300
350
400
1Q09 1Q10 1Q11 1Q12
Net Interest Income and NIM
Net Interest Income (€ mn)
Net Interest Margin (bp)
Higher Interest Margins and Increasing Net
Interest Income
• 1Q12 Group NIM at 3,31%, an increase of
54 basis points compared to 1Q11 (2,77%)
• 1Q12 Net Interest Income at €295 mn (+7% yoy)
181 207
228 231 242
255 271 273 276 277
302 313
295
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
Quarterly Net Interest Income (€ mn)
+7%
Group
11
Net Interest Income and Net Interest Margin
trends in main markets
95 107
121 104
120 128 139 136 139 143 161 165 157
187 202
221
184 210 213 210 213 219 223
256 271
248
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
Net Interest Income and NIM - Cyprus
Net Interest Income (€ mn) NIM (bp)
49 61 69 84 77 77 76 80 79 79 85 89 92
154 193 201
226 214 219 222 239 256 258 275 302
340
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
Net Interest Income and NIM - Greece
Net interest income (€ mn) NIM (bp)
19 15 16 21 24
30 32 34 34 31 32 33 28
470 396 414
473 505 598 630 631 619
559 570 595 510
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
Net Interest Income and NIM - Russia
Net interest income (€ mn) NIM (bp)
Net Interest Income and Net Interest Margin
in main markets
• Cyprus – 1Q12 NII at €157 mn (+13% yoy)
• Greece – 1Q12 NII at €92 mn (+17% yoy)
• Russia – 1Q12 NII at €28 mn (-16% yoy)
Group
12
Balance Sheet and
Capital position
Financial Results 1Q 2012 – Highlights
Performance by Geographic Market
Strategic Priorities for 2012
Appendices
Balance Sheet and Capital position
Income Statement Review
13
Solid Funding Structure: Strong Deposit Franchise
and Limited Dependence on Wholesale Funding
87% 86% 89% 92% 93%
120% 129%
135% 137%
31.03.11 30.06.11 30.09.11 31.12.11 31.03.12
Net Loans % Customer deposits
Bank of Cyprus Peers*
77% 78% 80% 79% 76%
55% 50% 48% 49%
31.03.11 30.06.11 30.09.11 31.12.11 31.03.12
Customer deposits % Total Assets
Bank of Cyprus Peers*
Healthy liquidity; one of the best loans/deposits
ratios in Europe at 93%
Primarily deposit funded: 76% of assets funded by
customer deposits
Limited reliance on wholesale funding and minimal
repayments: only €28 mn due in 2012 and €29 mn
due in 2013
ECB funding at €3,5 bn comprising LTRO funding,
while Net ECB funding was around €2,5 bn
* Peers: Weighted average of major Greek and Cypriot banks
** Loans and deposits exclude the sale of BOC Australia
Group
27,7 27,9 27,4 27,2 33,0 31,3 29,7 29,2
84% 87% 92% 93%
31.12.10 31.03.11 31.12.11 31.03.12
Balanced business expansion **
Net Loans (€ bn) Customer Deposits (€ bn) Net Loans % Customer Deposits
14
Loan quality
55% 54% 54% 51% 46%
7,6% 8,2% 8,6% 10,2%
11,9%
31.03.11 30.06.11 30.09.11 31.12.11 31.03.12
Group NPLs ratio and Provision coverage
Provision Coverage NPLs ratio
• Loan quality
Group NPLs ratio at 11,9%
NPLs ratio in Cyprus 11,5%
NPLs ratio in Greece 13,4
NPLs ratio in Russia 11,8%
• Provision coverage at 46%
• NPLs coverage increases to 114% taking
into account tangible collateral
7,2
%
8,0
%
8,3
%
9,5
%
11
,5%
8,8
%
9,3
%
10
,0%
11
,6%
13
,4%
8,2
%
8,5
%
8,6
%
11
,4%
11
,8%
7,6% 8,2% 8,6% 10,2%
11,9%
31.03.11 30.06.11 30.09.11 31.12.11 31.03.12
NPLs ratio in main markets
Cyprus Greece Russia Group
Group
4,8% 5,1% 5,0% 4,9% 5,2% 5,2% 5,5% 5,7% 5,9% 6,3%
1,8% 1,7% 1,3% 1,4% 1,7% 1,6% 2,0% 1,9%
2,9%
4,3%
De
c-0
9
Ma
r-10
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-11
Ju
n-1
1
Se
p-1
1
De
c-1
1
Ma
r-12
High capacity to absorb higher provisions
