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Banco Comercial Portugues
Investor Presentation • Feb 26, 2025
1913_iss_2025-02-26_8f44418c-45b6-408b-84d5-9275e8f065fc.pdf
Investor Presentation
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Disclaimer
l The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ('IFRS') of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as amended.
l The figures presented do not constitute any form of commitment by BCP in regard to future earnings.
l The figures of 2024 were not audited.
l The information in this presentation is for information purposes only and should be read in conjunction with all other information made public by the BCP Group.
Nos outros deve ser:
Os valores dos primeiros nove meses de 2023 e de 2022 não foram objeto de auditoria.
Highlights
A Solid and Efficient Bank
| ▪ Group's net income of 906.4 million in 2024, representing an increase of 5.9% when compared to the same period of 2023, |
|
|---|---|
| ▪ In Portugal, net income amounted to 786.4 million in 2024, corresponding to an increase of 8.5% compared to the same period of 2023 |
|
| Profitability | ▪ 1 Bank Millennium net income stood at 167.1 million in 2024, despite charges of 750.2 million related with CHF mortgage loan 459.82 portfolio (out of which million in provisions) and costs related to the extension of credit holidays (PLN mortgage) which totaled 26.2 3 million |
| ▪ Millennium bim net income stood at 48.5 million in 2024 despite the provisions resulting from the downgrade of Mozambican public debt |
|
| ▪ 4 ratio4 Solid capital ratios. CET1 stood at 16.3% and total capital at 20.6%, including the effect of the share buyback programme amounting to 200 million approved by the supervisor, corresponding respectively to an increase of 89bp and 72bp compared with the same period of last year, reflecting the strong capacity of organic capital generation |
|
| ▪ LCR5 NSFR5 LtD5 Liquidity indicators well above regulatory requirements. at 342%, at 181% and at 66%. Eligible assets available to discount at ECB of 30.9 billion |
|
| Business Model Rendibilidade |
▪ Group's total Customer funds grew 8% year on year to 102.9 billion |
| ▪ Reduction in non-performing assets compared to December 2023: 127 million in NPE and 52 million in foreclosed assets |
|
| ▪ Cost of risk at Group level stood at 32bp in 2024, which compares with 42bp in the same period of last year |
|
| ▪ Customer base grew 4%, highlighting the 10% increase in mobile Customers, which represented 71% of the total active customers at the end of December 2024 |
|
| 1 |
3 Before taxes and non-controlling interests. Reduction compared to 9M'24 due to the review of the estimated rate of adherence to the credit holidays.
4 Fully implemented ratio including unaudited net income of 2024.
Includes provisions for legal risk, costs with out of court settlements and legal advice (before taxes and non-controlling interests). Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale).
2 Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Before taxes and non-controlling interests.
5Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits Ratio (LtD).
Customer base growth Based on the quality of the Teams and distinctive digital skills
Innovation focused on Customer needs translates into accelerated growth in Mobile usage and sales
% Digital Transactions (#)3 % Digital Sales (#) # Digital Interactions (mio)
2 4
1 NPS5Digital Customers Mar 2024 5 largest Banks
1 Includes P2P tranfers in Millennium app
2 Interactions (Millennium website and app), individuals includes AB
3 Includes mobile, online and ATMs, excludes branches and contact center that counts for 0.4% of total transactions
4 Digital sales (Millennium website and app) in number of operations
5 Digital channels satisfaction (NPS), 5 largest banks, Source: BASEF-Marktest
Resultado líquido de XXX milhões no primeiro trimestre de 2024 Net income of 906.4 million in 2024
| (Million euros) |
2023 | 2024 | % | D |
|---|---|---|---|---|
| interest income Net |
2 825 7 , |
2 830 9 , |
+0 2% |
+5 1 |
| Commissions | 771 7 |
808 5 |
8% +4 |
+36 9 |
| income Core |
3 597 4 , |
3 639 4 , |
+1 2% |
+42 0 |
| Operating costs |
-1 162 6 , |
-1 307 2 , |
+12 4% |
-144 7 |
| operating profit Core |
2 8 434 , |
2 332 2 , |
2% -4 |
-102 7 |
| 1 Other income |
172 3 |
-64 7 |
- | -237 0 |
| Of which: sale of of Millennium Financial Services 80% |
139 1 |
- | - | -139 1 |
| Operating income net |
2 607 1 , |
2 267 4 , |
-13 0% |
-339 7 |
| 2 Results modification on |
-19 4 |
-68 5 |
- | -49 1 |
| Impairment and other provisions |
-1 099 8 , |
-857 5 |
-22 0% |
+242 4 |
| Of which: Loans impairment |
-240 0 |
-182 4 |
-24 0% |
+57 6 |
| 3 Of which: legal risk (Poland) CHF mortgages on |
-623 0 |
-459 8 |
-26 2% |
+163 2 |
| before Income tax |
1 487 8 , |
1 341 4 , |
-9 8% |
-146 4 |
| Income , non-controlling interests and discontinued operations taxes |
-631 8 |
-435 0 |
-31 1% |
+196 7 |
| income Net |
856 0 |
906 4 |
+5 9% |
+50 3 |
8 1 Dividends from equity instruments, other net operating income, net trading income and equity accounted earnings.| 2 Includes the result of contract changes from the renegotiation of CHF mortgages loans and costs related with the extension of the credit holidays (PLN mortgage) | 3 Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale).
9
Net interest income
Comissões Fees and commissions
Outros proveitos Other income
Portugal
12
1Positive one-off effect of 139.1 million (127.9 million booked in net trading income and 11.2 million booked in other operating income) related with the sale of Millennium Financial Services stake (80%) in Q1'23 as a result of the strategic partnership in the bancassurance business. | 2 Net trading income includes -60.3 million in 2023 and -93.7 million in 2024 of costs related to out-of-court settlements with Customers related with CHF loan portfolio. In Q3'24 was a recognized a gain related with the sale of loans in Portugal | 3Other operating income includes +52.3 million in 2023 and +46.4 million in 2024 related with the compensation for provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale and includes charges related with negotiation costs and legal procedures of CHF loans.
Operating costs
Cost of risk and provisions
1 Incudes an impairment reversal in international operations, without this effect cost of risk would stand at 48bp at the group level and 37 bp for International operations 2 Incudes an impairment reversal occurred in Q2'24, without this effect cost of risk would stand at 40bp at the group level and 43 bp for Portugal 3 Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale): 52.3 million in 2023 and 46.4 million in 2024.
