Banco Comercial Portugues

Investor Presentation • Jul 29, 2022

1H 22 Banco BPI Consolidated Results

Lisbon, 29 July 2022

"DISCLAIMER"

• The purpose of this presentation is purely informative and should not be considered as a service or offer of any financial product, service or advice, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by Banco BPI ("BPI") or any of the companies mentioned herein. The information contained herein is subject to, and must be read in conjunction with, all other publicly available information. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as i s contained in such public information set out in the relevant documentation filed by the issuer, having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation.
• BPI cautions that this presentation might contain forward-looking statements concerning the development of its business and economic performance. While these statements are based on BPI's current projections, judgments and future expectations concerning the development of the Bank's business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from BPI's expectations. Such factors include, but are not limited to the market general situation, macroeconomic factors, regulatory, political or government guidelines and trends, movements in domestic and international securities markets, currency exchange rates and interest rates, changes in the financial position, creditworthiness or solvency of BPI customers, debtors or counterparts.
• Statements as to historical performance or financial accretion are not intended to mean that future performance or future earnings for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. In addition, it should be not ed that although this presentation has been prepared based on accounting registers kept by BPI and by the rest of the Group companies it may contain certain adjustments and reclassifications in order to harmonize the accounting principles and criteria followed by such companies with those followed by BPI.
• In particular, regarding the data provided by third parties, BPI does not guarantee that these contents are exact, accurate, comprehensive or complete, nor it is obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, BPI may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, BPI assumes no liability for any discrepancy.
• In relation to Alternative Performance Measures (APMs) as defined in the guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415), this report uses certain APMs, which have not been audited, for a better understanding of the company's financial performance. These measures are considered additional disclosures and in no case replace the financial information prepared under the International Financial Reporting Standards (IFRS). Moreover, the way the Group defines and calculates these measures may differ to the way similar measures are calculated by other companies. Accordi ngly, they may not be comparable. Please refer to the Annexes section for a list of the APMs used along with the relevant reconciliation between certain indicators.
• This document has not been submitted to the Comissão do Mercado of Valores Mobiliários (CMVM) (Autoridade Portuguesa do Mercado of Capitais) for review or for approval. Its content is regulated by the Portuguese law applicable at the date hereto, and it is not addressed to any person or any legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions.
• Notwithstanding any legal requirements, or any limitations imposed by BPI which may be applicable, permission is hereby expressly refused for any type of use or exploitation of the content of this presentation, and for any use of the signs, trademarks and logotypes contained herein. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion by any other mean, for commercial purposes, without the previous express consent of BPI and/or other respective proprietary title holders. Any failure to observe this restriction may constitute a legal offence which may be sanctioned by the prevaili ng laws in such cases.

BPI IN 1st HALF 2022

BPI is 'Best Bank in Portugal 2022' for Euromoney, in the Euromoney Awards for Excellence 2022

Strong support to Families and Businesses Loans grew by 8% and deposits by 9%

Financial strength and low risk NPE of 1.6%, with 145% coverage; CET1 ratio of 13.6% and total capital 17.3%

Strong social commitment in close cooperation with "la Caixa" Foundation Sustainability Master Plan with target of 120 M.€ and support to 200 th. people in 3 years

Net profit of 85 M.€ in Portugal and 201 M.€ consolidated

RECOGNITION

leaders in banking services worldwide.

Commercial activity in Portugal	 YoY Loan portfolio +2.2 Bi.€ +8%	 YoY Deposits +2.4 Bi.€ +9% Customer resources +1.7 Bi.€ +4%	 YoY Commercial banking gross +6% income +3% Net interest income +11% Fee & commission income	Digital Banking Regular users 806 th. BPI app users +79 th.  YoY
Risk and capitalisation	NPE ratio (EBA) 1.6%	NPE coverage 145% (by impairments and collaterals)	Cost of Risk 0.09% (as % of loans and guarantees; non-annualised)	13.6% CET1 15.0% T1 17.3% Total (Phasing-in)
Profit and profitability	Profit in Portugal 85 M.€	Recurrent ROTE in Portugal 6.4% (last 12 months)	Cost-to-core income in Portugal 53.2% (last 12 months)	Consolidated net profit 201 M.€

BPI RESULTS

In 1st half 2022

CONSOLIDATED NET PROFIT OF 201 M.€ IN 1ST HALF 2022

Net profit in Portugal of 85 M.€

€ In M	Jun 21	Jun 22	Δ%
profit in Portugal Net	84	85	0%	▪ Change in recurrent costs (amortisation and
contribution BFA	92	100	+9%	▪ Loan recoveries
contribution BCI	9	17	+87%
Consolidated profit net	185	201	+9%
Activity in Portugal	Jun	21	Jun 22	Net profit in Portugal increases 17%
Recurrent ROTE (last 12 months)	5	9%	6 4%