Profit before provisions (last 4 quarters) / Net Loans (adj for 50% coverage) Increase in NPLs ratio (yoy)
15
High Ability to Manage Through Credit Cycle
Due to Increased Pre-provision Profit Margin
109 107 111 135
109 126 134 148 139
252 243 250 261 246 268 281 293 322
44% 44% 45% 52%
46% 49% 49% 53% 46%
1Q10 1H10 9M10 FY10 1Q11 1H11 9M11 FY11 1Q12
Pre-provision profit margin
Provision charge/Avg Gross Loans (bp)
Profit before provisions/Net Loans (bp)
Provisions % Pre-provision profit
73 146
229
375
79
183
295
426
100
109 107 111
135
109 126
134 148
139
1Q10 1H10 9M10 FY10 1Q11 1H11 9M11 FY11 1Q12
Provision charge
Provision charge (€ mn)
Charge/Avg Gross Loans (bp)
• Capacity to absorb provisions remains high
• Pre-provision profit margin at 322 basis points
or more than 2,3 times higher than provision
charge for 1Q12
• Credit costs remain high due to challenging
credit conditions
• 1Q12 provision charge of €100 mn
(+27% yoy)
• 1Q12 credit costs 139 basis points
compared to 109 basis points for 1Q11
and 148 basis points in FY11
Group
16
3,6%
6,8%
7,5%
8,9%
7,8%
9,2%
31.12.11 31.03.12*
Capital adequacy ratios
Core Tier 1 ratio Tier 1 ratio
Total Capital ratio
*Capital ratios include the results (unaudited) for 1Q12
(€ mn) 31.12.11 31.03.12
Shareholder’s equity 2.259 2.768
Core Tier I capital 892 1.711
Hybrid capital (Tier I) 957 524
Tier I capital 1.849 2.235
Tier II capital 239 261
Total regulatory capital 1.925 2.323
Risk weighted assets 24.790 25.189
Strengthening of capital position Group
Taking into account the €592 mn increase in Core
tier 1 capital in March 2012 (comprising €160 mn
from Rights Issue and €432 from conversion of
Convertible Enhanced Capital Securities (CECS)
to shares), Tier 1 capital ratio at 8,9% and Core
Tier 1 capital ratio at 6,8%
17
Improving capital position
The Group has been improving its capital position
Capital Strengthening Plan improved Core Tier 1 by €592 mn in March 2012 (€160 mn from Rights
Issue and €432 from conversion of CECS to shares)
Sale of Bank of Cyprus Australia Ltd in 2011 improved Core Tier 1 by approximately €80 mn
Further enhancement of capital position via:
Profitability
Effective management of risk weighted assets
European Banking Authority (EBA) 30 June 2012 deadline:
Remaining capital needs of around €200 mn* taking into consideration
CECS of €455 mn which EBA eligible for capital buffer
Estimated profitability by 30 June 2012
The Group plans to cover the remaining shortfall through the effective management of risk weighted
assets and other actions
* Remaining shortfall estimated based on 31 March 2012 capital position and estimated profitability by 30 June 2012
Group
18
Performance by Geographic Market
Strategic Priorities for 2012
Appendices
Performance by Geographic
Market
Financial Results 1Q 2012 – Highlights
Income Statement Review
Balance Sheet Review and Capital position
19
139
103
29
61
157 143
33
94
Net Interest Income
Profit before provisions
Provisions Profit after tax*
Profit & Loss Highlights (€ mn)
1Q11 1Q12
+14%
+38%
+55%
95 107 121 104 120
128 139 136 139 143 161 165 157
187 202
221 184
210 213 210 213 219 223 256
271 248
236 258
301 325 325 326 331
314 325 337 350 358 357
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
Cyprus NII (€ mn), NIM and Spread (bp)
NII NIM Customer Spread
46% 44% 45% 41%
33%
FY09 FY10 1Q11 FY11* 1Q12*
Cost to Income ratio (%)
Resilient Cypriot operations
1Q12 Cyprus profitability affected by:
• Strong increase of Net Interest Income
(+14% yoy)