Continued decrease of NPEs
Portugal
NPE include loans to Customers only.
16
Customer funds
Dec 23 Dec 24
Loan portfolio
Dec 23 NPE Performing Dec 24
Performing
Group Capital and liquidity
19
Solid capital ratios
• CET1 capital ratio of 16.3% and total capital ratio of 20.6%, including the share buyback programme amounting to 200 million approved by the supervisor, corresponding respectively to an increase of 89bp and 72bp compared to the same period last year, reflecting the strong capacity for organic capital generation
- Capital ratios comfortably above SREP requirements even considering the reserve for sectorial systemic risk notified by the BdP2 of 0.29% which aims to reinforce the resilience of the banking sector of a potential deterioration in economic conditions and/or unexpected significant correction in residential property prices
- Buffers for which there are limitations to results distribution: 657bp to CET1, 583bp to T1 and 628bp to total capital
3Combined buffer reserve incudes: Conservation buffer, O-SII buffer, Countercyclical capital buffer and Systemic risk buffer
Stronger capital position
Leverage ratio
(Milhões de euros*) (Milhões de euros*) (Fully implemented, latest available data)
Leverage ratio in comfortable levels (6.4% as of December 2024) higher when comparing to European banks
RWA density
(Milhões de euros)* (RWAs as a % of assets, latest available data)
RWAs density in very conservative values (39% as of December 2024) comparing favourably with the values registered by most of the European markets
MREL requirements and Funding Plan
MREL position (BCP Resolution Group - 31 Dec 2024)*
MREL - Minimum Requirement for own funds and Eligible Liabilities | TREA – Total Risk Exposure Amount; LRE - Leverage Ratio Exposure; CBR - Combined Buffer Requirements
*Preliminary data
1Requirements covered by the 2023 Resolution Planning Cycle, applicable since July 2024. MREL requirements are subject to periodic review by the SRB and changes in the regulatory framework.
2In addition to the resolution perimeter centered in Portugal, BIM in Mozambique and Bank Millennium in Poland were established as additional groups. With regard to Mozambique, as European rules do not apply, no minimum MREL
requirement has been set. With regard to Bank Millennium were set minimum requirements of MREL - TREA of 18.03% and MREL - TEM of 5.91% from 18 June 2024.
3Including unaudited net income for 12M 2024.
4 Including RRE – Sectoral Systemic Risk Buffer and CCyB – Countercyclical Capital Buffer
Fundo de pensões Pension fund
| Pension fund fund Pension |
Dec 23 |
Dec 24 |
|---|---|---|
| Fund's profitability |
+7 1% |
+1 2% |
| Effect of actuarial differences in liabilities* (includes discount rate) |
-11 6% |
-5 5% |
• Discount rate revised to 3.48%
• Coverage of pension fund liabilities by assets comfortably above 100%
Robust liquidity position
Portugal
Profitability in Portugal
Net income Net operating revenue
(Million euros*) (Million euros*) (Million euros)
(Million euros)Impairment and other provisions
(Million euros*) (Million euros*)
Operating Costs
(Million euros)
(Million euros)
Net interest income
(Million euros)
The normalization of interest rates led to an increase in both deposit costs and wholesale funding, along with a decrease in performing credit determined a net interest income decrease in 2024, despite the positive effect of loan book repricing, the higher yield from the securities portfolio and the excess liquidity and other
Commissions and other income
(Million euros) (Million euros)
| 2023 | 2024 | YoY | |
|---|---|---|---|
| Banking fees and commissions |
471.4 | 491 0 |
+4.2% |
| Cards and transfers |
158 3 |
156 9 |
-0 9% |
| and Loans guarantees |
81 5 |
79 5 |
-2 4% |
| Bancassurance | 84 4 |
110 7 |
+31 2% |
| related Customer account |
142 3 |
143 2 |
+0 6% |
| Other fees and commissions |
4 8 |
0 6 |
-87 1% |
| commissions Market related fees and |
88 9 |
97 .4 |
+9 .5% |
| Securities operations |
34 1 |
40 1 |
5% +17 |
| Asset and distribution management |
54 8 |
57 3 |
+4 6% |
| commissions Total fees and |
560 .3 |
588 .3 |
+5.0% |
Commissions Other income
(Milhões de euros*) (Milhões de euros*)
Operating costs
NPEs decrease
Non-performing exposures (NPE) NPE build-up
(Milhões de euros*) (Milhões de euros*) (Million euros)
(Million euros)
| (Million euros) |
24 Dec 23 vs. Dec |
24 Dec vs. Sep 24 |
|---|---|---|
| Opening balance |
1,107 | 1,045 |
| outflows/inflows Net |
220 | 4 |
| Write-offs | -116 | -17 |
| Sales | -238 | -59 |
| Ending balance |
973 | 973 |
Loan impairment (net of recoveries)
(Milhões de euros)* (Million euros)
- NPE in Portugal total 973 million at the end of December 2024, a decrease of 134 million from December 2023
- The decrease of NPE from December 2023 is attributable mainly to a reduction of 148 million of other NPE
- Cost of risk of 31bp in December 2024, 54bp in December 2023, with the ratio loan-loss reserves / NPE ascending to 90% and 89%, respectively