	 YoY
Commercial banking gross income (1) ▪	+24 M.€
▪ Change in recurrent costs (amortisation and depreciation)	-4 M.€
▪ Reduction in loan impairments	+10 M.€
Loan recoveries ▪ (includes extraordinary gain of 23 M.€ in 1Q21)	-27 M.€
▪ Other	-2 M.€
 YoY net profit in Portugal	+0 M.€

relative to 1st half 2021 excluding extraordinary items (23 M.€(2) gain on the sale of non-performing loans and 7 M.€(2) costs with early retirements and voluntary terminations in 1H21).

6

COMMERCIAL BANKING GROSS INCOME INCREASES 6%

7 1) Includes regulatory costs of 42 M.€ in Jun.21 and 48 M.€ in Jun.22 with banking sector contribution, additional solidarity levy and contributions to the national resolution fund and single resolution fund.

LOAN PORTFOLIO GREW 8% YoY

Loans to Customers by segments
Gross portfolio in Bi € ,	Jun 21	Jun 22	YoY	YtD
individuals I Loans to	14 2	15 6	10%	5%
loans Mortgage	12 5	13 8	11%	5%
Other loans individuals to	8 1	8 1	3%	1%
companies II Loans to	10 2	11 0	8%	5%
III Public sector	2 0	2 1	3%	-2%
Total loans	26 5	28 7	8%	4%
Note:
portfolio of Loan net impairments	26 0	28 2	8%	4%

Market share
of total loan portfolio	11.3% +0.5 p.p. YoY (May 2022)

MORTGAGE LENDING ORIGINATION INCREASED 37% YoY

TOTAL CUSTOMER RESOURCES INCREASED 4% YoY

Deposits increased 9% YoY

Customer Resources
Bi € In	Jun 21	Jun 22	YoY	YtD
I Customer deposits	27 5	30 0	9%	4%
under II Assets management	10 1	9 9	-2%	-9%
Mutual funds	8 5	5 5	-5%	-12%
Capitalisation insurance	4 3	4 4	2%	-5%
offerings III Public	1 1	0 5	-56%	-18%
Total	38 7	40 3	4%	0%

	22 May	YoY 
resources 1 Customer	11 4%	+0 0 p.p.
Deposits	10 8%	+0 1 p.p.
Mutual funds	0% 11	+0 2 p.p.
Capitalisation insurance	18 6%	+1 1 p.p.
plans Retirement savings	11 6%	+0 1 p.p.

OPERATING EXPENSES UNDER CONTROL

COST-TO-CORE INCOME OF 53.2%

REGULATORY COSTS OF 48 M.€ IN 2022

14 1) Includes 23 M.€ in gains on the sale of loans.

1) Includes	23 M.€	in	gains	on	the sale	of	loans.

COST OF CREDIT RISK OF 0.09% YTD

Jun.22
28
2
26
On-balance sheet non-allocated impairments: 50 M.€ in Jun.22

0.82% 0.87% 0.59% 0.34% 0.57% as % of gross loans and guarantees

Loan impairments net of recoveries

BPI MAINTAINS LOW RISK PROFILE AND HIGH COVERAGE

PENSION LIABILITIES COMFORTABLY COVERED

Employee pension liabilities

M €		Dec 21	Jun 22
Total service liability past		1 887	1 397
funds Pension net assets		1 944	781 1
of of Level pension liabilities coverage		103%	128%
fund Pension return (YTD , non-annualised)		2% 7	-6 8%
Discount rate		1 3%	3 4%
	Men:	88/90 TV - 1 year
Mortality tables	Women:	TV99/01	- 2 years

Actuarial deviations (M €)	22 1H
from portfolio Income investment	-147
Change the discount in rate	538
and growth and other Wages pensions	-69
Actuarial deviations	321

BPI MAINTAINS HIGH CAPITALISATION

Consolidated capital ratios (phased-in)	17 4%	17 3%	Capital requirements (SREP)
				2022
Total Capital	15 7%	0% 15
Tier 1	14 2%	13 6%	Total capital	13.00%
Common Equity Tier 1			T1	10.50%
			CET1	8.63%
	Dec 21	Jun 22
Risk-weighted assets (RWA)	18.3 Bi.€	18.9 Bi.€ +4% YtD
MDA Buffer (Maximum Distributable Amount)	4.5%	4.3%
Leverage ratio	6.8%	6.6%	Leverage	3.0%
MREL ratios			MREL requirement
			≥ 1 Jan.2022	≥ 1 Jan.2024
MREL as % of RWA	23.7%	23.3%	1) 19.18%	1) 22.40%
MREL as % of LRE	10.3%	10.2%		5.91%

17 1) Includes combined capital buffer requirement RWA – Risk Weighted Assets; LRE – Leverage Ratio Exposure.