• Changes in accounting policy and provident
fund scheme had a positive no recurring
impact of €13 mn
• Profit before Provisions at €143 mn
(+38% yoy )
• Profit after tax at €94 mn* (+55% yoy)
Cyprus
+14%
•Excluding the impairment of GGBs and change in fair value of GGB related hedging instruments
20
5,2 5,4 5,4
2,4 2,5 2,5
6,6 7,0 7,1
14,2 14,9 15,0
31.03.11 31.12.11 31.03.12
Gross Loans (€ bn)
Retail SMEs Corporate
+5% yoy
28,1
%
20,9
%
10,6
%
6,2
%
24,4
%
31,4
%
20
,8%
9,7
%
5,6
%
21,4
% 3
1,4
%
18,4
%
11
,0%
4,2
%
23
,6%
BOC MPB Hellenic Alpha Coops
Deposit market share (%)
31.12.09 31.12.10 31.03.12
Leading financial institution in Cyprus with an
unrivalled deposit franchise
8,2 7,2 10,2 11,2 11,4
6,8 8,1
8,9 8,0 7,8 15,0 15,3
19,1 19,2 19,2
31.03.09 31.03.10 31.03.11 31.12.11 31.03.12
Deposits (€ bn)
Non-IBUs IBUs
• A strong deposit franchise benefiting from a flight to
quality; 31,4% deposit market share (bigger than the
combined share of 2nd and 3rd largest banks); a 3,3
percentage points expansion of market share since
December 2009
• Leading IBU position with 41% market share in foreign
currency deposits
• IBU Sector continues to expand: Registered
companies in Cyprus increased by 6% and active IBU
customers increased by 13% on annual basis
+8% yoy
+3% yoy
+6% yoy
Cyprus
+1% yoy
-12% yoy
+12% yoy
Source: Central Bank of Cyprus, market shares between commercial banks
and Co-ops
21
79
47 38
3
92
57 55
-2 Net Interest
Income Profit before provisions
Provisions Profit after tax*
Profit & Loss Highlights (€mn)
1Q11 1Q12
+16%
+23% +44%
57% 51% 52% 49%
45%
FY09 FY10 1Q11 FY11* 1Q12
Cost to Income ratio (%)
Facing a challenging market
49 61 69 84 77 77 76 80 79 79 85 89 92
154
193 201 226 214 219 222
239 256 258
275 302
340
209
284
322 328 320 302 302 291 289
305 314 320
317
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
Greece NII (€mn), NIM and Spread (bp)
NII NIM Customer Spread
1Q12 Greece profitability affected by:
• Increase in net interest income (+16% yoy)
• Higher NIM (1Q12: 3,40% vs FY11: 2,74%)
NIM affected by the transfer of GGBs in the
Greek book
• Higher provisions (+44% yoy)
Greece
* Excluding the deferred tax asset for GGBs impairment
22
9,5 7,7 7,4 7,1 7,2
31.03.11 31.12.11 31.01.12 29.02.12 31.03.12
Deposits (€ bn)
Managing portfolio through difficult economic
conditions
• Loans to deposits ratio 127%
• Bigger reduction of loan book compared to
the market
• Based on Bank of Greece statistics,
Annual change in consumer loans of
-13,9% vs a system change of -6,3%
Annual change in mortgage loans
-3,6% vs a system change of -2,7%
Annual change in business loans
-3,0% vs a system change of -3,7
• Loans market share at 4,2% at the end of
March 2012
• Deposits market share at 3,8% at end of
March 2012
• Small exposure to shipping
3,2 3,0 2,9
3,7 3,6 3,5
3,3 3,4 3,4
10,2 10,0 9,8
31.03.11 31.12.11 31.03.12
Gross Loans (€ bn)
Retail SMEs Corporate
-4% yoy
-6% yoy
-7% yoy
Greece
+2% yoy
23
Performance to benefit from business
expansion
19 15 16
21 24
30 32 34 34 31 32 33
28
470 396 414
473 505
598 630 631 619 559 570 595
510
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
Russia NII (€ mn) & NIM (bp)
Net Interest Income Net Interest Margin
Russia
33
12
6 4
28
9 7
3
Net Interest Income
Profit before provisions
Provisions Profit after tax
Profit & Loss Highlights (€ mn)
1Q11 1Q12
-16%
-22% +9%
1Q12 Russia profitability affected by:
• Reduction in net interest income (-16% yoy)
• Lower NIM (1Q12: 5,10% vs FY11: 5,84%)