1 Value impacted by an impairment reversal occurred in Q2'24, without this effect the cost of risk would stand at 43bp .
NPE coverage
Other NPE total coverage*
NPE total coverage* NPL>90d total coverage*
- Total coverage* ≥100%, for both individuals and companies, and for both NPE categories (NPL>90d and other NPE)
- Coverage by loan-loss reserves are stronger in loans to companies, where real-estate collateral, usually more liquid and with a more predictable market value, accounts for a lower coverage than in loans to individuals: coverage by loan-losses was 104% for companies NPE as of December 2024, reaching 126% for companies NPL>90d
Foreclosed assets and corporate restructuring funds
Sales of foreclosed assets
(Million euros)
Foreclosed assets Corporate restructuring funds
(Milhões de euros*) (Milhões de euros*) (Million euros)
- Net foreclosed assets were down by 51.9% between December 2023 and December 2024
- 569 properties were sold during 2024 (820 properties in 2023), with sale values exceeding book value by 23 million
- Restructuring funds amount to 344 million in December 2024
* The participation in Turismo Algarve FCR was reclassified to investments in associated companies in Q2'24
Customer funds and loans to Customers
Performing loans in Portugal
Evolution of performing loans
Performing loans to individuals increase by 4.6%, with a highlight on the mortgage loan portfolio reaching 19.3 billion
The Bank maintains a prominent position in the corporate segment:
- ✓ Leadership in PME Leader programme for the 6th consecutive year with a 33% market share
- ✓ Leadership in Inovadora COTEC programme for the 4th consecutive year, with a market share of 49%
- ✓ Leading Bank in Satisfaction: Best Bank for companies, Closest Bank to Clients, Most innovative Bank, Most efficient Bank and Bank with the Most appropriate products according to DATAE 2024
- ✓ Leading Bank in Factoring and Confirming, with factoring invoicing of more than 10 billion euros up until December 2024 and a market share of 22%*
- ✓ Leading Bank in International Business: Leadership in Trade Finance, with a market share of 25.6%** and award for best Trade Finance Bank in Portugal according to Euromoney
- ✓ Leading Bank in Leasing, with 742 millions of new leasing business in 2024 and market share of 25%*
- ✓ Leading Bank in EIF/EIB: #1 Commercial bank of the EIB in Portugal and #1 Commercial Bank of the EIF in Europe
- ✓ Leading Bank in BPF INVEST EU guarantees with with access to all types of guarantees under the InvestEU Programme
- ✓ Distinct digital offer: Digital Account Opening, availability of M2030 for European Funds, iziBizi for ERP/Accounting and digital subscription of business products
These awards are the exclusive responsibility of the attributing entities.
International operations
Contribution from international operations
| euros2 (Million ) |
2023 | 2024 |
|---|---|---|
| Poland | 133 7 |
167 1 |
| Mozambique 3 |
105 5 |
48 5 |
| Other 4 |
-4 2 |
3 9 |
| income international operations Net |
235 0 |
219 5 |
| Non-controlling int (Poland+Mozambique) |
-100 7 |
-99 5 |
| Exchange effect rate |
-3 1 |
-- |
| Contribution international operations from |
2 131 |
119 9 |
36 1 Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients, profit from the sale of 80% stake in Millennium Financial Services,, linear distribution of BFG resolution fund fee , hypothetical bank tax until May 2024 and extension of the credit holidays (PLN mortgage) | 2 Subsidiaries' net income presented for 2023 reflect the same exchange rate as of 2024 for comparison purposes. | 3 The decrease in 2024 results mainly reflects the booking of impairments related with the downgrade of the public debt rating | 4 Includes earnings from discontinued operations.
Evolução positiva do resultado líquido Bank Millennium with resilient net income
- Net income of 167.1 million in 2024 which compares with 133.7 million in the same period of last year (24.9%)
- Net income influenced by charges associated with the CHF mortgage loan portfolio (750.2 million out of which 459.8 million in provisions3 ) costs related to the extension of credit holidays (PLN mortgage) which totaled 26.2 4 million
- Customer funds increased by 11.2%
- Loans to Customers increased by 1.8%
- Net income Excluding extraordinary effects2 up by 7% (48.6 million) compared with the same period of last year
- CET1 ratio (=T1) of 15.1%5 and total capital ratio of 17.6%, above the minimum requirements of 8.1% (9.9% for T1) and 12.2% respectively
FX effect excluded.€/Zloty constant at December 2024 levels: Income Statement 4.30; Balance Sheet 4.28. | Excludes FX mortgage legal risk provisions, as well as costs of litigations and settlements with Clients, profit from the sale of 80% stake in Millennium Financial Services, linear distribution of BFG resolution fund fee , hypothetical bank tax until May 2024 and extension of the credit holidays (PLN mortgage). | Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale).| Reduction compared to Q3'24 due to the review of the estimated rate of adherence to the credit holidays. | Does not include H2'24 results, if considered, CET1 (=T1) would have an increase of 90bps.
Aumento expressivo da margem financeira Net interest income increase
Commissions and other income Contributions
(Milhões de euros)* (Milhões de euros*) (Million euros**; does not include tax on assets and contribution to the resolution fund and to the DGF)
*Net interest income without credit holidays
**FX effect excluded. €/Zloty constant at December 2024 levels: Income Statement 4.30; Balance Sheet 4.28 ***Includes a profit of 139.1 million from the sale of 80% stake in Millennium Financial Services
(Million euros**)
38
)
- NPL>90d accounted for 2.2% of total loans as of December 2024 (2.1% as of December 2023)
- Coverage of NPL>90d by loan-loss reserves at 149% as of December 2024 (157% as of December 2023)
- Cost of risk at 40bp
*FX effect excluded. €/Zloty constant at December 2024 levels: Income Statement 4.30; Balance Sheet 4.28.
Customers funds and loans to Customers
CHF mortgages decrease by 26% year-on-year
Excludes Euro Bank. | *FX effect excluded. €/Zloty constant at December 2024 levels: Income Statement 4.30; Balance Sheet 4.28. | **Out of court settlements mainly booked in Net trading income 41 | ***Actual outstanding B/S provisions differ from the sum of P&L charges due to FX movements and utilizations among others
Millennium bim's results influenced by the context
- 54.1% compared to the same period of last year, reflecting mainly the impairments booked due to the downgrade of the public debt rating and the reversal of a loan impairment occurred in the previous year
- Customer funds increased by 7.1%
- Loans to Customers increased by 1.9%
- Capital ratio of 37.5%
Net interest income reflects the interest rate environment
Dec 23 Dec 24
39.2 39.8
2023 2024
Commissions
Dec 23 Dec 24
)
- NPL>90d ratio of 3.8% as of December 2024, with coverage by loan-loss reserves of 106% on the same date
- Cost of risk of 38bp in 2024 compared to -371bp in 2023, resulting from an impairment reversal. Without that effect, the cost of risk in 2023 would be 161bp
Business volumes
*FX effect excluded. €/Metical constant at December 2024 levels: Income Statement 68.97; Balance Sheet 65.93
Key figures
Deliver more value Main targets for strategic cycle 2025-2028
1
3
| Metrics | 2024 | 2028 | |
|---|---|---|---|
| Healthy organic growth |
Business volumes Portugal |
160€bn 109€bn |
> 190€bn > 120€bn |
| Number of customers Portugal |
7.0mn 2.8mn |
> 8mn > 3mn |
|
| Mobile customers Portugal |
71% 63% |
>80% > 75% |
|
| Execution discipline |
Cost-to-income Portugal |
37% 34% |
< 40% < 37% |
| Cost of risk Portugal |
bp1 32 bp1 31 |
< 50 bps < 45 bps |
|
| ESG commitment |
S&P Global CSA (percentile) | Top quartile | Top quartile |
| Robust capital |
CET1 ratio | 16.3%2 | > 13.5% |
| Superior returns |
ROE | 13.8% | > 13.5% |
| Shareholder distribution | 72%4 (2024 activity) |
Up to 75% of cumulative net income of 4.0- 4.5€bn in 2025-20283 subject to supervisory approval and achievement of Plan's relevant capital & business targets in Portugal and in the international area and fulfillment of CET1 target ( |
Incudes an impairment reversal occurred in Q2'24, without this effect cost of risk would stand at 40bp at the group level and 43 bp for Portugal. | 2 Fully implemented ratio including unaudited net income of 2024. | Including payout and share buyback, from 2025 through 2028. | 4 Including a 50% dividend payout of 2024 earnings and the effect of the share buyback programme amounting to 200 million approved by the supervisor.