BALANCED FUNDING AND COMFORTABLE LIQUIDITY

18 1) 12-month average, in accordance with the EBA guidelines. Average value (previous 12 months) of the calculation components: Liquidity reserves (11 159 M.€); Total net outflows (4 303 M.€). 2) High Quality Liquid Assets (HQLA) of 11.6 Bi.€ and other assets eligible as collateral with ECB of 1.4 Bi.€.

BPI, A BANK FOR FAMILIES

With proposals and solutions at every step of your life

▪ Launch of Solar Panels offer (Prestige Products)

RENEWED BET ON THE YOUTH SEGMENT

Personalised banking experience and offer tailored to their specific needs

• AGE Júnior and AGE Jovem accounts, for young people up to 25 years old
• Minimum of 25€ to open an account and no maintenance fees
• Wide range of cost-free means of payment (cards, app, MBWay, Apple Pay, online transfers, among others)
• Dedicated digital platform in BPI App (iOS and Android)
• New website bpiage.pt

ENVIRONMENTAL AND SOCIAL DIMENSION

• "ECO" cards made of recycled PVC and printed with eco-friendly inks;
• access to financial literacy contents

BPI, A BANK FOR COMPANIES

Solutions adjusted to the needs of each Client

INITIATIVES TO PROMOTE PROXIMITY WITH COMPANIES

AGRICULTURAL FAIRS SPONSORED BY BPI

Ovibeja (April 2022)

• BPI Lounge for interaction and networking with BPI Customers
• Exhibition of Customer products

National Agricultural Fair (June 2022)

• BPI Lounge for interaction and networking with BPI Customers
• Interviews with Clients and sector players

LIVE EVENT FOR CLIENTS

Incorpora Programme

• Presentation of programme and round table on companies' success stories (June 2022)
• More than 40 participants and 7 meetings scheduled with Clients

WEBINARS Digital events for Customers Impact of Ukraine-Russia war (February)

Economy, FX and Derivatives (May)

+800 Participants

DIGITAL BANKING INCREASINGLY RELEVANT AT BPI

More Clients, more sales with digital contribution and prominent position

INNOVATION IN THE DIGITAL CHANNELS

2 nd quarter

2 nd quarter

2 nd quarter

2 nd quarter

Enhanced Individual Clients Experience

Daily Routines

• BPI APP and public website specific for the youth segment (AGE)
• Digital Documents in BPI App
• BPI new public website
• Instant replacement /cancellation of credit card
• Online account opening for Individual Entrepreneurs/Selfemployed, with Digital Mobile Key

My Home

▪ Online simulation and prior decision on mortgage loans for Second Home of Resident Clients

Enjoying Life

▪ Online loans, with more digital sales and now extended to Individual Entrepreneurs / Independent Professionals

(new in 1st half 2022)

Sleeping Peacefully

▪ Simulation and contracting of Allianz Moto in the digital channels

▪ 100% online contracting of Allianz Personal Accidents Insurance

Looking to the Future

• Launch of new BPI Broker App
• Sale of Capitalisation Insurance and Sustainable Investment Funds

INNOVATION IN THE DIGITAL CHANNELS

Investment in the transformation of Corporate and Small business clients' experience (new in 1st half 2022)

Loans Offer

• Revamped Financing experience, with new organisation of functionalities
• Request for Current Account Proposal
• Request for Equipment Leasing Proposal
• Enquiry of Loan Requests with ongoing Plan
• Developments in Import Documentary Credit: request and enquiries

Enjoying Life

▪ Online request for POS subscription (MyCommerce)

Batch/File

▪ New options in Operations by

2 nd quarter

2 nd quarter

2 nd quarter

2 nd quarter

• New offers of Valor Empresa Accounts and POS (Automatic Currency Conversion in POS)
• Increase in available Digital Documentation

Digital solutions for Companies Improved Customer Service

▪ Technologic developments in platform and infrastructure

Credit Card

▪ 100% digital ordering of Prestige Products, by Credit Card

▪ Starting Credit Card contracting

SUSTAINABILITY MASTER PLAN

7 priority Sustainable Development Goals

2022-2024 Sustainability Master Plan Three ambitions

SUSTAINABILITY MASTER PLAN

"Only the world can change the world"

BPI reinforces its commitment as an agent of change in the pursuit of a more sustainable and socially inclusive world.