• Higher provisions (+9% yoy)
24
Continuing business expansion
• Business expansion continued in 1Q12
• Increase in deposits (10% yoy, +7% yoy in
local currency
• Increase in loans (+9% yoy, +6% yoy in local
currency)
1,17
1,41
1,89 2,00 2,09
31.12.08 31.12.09 31.12.10 31.12.11 31.03.12
Gross Loans (€ bn)
0,90 1,02
1,12
1,29 1,35
31.12.08 31.12.09 31.12.10 31.12.11 31.03.12
Customer Deposits (€ bn)
Corporate 22%
SMEs 57%
Mortgages 4%
Other Consumer
9%
Car finance 8%
Loan diversification
Russia
25
6,6
4,7
2,1 2,1
4,8
2,5 2,0
0,3
Net Interest Income
Profit before provisions
Provisions Profit after tax
Profit and Loss Highlights Romania (€ mn)
1Q11 1Q12
Resilient EE operations
5,2
3,0 2,2
0,8
5,9
2,9
0,8
1,9
Net Interest Income
Profit before provisions
Provisions Profit after tax
Profit and Loss Highlights Ukraine (€ mn)
1Q11 1Q12
206
248 245
332 322
31.12.09 31.12.10 31.03.11 31.12.11 31.03.12
Ukraine loans (€ mn)
678
625 643
586 580
31.12.09 31.12.10 31.03.11 31.12.11 31.03.12
Romania Loans (€ mn)
Romania - Ukraine
26
Strategic priorities for 2012
Performance by Geographic Market
Strategic Priorities for 2012
Appendices
Financial Results 1Q 2012 – Highlights
Income Statement Review
Balance Sheet Review and Capital position
27
Strategic priorities for 2012
Safeguard healthy liquidity
Strengthen capital position
Maintain organic profitability
Manage risks effectively
Strategic priorities for 2012
28
Key information and contact details
Participation in indices:
CSE General Index , FTSE/CySE 20
FTSE/ATHEX Top 20
FTSE Med 100
FTSE New EU
DJ STOXX EU Enlarged TMI
Credit Ratings:
Fitch: BB+ / F-2 / B
Moody’s : B1 / NP / E+
Listing:
ATHEX – BOC
CSE – BOCY
ISIN CY0000100111
www.bankofcyprus.com
Christis Hadjimitsis
Senior Group General Manager
Tel: +357 22 122127
Email: ch.hadjimitsis@cy.bankofcyprus.com
Constantinos Pittalis, Head of Investor Relations, Tel: +357 22 121883, Email: constantinos.pittalis@cy.bankofcyprus.com
Argiro Papadopoulou, Investor Relations, Tel: +357 22 121725, Email: argiro.papadopoulou@cy.bankofcyprus.com
Ioanna Shaili, Investor Relations, Tel: +357 22 121740, Email: ioanna.shaili@cy.bankofcyprus.com
Investor Relations
Yiannis Kypri
Deputy Group CEO
Tel: +357 22 122126
Email: yiannis.kypri@cy.bankofcyprus.com
Contacts
Group Finance Division
Eliza Livadiotou, Manager Group Finance and Tax Planning, Tel: +357 22 122344, Email: eliza.livadiotou@cy.bankofcyprus.com
29
Appendices
Performance by Geographic Market
Strategic Priorities for 2012
Appendices
Financial Results 1Q 2012 – Highlights
Income Statement Review
Balance Sheet Review and Capital position
30
Profit and Loss (€ mn) 1Q12 1Q11 yoy % 4Q11 1Q12v4Q11 %
Net interest income 295 276 +7% 313 -6%
Net fee & commission income 56 56 -1% 61 -10%
FX income and net gains from financial instruments 10 4 +91% 16 -35%
Insurance income net of insurance claims 16 17 -5% 14 +12%
Other income 1 3 -43% 10 -85%
Total income 378 356 +6% 414 -9%
Total expenses 159 181 -12% 203 -22%
Profit before provisions 219 175 +25% 211 +4%
Provisions 100 79 +27% 132 -24%
Share of loss of associates - - - - -
Profit before tax 119 96 +24% 79 +52%
Taxation 21 22 -1% 15 +45%
Non-controlling interest profit 1 - -- 5 -85%
Profit after tax excluding GGBs impairment 99 74 +33% 69 +43%
Impairment of GGBs and change in fair value of related
hedging derivatives including tax 197 - - (636) -
(Loss)/profit after tax including GGBs impairment 295 74 +299% (567) -
Cost to Income Ratio 42,0% 50,9% -8,9 p.p. 49,2% -7,2 p.p.