COMMITMENT TO PEOPLE AND SOCIETY
needing help
Cancer
Millennium bcp Foundation Society
National Museum of Contemporary Art/ Millennium bcp gallery
inaugurated two exhibitions: Meanwhile (Millennium bcp Gallery - MNAC) and Digital Impressions. MNAC Collection (Wilmotte building - MNAC)
Museu Nacional dos Coches:
Restoration of an 18th century Processional Carriage, a horse-drawn vehicle used for religious ceremonies to transport the Image of the Virgin in the Procession of Our Lady of Cabo Espichel
FÓLIO - Óbidos International Literary Festival: Millennium bcp Award 'LIVING TEXT' whose challenge was to create a visual fiction based on the work of Maria Gabriela Llansol
Rui Osório de Castro Foundation/Millennium bcp Award:
9th edition of the award, created with the objective of encouraging and supporting research dedicated to pediatric cancer, contributing to the advancement of medicine in Portugal
"A Day in the Life of Marta Paço": Millennium bcp launches an innovative project, part of the Bank's broader strategic positioning - "On the Right Side" - on inclusion and accessibility
Millennium volunteers participate in the Food Bank campaign and help collect over 2.2 tons of food for around 380 thousand people
Social Responsibility Campaign "Millennium Solidário 2024", brings together the Bank's employees and the Mbcp Foundation in support of Acreditar - Association of Parents and Friends of Children with
Sustainability
projects
of 86 points
EDP and Millennium bcp together to develop Solar Neighborhoods, with more than 130 Bank branches integrated into the energy communities that EDP is developing across the country
In the 2024 edition of the 'CSA - Corporate Sustainability Assessment' by S&P, Millennium bcp achieved a score of 63 points, corresponding to a sector percentile
Millennium bcp distinguished in the "Europe's Climate Leaders 2024" ranking by the Financial
Times for the 4th consecutive time, as a leading company in climate change mitigation and adaptation.
EXTERNAL RECOGNITION
Bank Millennium: "Best Consumer Digital Bank 2024" and "The Innovators
"Company-Friendly Bank" ranking by
Bank Millennium: Newsweek ranking winner in the categories of "Traditional Banking" and 'Remote Banking"
Bank Millennium: Winner of the PayTech Awards, which recognize technological solutions in the world of
Responsible Governance Ranking"
Millennium bim: Consumer's Choice, in
Bank Millennium: Best remote account
Millennium bim: Euromoney Magazine, "Best Bank" and "Best Digital Bank" in Mozambique at the Euromoney Awards
rd place in "ESG
rd position in the
2024" companies mobile App
Bank Millennium: 3
Bank Millennium: 3
finance
Forbes
opening process
for Excellence 2024
Millennium bcp: Corporate Responsibility Program distinguished by the Fosun Foundation
Millennium bcp: "Best Private Bank in Portugal" by The Banker and Professional Wealth Management magazines
Millennium bcp: distinguished at the Finovate Awards 2024 for the Mortgage Loan process, in the category "Best Consumer Experience"
Millennium bcp: Best Consumer Digital Bank 2024
Millennium bcp: APCC Contact Centers 2024 Best Banking Contact Center in Portugal
Millennium bcp: Distinguished in the ranking of "Companies Committed to Youth"
Millennium bcp: Market Leader - Trade Finance for the 1st time
Bank Millennium: Second place in the Ranking of Banks for Affluent Clients by Forbes magazine
Bank Millennium: title of Top Employer Polska 2024
Millennium bim: "Best Foreign Exchange Provider" in Moçambique
Millennium bcp: 2025 Consumer's Choice, in the "Large Banks" category for the 5 th consecutive year
ActivoBank: 2024 Consumer's Choice, in the "Digital Bank" category for the 6th time
Millennium bcp: 2025 Five stars Bank, "Large Banks" category
Millennium: bcp: 2025 Five stars Bank, "Mobile apps" category
ActivoBank: 2025 Five stars Bank, for the 2 nd time, "Digital banking" category
49 Millennium bcp: Leadership in the "Inovadora COTEC" programme for the 4th consecutive year
Appendix
Sovereign debt portfolio
(Milhões de euros*) (Milhões de euros*) (Consolidated, million euros)
| Dec 23 |
Mar 24 |
Jun 24 |
Sep 24 |
Dec 24 |
YoY | QoQ | |
|---|---|---|---|---|---|---|---|
| Portugal | 5 656 , |
6 357 , |
7 109 , |
6 656 , |
4 903 , |
-13% | -26% |
| T-bills and other |
104 | 721 | 1 466 , |
947 | 985 | >100% | +4% |
| Bonds | 552 5 , |
635 5 , |
642 5 , |
710 5 , |
918 3 , |
-29% | -31% |
| Poland | 4 949 , |
6 507 , |
6 824 , |
7 306 , |
7 958 , |
+61% | +9% |
| Mozambique | 544 | 552 | 536 | 494 | 643 | +18% | +30% |
| Other | 10 944 , |
11 908 , |
12 819 , |
13 533 , |
14 973 , |
+37% | +11% |
| Total | 22,093 | 25,323 | 27,288 | 27,989 | 28,477 | +29% | +2% |
Sovereign debt portfolio Sovereign debt maturity
- ✓ The sovereign debt portfolio totalled 28.5 billion, 19.5 billion of which maturing in more than 2 years
- ✓ The Portuguese sovereign debt portfolio totalled 4.9 billion, Polish amounted to 8.0 billion and Mozambican amounted to 0.6 billion; "Other" includes, among other, sovereign debt from Belgium (5.5 billion), France (3.5 billion), Spain (3.1 billion), Italy (1.5 billion), Austria (0.5 billion) and Ireland (0.5 billion)
Sovereign debt portfolio breakdown