The objective is to inspire each Portuguese to adopt sustainable behaviours, allowing us to collectively and actively respond to the challenges of sustainability.

COMMITMENT TO PEOPLE, SOCIETY AND THE ENVIRONMENT

Attracting and retaining talent

• 1st edition of BPI Trainees Academy for Young Talents: 12 months in 2 distinct functions
• University events.
• 2nd edition of BPI Health and Wellbeing Week

Diversity and Inclusion

▪ Partnership with PWN Lisbon

• BPI Voluntary Service Programme
• 69 initiatives, 761 volunteers, +9 000 beneficiaries

120 M.€ in 2022-24

40 M.€ in 2022

"la Caixa" Foundation initiative with the collaboration of BPI

• Social Programmes
• Health Research and Innovation
• Culture
• Education and Scholarships

Commitment to People Commitment to Society Commitment to the Environment

Main Sustainable Finance operations

• NOS and BPI launch 100 M.€ sustainable finance operation
• Sonae Sierra and BPI issue 25 M.€ Sustainable Bonds

BPI IS 'BEST BANK IN PORTUGAL 2022' FOR EUROMONEY

Four Top Senior Managers of Banco BPI received in London the award attributed to the Bank.

CONSOLIDATED RESULTS

ANNEXES

01 BPI Ratings versus peers

Income Statements and Balance sheet in accordance with IAS / IFRS and consolidated indicators

Reconciliation between BPI reported figures and BPI Segment contribution to CaixaBank Group

04

03

02

Alternative Performance Measures

BPI RATINGS VS. PEERS On 20th July 2022

	(Long Term Debt/ Issuer Credit Rating)		(Long Term Debt/ Issuer rating)			(Issuer Default Rating)		(Long-Term Debt/ Issuer Rating)
	…AA+ e AAA		…Aa1, e Aaa	…AA, AA+ e	AAA		…AA, AA (high), AAA
	AA		Mortgage bonds Aa2	AA			AA
t	AA-		Aa3	AA			AA (low)	Mortgage bonds
n e e	A+	A1		A+			A (high)
m d st a r	A	A2		A			A	Bank 1
e G v n	A	A3	Deposits	A			A (low)
I	BBB+		Baa1	BBB+	Bank 1	Deposits Senior debt	BBB (high)
	Bank 1 BBB		Bank 1 Bank 3 Baa2	BBB			BBB	Bank 3
	BBB		Bank 2 Baa3	BBB	Bank 3		BBB (low)	Bank 2
	BB+		Ba1	BB+			BB (high)
t	Bank 2 BB		Ba2	BB	Bank 2		BB
n e m	BB		Ba3	BB			BB (low)
st e d	B+	B1		B+			B (high)	Bank 5
e a v r n	B	B2		B			B	Bank 4
g I - n	B	B3	Bank 4 Bank 5	B	Bank 4		B (low)
o N	CCC+		Caa1	CCC+			CCC (high)
	CCC		Caa2	CCC			CCC
S&P (20th Jan.22) reaffirmed BPI and its long term senior debt rating of BBB, with Stable outlook.			Moody's (21st Sep.21) upgraded the rating on BPI long term deposits to A3 and maintained the rating on BPI and its LT senior debt at Baa2. The outlook on ratings is Stable.			Fitch		(8th Jul.22) upgraded the standalone rating to bbb- (investment grade) and reaffirmed the ratings of BPI (BBB), with Stable outlook, and its senior debt and deposits (BBB+).

INCOME STATEMENT OF THE ACTIVITY IN PORTUGAL

In M €	Jun 21	Jun 22	%
Net interest income	227 1	233 9	3%
Dividend income	1 7	3 9	129%
Equity accounted income	10 7	10 9	2%
fee and Net commission income	130 2	144 6	11%
Gains/(losses) financial and liabilities and other assets on	12 1	17 5	44%
Other operating income and expenses	-31 7	-42 2	-33%
income Gross	350 2	368 5	5%
Staff expenses	9 -115	-113 3	-2%
Other administrative expenses	-71 9	-75 1	4%
and Depreciation amortisation	-29 0	-32 8	13%
Recurring operating expenses	-216 8	-221 2	2%
Non-recurrent costs	-6 6	-0 4	-95%
Operating expenses	-223 5	-221 6	-1%
operating income Net	126 7	0 147	16%
Impairment losses and other provisions	-10 2	-29 2	-
and losses other Gains in assets	0 3	0 9	170%
income before income Net tax	116 8	118 7	2%
Income tax	-32 5	-34 1	5%
Net income	84 4	84 5	0%