Return on Equity 15,1% 11,0% +4,1 p.p. 9,1% +6,0 p.p.
p.p. = percentage points
Group
Note 1: Return on Equity and Cost to Income ratios exclude the impact from the GGBs impairment
31
Balance Sheet Overview
€ mn % yoy 31.03.12* 31.03.11***
Cash and balances with
central banks +62% 1.575 971
Placements with banks and
reverse repurchase
agreements
-25% 4.023 5.340
Debt securities, Treasury bills
and equity investments -38% 3.429 5.542
Net loans and advances to
customers -3% 27.211 27.926
Other assets +25% 2.417 1.937
Total assets -7% 38.655 41.716
Group
€ mn %
yoy
31.03.12 31.03.11***
Amounts due to banks and
repurchase agreements +22% 5.244 4.282
Customer deposits -9% 29.187 32.194
Debt securities in issue -47% 37 70
Other liabilities -13% 1.203 1.391
Subordinated loans stock -86% 130 940
Total liabilities -8% 35.801 38.877
Share Capital +101% 1.795 895
Share premium -26% 861 1.160
CECS** - 429 --
Revaluation and other reserves +139% 59 (153)
(Accumulated losses)/ retained
earnings -145% (376) 845
Shareholders’ equity +1% 2.768 2.747
Non controlling interests -6% 86 92
Total equity +1% 2.854 2.839
Total liabilities and equities -7% 38.655 41.716
* Australia is not included
**Convertible Enhanced Capital Securities
*** Restated due to change in accounting policy
32
Gross Loans by Geography
14,2 14,9 15,0
10,2 10,0 9,8
1,9 2,0 2,1 1,9 2,0 1,9
28,2 28,9 28,8
31.03.11 31.12.11 31.03.12
Other countries
Russia
Greece
Cyprus
Total
(€ bn)
31.03.11
(Eur mn)
As % of
total
31.03.12
(Eur mn)
As % of
total
YoY (%) Market
Share (%)
Cyprus 14.151 50% 15.009 52% +6% 28,0%
Greece 10.167 36% 9.810 34% -4% 4,2%
Russia 1.915 7% 2.085 7% +9%
Other countries* 1.928 7% 1.896 7% -2%
TOTAL 28.161 28.800 +2%
United Kingdom 1.041 993 -5%
Romania 643 580 -10%
Ukraine 244 323 +32%
* Other countries: Romania, Ukraine and United Kingdom;
Group
33
Gross Loans Segmental Diversification
Corporate 45%
SMEs 24%
Mortgages 19%
Consumer Credit 12%
Group: €28.800 mn
Corporate 34%
SMEs 36%
Mortgages 17%
Consumer Credit 13%
Greece: €9.810 mn
Corporate 47%
SMEs 17%
Mortgages 23%
Consumer Credit 13%
Cyprus: €15.009 mn
(+6% yoy)
(-2% yoy)
(-0% yoy)
(2% yoy)
(+8% yoy)
(+3% yoy)
(+1% yoy)
(+12% yoy)
(+2% yoy)
(-6% yoy)
(-4% yoy)
(-12% yoy)
Group
34
Customer Deposits by Geography
19,1 19,2 19,2
9,5 7,7 7,2
1,3 1,3 1,3
1,4 1,5 1,5
31,3 29,7 29,2
31.03.11 31.12.11 31.03.12
Other countries
Russia
Greece
Cyprus
Total
(€ bn)
31.03.11
(Eur mn)
As % of
total
31.03.12
(Eur mn)
As % of
total
YoY (%) Market
Share (%)
Cyprus 19.096 61% 19.220 66% +1% 31,4%
Greece 9.538 30% 7.173 24% -25% 3,8%
Russia 1.224 4% 1.349 5% +10%
Other countries* 1.410 5% 1.445 5% +2%
TOTAL 31.268 29.187 -7%
United Kingdom 1.185 1.158 -2%
Romania 186 203 +9%
Ukraine 39 84 +116%
* Other countries: Romania, Ukraine and United Kingdom
Group
35
Cyprus: Summary profit & loss and key indicators Excluding the change in fair value of related hedging instruments and taxation for GGBs impairment
Note 1: b.p. = basis points, p.p. = percentage points ; 100 b.p. = 1 p.p.
(€ mn) 1Q12 1Q11 1Q12 versus
1Q11 (%)
Net interest income 157 139 +14%
Net fee & commission income 35 33 +6%
Foreign exchange income and gains from financial
instruments 7 1 +447%
Insurance income net of insurance claims 14 14 -3%
Other income 1 1 -21%
Total income 214 188 +14%
Personnel expenses 42 59 -28%
Other operating expenses 29 26 +12%
Total expenses 71 85 -16%
Profit before provisions 143 103 +38%
Provisions 33 29 +14%
Share of loss of associate 0 0 --
Profit before tax 110 74 +48%
Taxation 16 13 +17%
Non-controlling interest loss/(gain) 0 0 --
Profit after tax 94 61 +55%
Net Interest Margin (NIM) 2,48% 2,19% +29 b.p.