| Million euros |
Portugal | Poland | Mozambique | Other | Total |
|---|---|---|---|---|---|
| Trading book |
892 | 130 | 0 | 271 | 1 293 , |
| 1 ≤ year |
883 | 1 | 0 | 271 | 1 154 , |
| and 1 2 > ≤ year years |
1 | 83 | 0 | 0 | 84 |
| 2 and 5 > ≤ years years |
6 | 27 | 0 | 0 | 33 |
| and 5 8 ≤ > years years |
2 | 13 | 0 | 0 | 15 |
| and 8 10 > ≤ years years |
0 | 6 | 0 | 0 | 7 |
| 10 > years |
1 | 0 | 0 | 0 | 1 |
| Banking book* |
4 011 , |
7 828 , |
643 | 14 702 , |
27 184 , |
| 1 ≤ year |
516 | 1 423 , |
246 | 1 545 , |
3 730 , |
| 1 and 2 > year ≤ years |
191 | 1 709 , |
133 | 1 960 , |
3 994 , |
| and 2 5 ≤ > years years |
2 269 , |
3 780 , |
204 | 7 871 , |
14 123 , |
| and 5 8 > ≤ years years |
628 | 676 | 6 0 |
3 161 , |
4 525 , |
| 8 and 10 ≤ > years years |
116 | 240 | 0 | 166 | 522 |
| 10 > years |
290 | 0 | 0 | 0 | 290 |
| Total | 4 903 , |
7 958 , |
643 | 14 973 , |
28 477 , |
| 1 ≤ year |
399 1 , |
424 1 , |
246 | 816 1 , |
884 4 , |
| and 1 2 ≤ > year years |
192 | 1 792 , |
133 | 1 960 , |
4 077 , |
| and 2 5 > ≤ years years |
2 274 , |
3 807 , |
204 | 7 871 , |
14 156 , |
| and 5 8 ≤ > years years |
630 | 689 | 6 0 |
3 161 , |
4 540 , |
| and 8 10 > ≤ years years |
116 | 247 | 0 | 166 | 528 |
| 10 > years |
291 | 0 | 0 | 0 | 291 |
Diversified and collateralised portfolio
Carteira de crédito
- ✓ Loans to companies accounted for 37% of the loan portfolio, including 7% to construction and real-estate sectors, as of December 2024
- ✓ Mortgage accounted for 50% of the loan portfolio, with low delinquency levels and an average LTV of 60%
- ✓ 84% of the loan portfolio is collateralised
Consolidated net income
| (Million euros) |
2023 | 2024 | YoY | Impact on earnings |
|---|---|---|---|---|
| interest income Net |
2 825 7 , |
2 830 9 , |
+0 2% |
+5 1 |
| fees and commissions Net |
771 7 |
808 5 |
+4 8% |
+36 9 |
| Other income* |
172 3 |
-64 7 |
- | -237 0 |
| operating Net revenue |
3 769 7 , |
3 574 6 , |
-5 2% |
-195 0 |
| Staff costs |
-631 8 |
-722 0 |
+14 3% |
-90 2 |
| Other administrative and depreciation costs |
-530 7 |
-585 3 |
+10 3% |
-54 5 |
| Operating costs |
-1 162 6 , |
-1 307 2 , |
+12 4% |
-144 7 |
| Profit impairment provisions before and |
2 607 1 , |
2 267 4 , |
-13 0% |
-339 7 |
| Results modification on |
-19 4 |
-68 5 |
- | -49 1 |
| impairment (net of recoveries) Loans |
-240 0 |
-182 4 |
-24 0% |
+57 6 |
| Other impairment and provisions |
-859 8 |
-675 1 |
-21 5% |
+184 7 |
| modification Impairment provisions Results of and , |
119 -1 3 , |
-926 0 |
-17 3% |
+193 3 |
| before Income tax |
1 487 8 , |
1 341 4 , |
-9 8% |
-146 4 |
| Income taxes |
-537 4 |
-341 3 |
-36 5% |
+196 1 |
| Net income from discontinued be discontinued operations to or |
-2 9 |
0 3 |
+111 3% |
+3 2 |
| Non-controlling interests |
-91 6 |
-94 1 |
+2 8% |
-2 5 |
| income Net |
856 0 |
906 4 |
9% +5 |
+50 3 |
Consolidated balance sheet
| (Million euros) | 31 December 2024 |
December 30 2023 (restated) * |
|---|---|---|
| ASSETS | ||
| Cash and deposits at Central Banks |
5,589.0 | 4,545.5 |
| Loans and advances to credit institutions repayable on demand Financial assets at amortised cost |
251.2 | 337.7 |
| Loans and advances to credit institutions |
797.5 | 908.5 |
| Loans and advances to customers |
53,907.1 | 53,305.2 |
| Debt securities |
21,345.2 | 17,579.1 |
| Financial assets at fair value through profit or loss |
||
| Financial assets held for trading |
1,763.4 | 822.9 |
| Financial assets not held for trading mandatorily at fair value |
||
| through profit or loss |
355.2 | 433.6 |
| Financial assets designated at fair value through profit or loss |
33.9 | 32.0 |
| assets at fair Financial value through other comprehensive income |
12,899.0 | 10,834.3 |
| Hedging derivatives |
69.3 | 40.6 |
| Investments in associates |
429.4 | 380.8 |
| Non-current assets held for sale |
45.2 | 80.3 |
| Investment property | 24.2 | 39.1 |
| Other tangible assets |
619.1 | 606.4 |
| Goodwill and intangible assets |
276.0 | 223.1 |
| Current tax assets |
21.2 | 20.5 |
| Deferred tax assets |
2,253.5 | 2,554.3 |
| Other assets |
1,464.2 | 1,626.7 |
| TOTAL ASSETS |
102,143.6 | 94,370.7 |
| 31 December 2024 |
December 30 2023 * (restated) |
|
|---|---|---|
| LIABILITIES | ||
| Financial liabilities at amortised cost |
||
| Deposits from credit institutions and other funds |
777.7 | 829.1 |
| Deposits from customers and other funds |
82,084.7 | 75,606.8 |
| Non subordinated debt securities issued |
3,528.7 | 2,712.7 |
| Subordinated debt |
1,427.4 | 1,397.4 |
| Financial liabilities at fair value through profit or loss |
||
| Financial liabilities held for trading |
179.6 | 207.4 |
| Financial liabilities at fair value through profit or loss |
3,248.9 | 3,608.5 |
| Hedging derivatives |
39.0 | 67.8 |
| Provisions | 1,085.9 | 753.1 |
| Current tax liabilities | 136.0 | 197.1 |
| Deferred tax liabilities |
7.4 | 8.8 |
| Other liabilities |
1,435.7 | 1,691.6 |
| TOTAL LIABILITIES |
93,951.0 | 87,080.3 |
| EQUITY | ||
| Share capital |
3,000.0 | 3,000.0 |
| Share premium |
16.5 | 16.5 |
| Other equity instruments |
400.0 | 400.0 |
| Legal and statutory reserves |
384.4 | 316.4 |
| Reserves and retained earnings |
