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Annual Financial Report 2011 Annual Financial Report 2011 WorldReginfo - 04dd0654-9ef7-4ba2-beab-023715895db9 BANK OF CYPRUS GROUP Annual Financial Report for the year ended 31 December 2011 Contents Page Directors and Executives 1 Statement by the Members of the Board of Directors and the Company Officials Responsible for the Drafting of the Consolidated Financial Statements (in accordance with the provisions of Law 190(Ι)/2007 on Transparency Requirement) 2 Report of the Board of Directors of Bank of Cyprus Public Company Ltd 3 Consolidated Financial Statements of Bank of Cyprus Group 11 Independent Auditor’s Report to the Members of Bank of Cyprus Public Company Ltd 142 Statement by the Members of the Board of Directors and the only Company Officials Responsible for the Drafting of the Financial Statements available (in accordance with the provisions of Law 190(I)/2007 on Transparency Requirement) in Greek Financial Statements of Bank of Cyprus Public Company Ltd only available in Greek Independent Auditor’s Report to the Members of Bank of Cyprus Public Company Ltd only available in Greek Corporate Governance Report 144 Financial Information for Year 2011 159 (as stipulated by Decision 4/507/28.4.2009 of the Board of Directors of the Greek Capital Markets Commission) Table with Corresponding References to the Information made 172 Publicly Available by Bank of Cyprus Public Company Ltd during the period 1.1.2011 to 24.4.2012 WorldReginfo - 04dd0654-9ef7-4ba2-beab-023715895db9 BANK OF CYPRUS GROUP Annual Financial Report 2011 Directors and Executives Board of Directors of Theodoros Aristodemou Bank of Cyprus CHAIRMAN Public Company Ltd (Group Holding Company) Andreas Artemis VICE CHAIRMAN Vassilis G. Rologis Yiannis Kypri Costas Z. Severis Costas Hadjipapas Evdokimos Xenophontos Nikolas P. Tsakos Anna Diogenous Yiannis Pehlivanidis George M. Georgiades Stavros J. Constantinides Christos Mouskis Irene Karamanou Manthos Mavrommatis Elias Neocleous Andreas Eliades Senior Group Executive Andreas Eliades Management GROUP CHIEF EXECUTIVE OFFICER Yiannis Pehlivanidis FIRST DEPUTY GROUP CHIEF EXECUTIVE OFFICER Yiannis Kypri DEPUTY GROUP CHIEF EXECUTIVE OFFICER Christis Hadjimitsis SENIOR GROUP GENERAL MANAGER Nicolas Karydas SENIOR GROUP GENERAL MANAGER Secretary Yiannis Kypri Legal Advisers Chryssafinis & Polyviou Independent Auditors Ernst & Young Cyprus Ltd Registered Office 51 Stassinos Street Ayia Paraskevi, Strovolos P.O. Box. 24884, CY-1398 Nicosia, Cyprus Telephone: +357 22122100, Telefax: +357 22336258 1 WorldReginfo - 04dd0654-9ef7-4ba2-beab-023715895db9 BANK OF CYPRUS PUBLIC COMPANY LTD Annual Financial Report 2011 Statement by the Members of the Board of Directors and the Company Officials Responsible for the Drafting of the Consolidated Financial Statements (in accordance with the provisions of Law 190(I)/2007 on Transparency Requirements) We, the members of the Board of Directors and the officials responsible for the drafting of the consolidated financial statements of Bank of Cyprus Public Company Ltd (the ‘Company’) for the year ended 31 December 2011, confirm that, to the best of our knowledge, (a) the consolidated financial statements on pages 11 to 141. (i) have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, and (ii) give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidated financial statements taken as a whole, and (b) the Directors’ Report provides a fair review of the developments and performance of the business and the position of the Company and the undertakings included in the consolidated financial statements taken as a whole, together with a description of the principal risks and uncertainties that they face. Theodoros Aristodemou Chairman Andreas Artemis Vice Chairman Vassilis G. Rologis Non-executive Director Costas Z. Severis Non-executive Director Evdokimos Xenophontos Non-executive Director Anna Diogenous Non-executive Director George M. Georgiades Non-executive Director Christos Mouskis Non-executive Director Manthos Mavrommatis Non-executive Director Andreas Eliades Executive Director Yiannis Kypri Executive Director Costas Hadjipapas Non-executive Director Nikolas P. Tsakos Non-executive Director Yiannis Pehlivanidis Executive Director Stavros J. Constantinides Non-executive Director Irene Karamanou Non-executive Director Elias Neocleous Non-executive Director Christis Hadjimitsis Senior Group General Manager 24 April 2012 2 WorldReginfo - 04dd0654-9ef7-4ba2-beab-023715895db9 BANK OF CYPRUS PUBLIC COMPANY LTD Annual Financial Report 2011 Directors’ Report The Board of Directors submit to the shareholders of the Company their Report together with the audited consolidated financial statements for the year ended 31 December 2011. Activities Bank of Cyprus Public Company Ltd (the ‘Company’) is the holding company of the Bank of Cyprus Group (the ‘Group’). The principal activities of the Company and its subsidiaries in Cyprus and abroad during the year