Return on Equity (ROE) 31,5% 20,9% +10,6 p.p.
Cost/Income Ratio 33,3 % 45,0% -11,7 p.p.
36 Note 1: b.p. = basis points, p.p. = percentage points ; 100 b.p. = 1 p.p.
(€ mn) 1Q12 1Q11 1Q12 versus
1Q11 (%)
Net interest income 92 79 +16%
Net fee & commission income 12 12 +5%
Foreign exchange income and gains from financial
instruments (1) 2 -157%
Insurance income net of insurance claims 2 3 -16%
Other income 0 1 -75%
Total income 105 97 +8%
Personnel expenses 29 28 +1%
Other operating expenses 19 22 -13%
Total expenses 48 50 -5%
Profit before provisions 57 47 +23%
Provisions 55 38 +44%
Share of loss of associate -- -- --
Profit before tax 2 9 -76%
Taxation 4 6 -23%
Non-controlling interest gain -- -- --
(Loss)/Profit after tax (2) 3 -185%
Net Interest Margin (NIM) 3,40% 2,56% +84 b.p.
Return on Equity (ROE) -1,4% +1,6% -3,0 p.p.
Cost/Income Ratio 45,3% 51,7% -6,4 p.p.
Greece: Summary profit & loss and key indicators Excluding the change in fair value of related hedging instruments and taxation for GGBs impairment
37
Russia: Summary profit & loss and key indicators
Note 1: b.p. = basis points, p.p. = percentage points ; 100 b.p. = 1 p.p.
(€ mn) 1Q12 1Q11 1Q12 versus
1Q11 (%)
Net interest income 28 33 -16%
Net fee & commission income 7 8 -18%
Foreign exchange income and gains from financial
instruments 3 1 +157%
Insurance income net of insurance claims -- -- --
Other income 0 1 -40%
Total income 38 43 -12%
Personnel expenses 16 17 -6%
Other operating expenses 13 14 -10%
Total expenses 29 31 -8%
Profit before provisions 9 12 -22%
Provisions 7 6 +9%
Share of loss of associate -- -- --
Profit before tax 2 6 -58%
Taxation 0 1 -57%
Non-controlling interest gain 1 (1) --
Profit after tax 3 4 -39%
Net Interest Margin (NIM) 5,10% 6,19% -109 b.p.
Return on Equity (ROE) 5,8% 9,7% -3,9 p.p.
Cost/Income Ratio 75,7% 72,5% +3,2 p.p.
38
Other countries: Summary profit & loss and key indicators
Other countries: Romania, Ukraine and United Kingdom. For 1Q11 other countries
include Australia Note 1: b.p. = basis points,
p.p. = percentage points ; 100 b.p. = 1 p.p.
(€ mn) 1Q12 1Q11 1Q12 versus
1Q11 (%)
Net interest income 18 24 -27%
Net fee & commission income 2 3 -47%
Foreign exchange income and gains from financial
instruments 1 0 +316%
Insurance income net of insurance claims -- -- --
Other income 0 0 --
Total income 21 27 -26%
Personnel expenses 6 8 -28%
Other operating expenses 5 7 -25%
Total expenses 11 15 -27%
Profit before provisions 10 12 -26%
Provisions 5 5 -6%
Share of loss of associate -- -- --
Profit before tax 5 7 -39%
Taxation 1 2 -48%
Non-controlling interest gain -- -- --
(Loss)/Profit after tax 4 5 -36%
Net Interest Margin (NIM) 2,89% 2,63% +26 b.p.
Return on Equity (ROE) 11,9% 12,0% -0,1 p.p.
Cost/Income Ratio 54,7% 55,0% -0,3 p.p.
39
Operations in United Kingdom
7,1
3,2
0,3
2,1
7,0
3,9
2,0 1,5
Net Interest Income
Profit before provisions
Provisions Profit after tax
Profit and Loss Highlights UK (€ mn)
1Q11 1Q12
1.077 1.041 1.036 993
1.260 1.186 1.210 1.158
31.12.10 31.03.11 31.12.11 31.03.12
UK Loans and Deposits (€ mn)
Loans Deposits
BOC Australia disposed in December 2011
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