2,387.6 | 1,714.1 |
| Net income for the year attributable to Bank's Shareholders |
906.4 | 856.1 |
| Non-controlling interests |
1,097.7 | 987.4 |
| TOTAL EQUITY |
8,192.6 | 7,290.4 |
| TOTAL LIABILITIES AND EQUITY |
102,143.6 | 94,370.7 |
*On 1 January 2023, Millenniumbcp Ageas Grupo Segurador, S.G.P.S., S.A. (Mbcp Ageas), an entity 49.9% owned by the Group and accounted for under the equity method, adopted simultaneously IFRS9 - Financial Instruments and IFRS17 - Insurance Contracts. During the first half of 2024, Mbcp Ageas reviewed the transition adjustments relating to the adoption of those IFRS, which resulted in a reduction in the amount of the participation by EUR 9.1 million against reserves. In 2024, the investments in Lusofundo – Fundo de Investimento Imobiliário Fechado, Fundo Especial de Investimento Imobiliário Eurofundo and Nexponor - Sociedade de Investimento Coletivo Imobiliário Fechado, S.A., were reclassified from "'Financial assets at fair value through profit or loss" to "Investments in associates". Consequently, the balances of these items were restated accordingly, in the total amount of EUR 34 million as at the end of 2023. Additionally, TIICC S.A.R.L. previously recognised under the item "Financial assets at fair value through other comprehensive income" was also reclassified to "Investments in associates" (EUR 4,000 as at the end of 2023). These accounting reclassifications also led to the reclassification of the respective results, from net trading income to equity accounted earnings, in the amount of EUR 1.6 million as at the end of 2023. Following the change in off-balance sheet customer funds accounting criteria by the Polish subsidiary in 2024, the respective balances were restated, resulting in an increase of EUR 33 million with reference to the end of 2023.
Consolidated income statement per quarter
| Quarterly | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Million euros) | 4Q 23 |
1Q 24 |
2Q 24 |
3Q 24 |
4Q 24 |
|||||||
| interest income Net |
708 3 |
696 2 |
701 3 |
713 2 |
720 1 |
|||||||
| Dividends from equity instruments |
0 6 |
0 0 |
0 8 |
0 0 |
0 2 |
|||||||
| Net fees and commission income |
193 2 |
196 4 |
199 6 |
205 7 |
206 8 |
|||||||
| Other operating income |
9 17 |
-31 4 |
-39 0 |
-23 8 |
-35 4 |
|||||||
| trading income Net |
40 5 |
-2 9 |
-2 5 |
34 6 |
-24 3 |
|||||||
| Equity accounted earnings |
16 6 |
10 4 |
21 1 |
12 2 |
15 1 |
|||||||
| Banking income |
977 0 |
868 8 |
881 4 |
942 0 |
882 4 |
|||||||
| Staff costs |
163 8 |
165 7 |
0 174 |
182 9 |
199 3 |
|||||||
| Other administrative costs |
109 8 |
107 0 |
101 6 |
108 1 |
123 9 |
|||||||
| Depreciation | 34 3 |
35 4 |
35 8 |
36 2 |
37 5 |
|||||||
| Operating costs |
307 9 |
308 1 |
311 4 |
327 2 |
360 6 |
|||||||
| Profit impairment provisions bef and |
669 1 |
560 7 |
570 0 |
614 9 |
521 8 |
|||||||
| Results modification on |
-4 6 |
-7 2 |
-53 7 |
-1 5 |
-6 1 |
|||||||
| impairment (net of recoveries) Loans |
28 6 |
73 5 |
23 5 |
69 4 |
9 15 |
|||||||
| Other impairm . and provisions |
257 4 |
145 2 |
147 7 |
168 0 |
214 2 |
|||||||
| income before income Net tax |
378 5 |
334 8 |
345 1 |
375 9 |
285 6 |
|||||||
| Income tax |
150 0 |
78 1 |
59 6 |
125 0 |
78 4 |
|||||||
| income disc (before . oper.) Net |
228 5 |
256 6 |
285 5 |
250 9 |
207 2 |
|||||||
| income arising from discont . operations Net |
-2 8 |
0 0 |
0 0 |
0 3 |
0 0 |
|||||||
| Non-controlling interests |
20 3 |
22 3 |
34 5 |
22 4 |
14 9 |
|||||||
| income Net |
205 3 |
234 3 |
251 0 |
228 8 |
192 3 |
Consolidated income statement
(Million euros)
For the 12-month periods ended December 31st , 2023 and 2024
| Internatio nal o peratio ns | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gro up | P o rtugal | T o tal | B ank M illennium (P o land) | M illennium bim (M o z.) | Other int. o peratio ns | |||||||||||||
| D ec 2 3 | D ec 2 4 | Δ % | D ec 2 3 | D ec 2 4 | Δ % | D ec 2 3 | D ec 2 4 | Δ % | D ec 2 3 | D ec 2 4 | Δ % | D ec 2 3 | D ec 2 4 | Δ % | D ec 2 3 | D ec 2 4 | Δ % | |
| Interest income | 4,371 | 4,716 | 7.9% | 2,216 | 2,367 | 6.8% | 2,155 | 2,349 | 9.0% | 1,859 | 2,057 | 10.6% | 296 | 292 | -1.3% | 0 | 0 | >100% |
| Interest expense | 1,546 | 1,885 | 22.0% | 749 | 1,032 | 37.7% | 796 | 853 | 7.2% | 702 | 765 | 8.9% | 94 | 88 | -6.1% | 0 | 0 | 100.0% |
| N et interest inco me | 2,826 | 2,831 | 0.2% | 1,467 | 1,335 | -9.0% | 1,359 | 1,496 | 10.0% | 1,157 | 1,292 | 11.6% | 202 | 204 | 1.0% | 0 | 0 | >100% |
| Dividends from equity instruments | 2 | 1 | -43.0% | 1 | 0 | -83.0% | 1 | 1 | 11.4% | 1 | 1 | 11.4% | 0 | 0 | -- | 0 | 0 | -- |
| Intermediatio n margin | 2,828 | 2,832 | 0.2% | 1,468 | 1,335 | -9.0% | 1,360 | 1,496 | 10.0% | 1,158 | 1,293 | 11.6% | 202 | 204 | 1.0% | 0 | 0 | >100% |
| Net fees and commission income | 772 | 809 | 4.8% | 560 | 588 | 5.0% | 211 | 220 | 4.2% | 172 | 180 | 4.7% | 39 | 40 | 1.9% | 0 | 0 | >100% |
| Other operating income | -39 | -130 | <-100% | -65 | -25 | 61.9% | 26 | -105 | <-100% | 22 | -106 | <-100% | 5 | 1 | -69.1% | 0 | 0 | -- |
| B asic inco me | 3,561 | 3,511 | -1.4% | 1,963 | 1,899 | -3.3% | 1,598 | 1,612 | 0.9% | 1,352 | 1,367 | 1.1% | 245 | 245 | -0.2% | 0 | 0 | >100% |