continued to be the provision of banking, financial services and insurance services. All Group companies and branches are set out in Note 51 of the consolidated financial statements. Financial results The Group achieved the profitability targets set for 2011, excluding the impairment of Greek Government Bonds (GGBs), despite the continuing negative economic developments in the main markets in which it operates, and has reported increased profit before provisions and increased profit before tax and GGBs impairment. Profit before provisions and the impairment of GGBs reached €805 million, noting an increase of 11% compared to €725 million for 2010 and profit after tax excluding the impairment of GGBs reached €312 million compared to €306 million for 2010, noting an increase of 2%. Following the finalisation of the impact of the GGBs debt exchange plan, the Group has reduced the carrying value of its GGBs by 74% of their nominal value. The post-tax impairment of GGBs, including related hedging costs, amounted to €1.682 million for 2011. At 31 December 2011 the carrying value of GGBs held by the Group amounted to €616 million. Including the impairment of GGBs, Group losses after tax for 2011 amounted to €1.371 million. The losses after tax of the Company amounted to €1.380 million (2010: profits of €332 million). We note that the final audited financial results of the Group for year ended 31 December 2011 differ from the preliminary results announced on 21 February 2012 as a result of the finalisation of the impact of the voluntary exchange program of GGBs. For the final results, the Group has reduced the carrying value of its GGBs by 74% of their nominal value, compared to an impairment of 60% for the preliminary results. 3 WorldReginfo - 04dd0654-9ef7-4ba2-beab-023715895db9 BANK OF CYPRUS PUBLIC COMPANY LTD Annual Financial Report 2011 Directors’ Report Financial results (continued) The main financial highlights for 2011 are set out in the table below: Group Financial Highlights Change 2011 2010 €000 €000 Profit before provisions for impairment of loans and advances and the impairment of Greek Government +11% 805.104 724.964 Bonds (GGBs) Profit after tax attributable to the owners of the +2% 311.532 306.189 Company before GGBs impairment Impairment of GGBs and change in fair value of related - (1.682.303) - hedging derivatives after tax (Loss)/profit after tax attributable to the owners of the - (1.370.771) 306.189 Company Basic earnings per share excluding GGBs impairment -9,5 cent 30,9 cent 40,4 cent Cost to income ratio -2,2 p.p.* 47,8% 50,0% Return on equity excluding GGBs impairment -1,3 p.p.* 10,6% 11,9% Net interest margin +32 b.p.* 2,98% 2,66% Gross Loans +4% 28.872.429 27.874.290** Deposits -7% 29.654.498 32.055.293** Net loans to deposits ratio +8,2 p.p.* 92,3% 84,1% Non performing loans ratio +2,9 p.p.* 10,2% 7,3% * p.p.= percentage points, 1 percentage point = 1% b.p.= basis points, 100 basis point = 1 percentage point (1%) ** Restated so as to exclude Bank of Cyprus Australia Ltd • Significant increase of total income: Total income recorded a significant annual increase of 6%, reaching €1.541 million for 2011 (2010: €1.450 million), demonstrating the Group’s ability to achieve increased recurring income despite the adverse economic conditions. • Improved efficiency: The cost to income ratio has improved to 47,8% for 2011 from 50,0% for 2010 due to the increase in total income and the contained increase of expenses. • Significant increase in profit before provisions and impairment of GGBs: The improved efficiency led to a significant increase in profit before provisions and impairment of GGBs for 2011. Profit before provisions and impairment of GGBs reached €805 million for 2011, noting an increase of 11% compared to 2010 (€725 million). • Improvement of interest margin: The Group’s net interest margin reached 2,98% for 2011, a significant increase of 32 basis points compared to 2,66% for 2010. • Healthy liquidity: The Group has a healthy liquidity position with a net loans to deposits ratio of 92%, minimal repayments of debt securities in the next two years and limited reliance on the interbank market and wholesale funding. The ratio of deposits to total assets stood at 79% at 31 December 2011 (2010: 77%). • Adequate return on equity: The return on equity excluding the impairment of GGBs was maintained at satisfactory levels (2011: 10,6%) in a particularly challenging environment (2010: 11,9%). • Loans and deposits: At 31 December 2011 Group gross loans and deposits were €28,9 billion and €29,7 billion respectively. • Credit risk management: The non-performing loans ratio reached 10,2% at 31 December 2011 compared to 7,3% at 31 December 2010. The provisions coverage ratio (ratio of provisions to non-performing loans) amounted to 51% at 31 December 2011 (2010: 55%). The non-performing loans are loans in arrears for more than three months which are not fully covered by tangible collateral.
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