BALANCE SHEET OF THE ACTIVITY IN PORTUGAL

LOAN PORTFOLIO AND CUSTOMER RESOURCES

Loan portfolio					Customer resources
portfolio in Gross M € ,	Jun 21	Jun 22	YoY	YtD
individuals I Loans to	222 14	629 15	10%	5%
loans Mortgage	12 454	800 13	11%	5%
Other loans individuals to	1 768	1 829	3%	1%
II Loans companies to	10 216	10 998	8%	5%
Public III sector	2 021	2 077	3%	-2%
Total loans	26 459	28 704	8%	4%
Note:
portfolio of Loan net impairments	25 962	28 165	8%	4%

€ In M	Jun 21	Jun 22	YoY	YtD
deposits I Customer	27 543	29 955	9%	4%
under II Assets management	10 068	9 901	-2%	-9%
Mutual funds	5 813	5 542	-5%	-12%
Capitalisation insurance	4 256	4 359	2%	-5%
offerings III Public	1 052	467	-56%	-18%
Total	38 664	40 323	4%	0%

CONSOLIDATED INCOME STATEMENT

€ In M	Jun 21	Jun 22
Net interest income	227 1	240 8
Dividend income	99 7	91 3
Equity accounted income	20 7	29 6
fee and Net commission income	130 2	144 6
Gains/(losses) financial and liabilities and other assets on	14 1	37 0
Other operating income and expenses	-39 5	-49 2
income Gross	452 3	494 0
Staff expenses	-122 6	-113 6
Of which: Recurrent staff expenses Non-recurrent costs	-115 9 -6 6	-113 3 -0 4
Other administrative expenses	-71 9	-75 1
and Depreciation amortisation	-29 0	-32 8
Operating expenses	-223 5	-221 6
Net operating income	228 8	272 5
losses and other Impairment provisions	-10 2	-29 2
Gains and losses other in assets	0 3	0 9
Net income before income tax	219 0	244 2
Income tax	-33 9	-43 0
income Net	185 1	201 2

CONSOLIDATED BALANCE SHEET

In M.€	Dec 21	Jun 22
ASSETS
Cash and cash balances central banks and other demand deposits at	6 246	6 409
for fair profit fair Financial held trading value through or loss and assets , at at value through other comprehensive income	1 884	1 805
Financial amortised assets at cost Of which: Loans Customers to and Investments in associates	32 138 27 008 274	33 585 28 165 247
joint ventures Tangible assets	209	196
Intangible assets	98	97
Tax assets	201	184
and disposal groups classified as held for sale Non-current assets Other assets	5 323	31 566
Total assets	41 378	43 119
LIABILITIES
Financial liabilities held for trading	104	92
Financial liabilities amortised at cost	37 201	38 499
- Central Banks and Credit Deposits Institutions	826 5	877 5
- Customers Deposits	28 872	29 955
Debt issued securities	2 206	2 329
Of which: subordinated liabilities	304	429
Other financial liabilities	296	339
Provisions	53	45
liabilities Tax	20	36
Other liabilities	334	497
Total Liabilities	37 711	39 169
Shareholders' attributable the shareholders of equity to BPI	3 668	3 950
controlling Non interests	0	0
Total Shareholders' equity	3 668	3 950
Total liabilities and Shareholders' equity	41 378	43 119

CONSOLIDATED INDICATORS

Profitability Efficiency and Liquidity Indicators , (Bank of Portugal no. 16/2004 with the amendments of 6/2018) Instruction Instruction	Jun 21	Jun 22
/ Gross income ATA	2 3%	2 3%
before and attributable non-controlling / Net income income income interests ATA tax to	1 1%	1 2%
before and attributable non-controlling / Net income income income interests tax to shareholders' (including non-controlling interests) equity average	12 8%	13 1%
income 1) Staff / Gross expenses	25 6%	22 9%
income 1) Operating / Gross expenses	47 9%	44 8%
(net) deposits ratio Loans to	94%	94%
ratio and forborne NPE (according the criteria) to EBA	Jun 21	Jun 22
Non-performing (M €) - NPE exposures	570	669
ratio NPE	5% 1	6% 1
by NPE impairments coverage	91%	84%
by and collaterals NPE impairments coverage	156%	145%
NPE 2) Ratio of forborne included in not	0 5%	0 3%
"Crédito duvidoso" (non-performing loans) (according Bank of criteria) to Spain	Jun 21	Jun 22
€) 3) "Crédito duvidoso" (M	587	708
"Crédito duvidoso" ratio	2 1%	2 3%
"Crédito duvidoso" by impairments coverage	88%	79%
"Crédito duvidoso" by and collaterals impairments coverage	147%	136%

37

2) Forborne according to EBA criteria. On June 22, the forborne was 410 M.€ (forborne ratio of 0.9%), of which 144 M.€ was performing loans (0.3% of the gross credit exposure)

and 267 M.€ was included in NPE (0.6% of the gross credit exposure).