| Net trading income | 146 | 5 | -96.6% | 14 | 9 | -36.7% | 132 | -4 | <-100% | 116 | -20 | <-100% | 16 | 16 | -3.5% | 0 | 0 | >100% |
| Equity accounted earnings | 63 | 59 | -6.1% | 58 | 53 | -8.0% | 5 | 5 | 17.5% | 0 | 0 | -- | 2 | 2 | -20.4% | 3 | 4 | 44.7% |
| B anking inco me | 3,770 | 3,575 | -5.2% | 2,035 | 1,962 | -3.6% | 1,734 | 1,613 | -7.0% | 1,468 | 1,347 | -8.2% | 264 | 262 | -0.6% | 3 | 4 | 44.7% |
| Staff costs | 632 | 722 | 14.3% | 355 | 392 | 10.4% | 277 | 330 | 19.3% | 227 | 277 | 21.9% | 50 | 54 | 7.1% | 0 | 0 | -- |
| Other administrative costs | 393 | 440 | 12.0% | 189 | 208 | 10.1% | 205 | 233 | 13.7% | 147 | 173 | 18.1% | 58 | 59 | 2.7% | 0 | 0 | -- |
| Depreciation | 137 | 145 | 5.3% | 73 | 74 | 0.6% | 64 | 71 | 10.7% | 47 | 53 | 12.8% | 18 | 19 | 5.1% | 0 | 0 | -- |
| Operating co sts | 1,163 | 1,307 | 12.4% | 617 | 673 | 9.1% | 546 | 634 | 16.2% | 420 | 503 | 19.6% | 126 | 132 | 4.8% | 0 | 0 | -- |
| P ro fit bef. impairment and pro visio ns | 2,607 | 2,267 | -13.0% | 1,419 | 1,288 | -9.2% | 1,188 | 979 | -17.6% | 1,048 | 844 | -19.4% | 138 | 131 | -5.4% | 3 | 4 | 44.7% |
| Results on modification | -19 | -69 | <-100% | 0 | 0 | -- | -19 | -69 | <-100% | -19 | -69 | <-100% | 0 | 0 | -- | 0 | 0 | -- |
| Loans impairment (net of recoveries) | 240 | 182 | -24.0% | 208 | 119 | -42.5% | 32 | 63 | 93.9% | 57 | 60 | 5.6% | -25 | 3 | >100% | 0 | 0 | 90.3% |
| Other impairm. and provisions | 860 | 675 | -21.5% | 161 | 114 | -28.8% | 699 | 561 | -19.8% | 682 | 512 | -24.9% | 14 | 48 | >100% | 3 | 0 | -100.0% |
| N et inco me befo re inco me tax | 1,488 | 1,341 | -9.8% | 1,050 | 1,055 | 0.4% | 437 | 287 -34.4% | 289 | 203 | -29.7% | 149 | 8 0 -46.6% | - 1 | 4 | >100% | ||
| Income tax | 537 | 341 | -36.5% | 331 | 274 | -17.4% | 206 | 68 | -67.2% | 162 | 36 | -77.7% | 44 | 31 | -28.5% | 0 | 0 | -- |
| N et inco me (befo re disc. o per.) | 950 | 1,000 | 5.2% | 719 | 781 | 8.6% | 231 | 219 | -5.2% | 127 | 167 | 31.7% | 105 | 4 8 -54.2% | - 1 | 4 | >100% | |
| Net income arising from discont. operations | -3 | 0 | >100% | 0 | 0 | 100.0% | -3 | 0 | >100% | 0 | 0 | -- | ||||||
| Non-controlling interests | 92 | 94 | 2.8% | -6 | -5 | 3.2% | 97 | 100 | 2.4% | 0 | 0 | -- | 0 | 0 | -- | 97 | 100 | 2.4% |
| N et inco me | 856 | 906.4 | 5.9% | 725 | 786 | 8.5% | 131 | 120 | -8.6% | 127 | 167 | 31.7% | 105 | 4 8 -53.9% | -98 | -96 | 2.3% |
Glossary (1/2)
Assets placed with Customers – amounts held by Customers in the context of the placement of third-party products that contribute to the recognition of commissions. Balance sheet Customer funds – deposits and other resources from Customers and debt securities placed with Customers. Business Volumes - corresponds to the sum of total Customer funds and loans to Customers (gross). Commercial gap – loans to Customers (gross) minus on-balance sheet Customer funds. Core income - net interest income plus net fees and commissions income. Core net income - net interest income plus net fees and commissions income deducted from operating costs. Cost of risk, net (expressed in basis points) - ratio of loans impairment (P&L) accounted in the period to loans to Customers at amortized cost and debt instruments at amortized cost related to credit operations before impairment at the end of the period. Cost to core income - operating costs divided by core income. Cost to income – operating costs divided by net operating revenues. Coverage of non-performing exposures by impairments – loans impairments (balance sheet) divided by the stock of NPE. Coverage of non-performing loans by impairments – loans impairments (balance sheet) divided by the stock of NPL. Coverage of overdue loans by impairments - loans impairments (balance sheet) divided by overdue loans. Coverage of overdue loans by more than 90 days by impairments - loans impairments (balance sheet) divided by overdue loans by more than 90 days. Debt instruments – non-subordinated debt instruments at amortized cost and financial liabilities measured at fair value through profit or loss (debt securities and certificates). Debt securities placed with Customers - debt securities issued by the Bank and placed with Customers. Deposits and other resources from Customers – Deposits from Customers at amortized cost and Customer deposits at fair value through profit or loss. Dividends from equity instruments - dividends received from investments classified as financial assets at fair value through other comprehensive income and from financial assets held for trading. Equity accounted earnings - results appropriated by the Group related to the consolidation of entities where, despite having some influence, the Group does not control the financial and operational policies. Insurance products – includes unit linked saving products and retirement saving plans ("PPR", "PPE" and "PPR/E"). Loans impairment (balance sheet) – balance sheet impairment related to loans to Customers at amortized cost, balance sheet impairment associated with debt instruments at amortized cost related to credit operations and fair value adjustments related to loans to Customers at fair value through profit or loss. Loans impairment (P&L) – impairment (net of reversals and net of recoveries - principal and accrual) of financial assets at amortized cost for loans to Customers and for debt instruments related to credit operations. Loans to Customers (gross) – loans to Customers at amortized cost before impairment, debt instruments at amortized cost associated to credit operations before impairment and loans to Customers