3) Includes guarantees provided (recorded off-balance sheet).

¹⁾ Excluding early-retirement costs.

RECONCILIATION BETWEEN BPI REPORTED FIGURES AND BPI SEGMENT CONTRIBUTION TO CAIXABANK GROUP

Profit & loss account			BPI		Business segment
Jun 22 (M.€)	reported As by BPI	Adjustments 1 )	contribution to CABK Group	BPI	Corporate Center
Net interest income	241	( 2)	239	232	7
Dividends	91		91	4	87
Equity accounted income	30		30	11	19
fees and Net commissions	145		145	145
Trading income	37		37	18	19
Other operating income & expenses	( 49)	1	( 48)	( 41)	( 7)
Gross income	494	( 1)	493	369	125
Recurrent operating expenses	( 222)	( 4)	( 226)	( 226)
Extraordinary operating expenses
Pre-impairment income	272	( 4)	268	143	125
[Pre-impairment income without extraordinary expenses]	272	( 4)	268	143	125
Impairment losses on financial assets	( 26)	54	28	28
Other impairments and provisions	( 3)	3
Gains/losses on disposals & others	1		1	1
Pre-tax income	244	52	296	172	125
Income tax	( 43)	( 14)	( 57)	( 48)	( 9)
Profit for the period	201	39	240	124	116
Minority interests & other
income Net	201	39	240	124	116

Loan portfolio & customer resources

June 2022 (M.€)	As reported by BPI	Adjustments	BPI contribution to CABK Group (BPI segment)
Loans and advances to customers, net	28 165	( 55)	28 110
Total customer funds	40 323	(4 381)	35 942

Profit & loss account

The difference between the earnings released by BPI and the earnings attributable to CaixaBank Group is largely a result of consolidation adjustments and the net change in the fair value adjustments generated from the business combination.

Additionally, BPI contribution to CaixaBank Group results is broken down into BPI segment and Corporate Center segment, the latter including the contributions from BFA and BCI.

Loan portfolio & customer funds

The difference between BPI reported figures and those reported by CaixaBank for the BPI segment can largely be explained by:

• In loans and advances to customers, net, by the fair value adjustments generated by the business combination at 30th Jun. 2022 and consolidation adjustments (elimination of intra-group balances);
• In total customer funds, by the liabilities under insurance contracts and their fair value adjustments at 30th Jun. 2022, as generated by the business combination, which have been reported in the banking and insurance business segment of CaixaBank following the sale of BPI Vida to VidaCaixa de Seguros y Reaseguros.

1) Consolidation, standardisation and net fair value adjustments in the business combination.

Reconciliation of the profit & loss account structure

• The European Securities and Markets Authority (ESMA) published on 5th October 2015 a set of guidelines relating to the disclosure of Alternative Performance Measures by entities (ESMA/2015/1415). These guidelines are mandatory to issuers with effect from 3rd July 2016.
• In addition to the financial information prepared in accordance with the International Financial Reporting Standards (IFRS), BPI uses a set of indicators for the analysis of performance and financial position, which are classified as Alternative Performance Measures, in accordance with the abovementioned ESMA guidelines. The information relating to those indicators has already been object of disclosure, as required by ESMA guidelines.
• In the current presentation, the information previously disclosed is included by way of cross-reference and a summarized list of the Alternative Performance Measures is presented next.

The following table shows, for the consolidated profit & loss account, the reconciliation of the structure used in this document (Results' Presentation) with the structure adopted in the financial statements and respective notes of the Report and Accounts.

Adopted acronyms and designations				Units, conventional sings and abbreviations
YtD		Year-to-date change		€, Euros, EUR		euros
YoY		Year-on-year change		th.€, th.euros		thousand euros
QoQ		quarter-on-quarter change		M.€, M.euros		million euros
ECB		European Central Bank		Bn.€, Bi.€		billion euros
BoP		Bank of Portugal				change
CMVM		Securities Market Commission		n.a.		not available
APM		Alternative Performance Measures		0, –		null or irrelevant
MMI		Interbank Money Market		vs.		versus
T1		Tier 1		b.p.		basis points
CET1		Common Equity Tier 1		p.p.		percentage points
RWA		Risk weighted assets		E		Estimate
TLTRO		Targeted longer-term refinancing operations		F		Forecast
LCR		Liquidity coverage ratio
NSFR		Net stable funding ratio

Reconciliation of the consolidated profit & loss account structure

used in the Results' Presentation Structure	Jun 22	Jun 22	presented in the financial statements and respective Structure notes
Net interest income	240.8	240.8	Net interest income
Dividend income	91.3	91.3	Dividend income
accounted Equity income	29.6	29.6	Share of the profit or (-) loss of subsidiaries, ventures and accounted for the method investments in joint associates using equity
fee and Net commission income	144.6	158.3	and Fee commission income
		-13.7	and Fee commission expenses
Gains/(losses) on financial assets and liabilities and other	37.0	0.0	or (-) losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, Gains net
		7.9	Gains or (-) losses on financial assets and liabilities held for trading, net
		0.9	Gains or (-) losses on non-trading financial assets mandatorily at fair value through profit or loss, net
		1.1	Gains or (-) losses from hedge accounting, net
		27.1	Exchange differences [gain or (-) loss], net
Other operating income and expenses	-49.2	16.0	Other operating income
		-65.2	Other operating expenses
Gross income	494.0	494.0	GROSS INCOME
Staff expenses	-113.6	-113.6	Staff expenses
Other administrative expenses	-75.1	-75.1	Other administrative expenses
and Depreciation amortisation	-32.8	-32.8	Depreciation
Operating expenses	-221.6	-221.6	Administrative expenses and depreciation
operating income Net	272.5	272.5
losses and other Impairment provisions	-29.2	-2.6	or (-) reversal of Provisions provisions
		-26.7	or (-) reversal of on financial assets not measured at fair value through profit or loss Impairment impairment
Gains and losses other in assets	0.9		or (-) reversal of of subsidiaries, ventures and Impairment impairment investments in joint associates
			or (-) reversal of on non-financial Impairment impairment assets
		0.0	Gains or (-) losses on derecognition of investments in subsidiaries, joint ventures and associates, net
		0.0	Gains or (-) losses on derecognition of non financial assets, net
		0.8	Profit or (-) loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations
Net income before income tax	244.2	244.2	PROFIT OR (-) LOSS BEFORE TAX FROM CONTINUING OPERATIONS
Income tax	-43.0	-43.0	Tax expense or income related to profit or loss from continuing operations
Net income from continuing operations	201.2	201.2	PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS
Net income from discontinued operations	0.0		Profit or (-) loss after tax from discontinued operations
Income attributable to non-controlling interests			Profit or (-) loss for the period attributable to non-controlling interests
Net income	201.2	201.2	PROFIT OR (-) LOSS FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT

EARNINGS, EFFICIENCY AND PROFITABILITY INDICATORS	The following earnings, efficiency and profitability indicators are defined by reference to the above structure of the profit and loss account used in this document.
Gross income	Net interest income + Dividend income + Net fee and commission income + Equity accounted income + Gains/(losses) on financial assets and liabilities and other + Other operating income and expenses
Commercial banking gross income	Net interest income + Dividend income + Net fee and commission income + Equity accounted income excluding the contribution of stakes in African banks
Operating expenses	Staff expenses + Other administrative expenses + Depreciation and amortisation
Net operating income	Gross income – Operating expenses
Net income before income tax	Net operating income – Impairment losses and other provisions + Gains and losses in other assets
Cost-to-income ratio (efficiency 1 ) ratio)	Operating expenses / Gross income
Cost-to-core income ratio (core efficiency ratio)1 )	Operating expenses, excluding costs with early-retirements and voluntary terminations and (only in 2016) gains with the revision of the Collective Labour Agreement (ACT) – Income from services rendered to CaixaBank Group (recorded under Other operating income and expenses) / Commercial banking gross income
Return on Equity (ROE)1 )	Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders, excluding AT1 capital instruments
Return on Tangible Equity (ROTE)	1 ) Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders (excl. AT1 capital instruments) after deduction of intangible net assets and goodwill of equity holdings
Return on Assets (ROA)1 )	(Net income attributable to BPI shareholders + Income attributable to non-controlling interests - preference shares dividends paid) / Average value in the period of net total assets
Unitary intermediation margin	Loan portfolio average interest rate, excluding loans to employees – Deposits average interest rate
BALANCE SHEET AND FUNDING INDICATORS
On-balance sheet Customer resources2)	Deposits + Capitalisation insurance of fully consolidated subsidiaries + Participating units in consolidated mutual funds ▪ Deposits = Demand deposits and other + Term and savings deposits + Interest payable + Retail bonds (Fixed rate bonds placed with Customers) ▪ Capitalisation insurance of fully consolidated subsidiaries (BPI Vida e Pensões sold on Dec .17)
under management3) Assets	Mutual funds + Capitalisation insurance + Pension plans ▪ Mutual funds = Unit trust funds + Real estate investment funds + Retirement -savings and equity-savings plans (PPR and PPA) + Hedge funds + Assets from the funds under BPI Suisse management + Third-party unit trust funds placed with Customers. ▪ Capitalisation insurance4 ) = Third-party capitalisation insurance placed with Customers ▪ Pension plans4 ) = Pension plans under BPI management (includes BPI pension plans)
Subscriptions in public offerings	Customers subscriptions in third parties' public offerings