at fair value through profit or loss before fair value adjustments. Loans to Customers (net) - loans to Customers at amortized cost net of impairment, debt instruments at amortized cost associated to credit operations net of impairment and balance sheet amount of loans to Customers at fair value through profit or loss.
Loan to Deposits ratio (LTD) – loans to Customers (net) divided by deposits and other resources from Customers.
Loan to value ratio (LTV) – mortgage amount divided by the appraised value of property.
Glossary (2/2)
Net commissions - net fees and commissions income.
Net interest margin (NIM) - net interest income for the period as a percentage of average interest earning assets.
Net operating revenues - net interest income, dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earnings. Net trading income – gains/(losses) on financial operations at fair value through profit or loss, foreign exchange gains/(losses), gains/(losses) on hedge accounting and gains/(losses) arising from derecognition of financial assets and liabilities not measured at fair value through profit or loss.
Non-performing exposures (NPE) non-performing loans and advances to Customers (includes loans to Customers at amortised cost, loans to Customers at fair value through profit or loss and, from 2023, debt instruments at amortised cost associated to credit operations before impairment ) more than 90 days past-due or unlikely to be paid without collateral realisation, if they recognised as defaulted or impaired.
Non-performing loans (NPL) – overdue loans (loans to Customers at amortised cost, loans to Customers at fair value through profit or loss and, from 2023, debt instruments at amortised cost associated to credit operations before impairment) more than 90 days past due including the non-overdue remaining principal of loans, i.e. portion in arrears, plus non-overdue remaining principal.
Off-balance sheet Customer funds – assets under management, assets placed with Customers and insurance products (savings and investment) subscribed by Customers.
Operating costs - staff costs, other administrative costs and depreciation.
Other impairment and provisions – impairment (net of reversals) for loans and advances of credit institutions classified at amortized cost, impairment for financial assets (classified at fair value through other comprehensive income and at amortized cost not associated with credit operations), impairment for other assets, namely assets received as payment in kind, investments in associated companies and goodwill of subsidiaries and other provisions.
Other net income – dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earnings.
Other net operating income – net gains from insurance activity, other operating income/(loss) and gains/(losses) arising from sales of subsidiaries and other assets.
Profit before impairment and provisions – net operating revenues deducted from operating costs.
Return on average assets (Instruction from the Bank of Portugal no. 16/2004) – net income (before tax and non-controlling interests) divided by the average total assets (weighted average of the average of monthly net assets in the period).
Return on average assets (ROA) – net income (before minority interests) divided by the average total assets (weighted average of the average of monthly net assets in the period).
Return on equity (Instruction from the Bank of Portugal no. 16/2004) – net income (before tax) divided by the average attributable equity + non-controlling interests (weighted average of the average of monthly equity in the period).
Return on equity (ROE) – net income (after minority interests) divided by the average attributable equity, deducted from preference shares and other capital instruments (weighted average of the average of monthly equity in the period).
Securities portfolio - debt instruments at amortized cost not associated with credit operations (net of impairment), financial assets at fair value through profit or loss (excluding the ones related to loans to Customers and trading derivatives), financial assets at fair value through other comprehensive income and assets with repurchase agreement.
Spread - increase (in percentage points) to the index used by the Bank in loans granting or fund raising.
Total Customer funds - balance sheet Customer funds and off-balance sheet Customer fund.
Total Customer funds - balance sheet Customer funds and off-balance sheet Customer funds.
INVESTOR RELATIONS DIVISION Bernardo Collaço, Head
EQUITY Alexandre Moita +351 211 131 321
DEBT AND RATINGS Luís Morais +351 211 131 337
60
[email protected]
BANCO COMERCIAL PORTUGUÊS, S.A. Registered Office: Praça D. João I, 28, Oporto, Share Capital: EUR 3,000,000,000.00. Registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the. LEI: JU1U6SODG9YLT7N8ZV32