(1) Ratio referring to the last 12 months, except when indicated otherwise. The ratio can be computed for the cumulative period since the beginning of the year, in annualised terms. (2) The amount of on-balance sheet Customer resources is not deducted from the applications of off-balance sheets products (mutual funds and pension plans) in on-balance sheet products.

customers" and pension funds management is excluded from BPI's consolidation perimeter.

41 (3) Amounts deducted from participating units in the Group banks' portfolios and from off-balance sheet products investments (mutual funds and pension plans) in other off-balance sheet products. (4) Following the sale of BPI Vida e Pensões in Dec.17, the capitalisation insurance placed with BPI's Customers are recorded off balance sheet, as "third-party capitalisation insurance placed with

BALANCE SHEET AND FUNDING INDICATORS (continuation)
Total Customer resources	On-balance sheet Customer resources + Assets under management + Subscriptions in public offerings
Gross loans to customers	Gross loans and advances to Customers (financial assets at amortised cost), excluding other assets (guarantee accounts and ot hers) and reverse repos + Gross debt securities issued by Customers (financial assets at amortised cost) Note: gross loans = performing loans + loans in arrears + receivable interests
Net loans to Customers	Gross loans to Customers – Impairments for loans to Customers
Loan-to-deposit ratio (CaixaBank criteria)	(Net loans to Customers - Funding obtained from the EIB, which is used to provide credit) / Deposits and retail bonds
ASSET QUALITY INDICATORS
Impairments and provisions for loans and guarantees (income statement)	Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss relative to loans and advances to Customers and to debt securities issued by Customers (financial assets at amortised cost), before deduction of recoveries of loans previously written off from assets, interest and others + Provisions or reversal of provisions for commitments and guarantees
Cost of credit risk	Impairments and provisions for loans and guarantees - Recoveries of loans previously written off from assets, interest and other
	Cost of credit risk as % of loan portfolio1) (Impairments and provisions for loans and guarantees - Recoveries of loans previously written off from assets, interest and other) / Average value in the period of the gross loans and guarantees portfolio.
Performing loans portfolio	Gross Customer loans - (Overdue loans and interest + Receivable interests and other)
NPE and NPL ratios	Ratio of non-performing exposures (NPE) and ratio of non-performing loans (NPL) in accordance with the EBA criteria (prudential perimeter)
Coverage of NPE or NPL	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issue d by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / [Non-performing exposures (NPE) or Non-performing loans (NPL)]
Coverage of NPE or NPL by impairments and associated collaterals	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collaterals associated to NPE or NPL] / [Non-performing exposures (NPE) or Non-performing loans (NPL)]
Non-performing loans ratio ("credito dudoso", Bank of Spain criteria)	Non performing loans ("credito dudoso", Bank of Spain criteria) / (Gross Customer loans + guarantees)
Non-performing loans coverage ratio	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / Non performing loans ("credito dudoso", Bank of Spain criteria )
Coverage of non-performing loans by impairments and associated collaterals	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collateral associated to credit] / Non performing loans ("credito dudoso", Bank of Spain criteria)
Impairments cover of foreclosed properties	Impairments for real estate received in settlement of defaulting loans / Gross value of real estate received in settlement of defaulting loans

42

BANCO BPI, S.A. Registered office: Avenida da Boavista 1117, Porto, Portugal Share capital: € 1 293 063 324.98 Registered at Commercial Registry of Porto under registration number PTIRNMJ 501 214 534 and tax identification number 501 214 534