Interim / Quarterly Report • Jul 27, 2022
Interim / Quarterly Report
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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 Figures for 2022 not audited.
l During 2021, BCP Group sold the entire share capital of Banque Privée BCP (Suisse) S.A. and 70% of the share capital of Seguradora Internacional de Moçambique, S.A. ("SIM"). As defined in IFRS 5, the contribution of these entities to the consolidated net income of the Group is reflected as income arising from discontinued operations, and the historical information has been restated since January 2020 to ensure its comparability.
l Due to changes in the accounting policies of Bank Millennium (Poland), the previously published financial statements were restated from 1 January 2020 for comparability.
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.
2 New Polish fund aimed to guarantee the stability of the financial system, ensuring the liquidity and solvency of member banks (Before non-controlling interests).
3 Fully implemented ratio including unaudited net income for 1 st half of 2022.
4 Subject to ECB authorization.
1 Before taxes and non-controlling interests and includes provisions for legal risks, costs with out-of-court settlements and legal advice.
'000 Customers
| 53.9 | 55.0 | ||||
|---|---|---|---|---|---|
| 44.1 | 45.6 | 49.0 | |||
| 40.1 | 41.0 | 50.5 | 48.8 | ||
| Bank 1 Bank 2 |
38.7 | 28.9 | 35.0 | 38.9 | 39.7 |
| Bank 3 | 28.8 37.4 |
44.3 | 47.7 | 49.5 | 47.6 |
| Bank 4 | 33.0 | 42.0 | 38.8 | 40.2 | 41.2 |
| 2018 | 2019 | 2020 | 2021 | 2022 Jun |
|
Unaided nomination by Customers2 , (Jun.)
App Millennium leads ratings 4.8 4.8 4.7
8
1 Digital channels satisfaction (NPS), 5 largest banks, Source: BASEF-Marktest
2 Which bank do you choose as the 'Best Digital Bank'? (Unaided reply) | Sample: Banking sector, total number of banking Customers, aged> 15 years - 70 years, Portugal (N 2022 = 2,000 per quarter; 8,000 per year))
3 Banking Sector - Corresponds to the Simple Average of the scores obtained from 6 Banks : NB, BPI, Caixa, Millennium BCP, Santander and Montepio Awards are the exclusive responsibility of the of the attributing entity
The "Product of the Year" award is based on a consumer survey of product innovation. Appraising entity - Product of the Year Portugal Lda.
1 Customers definition according to 2024 Strategic Plan
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
| (Million euros) | H1'21 | H1'22 | YoY | Impact on earnings |
|---|---|---|---|---|
| Net interest income | 765.8 | 985.2 | +28.6% | +219.4 |
| Commissions | 352.9 | 387.6 | +9.8% | +34.6 |
| Core income | 1,118.7 | 1,372.7 | +22.7% | +254.0 |
| Operating costs recurring1 | -502.9 | -510.5 | +1.5% | -7.6 |
| Recurring core operating profit | 615.8 | 862.2 | +40.0% | +246.4 |
| Operating costs non-recurring | -87.2 | -5.7 | -93.5% | +81.5 |
| Other income2 | -2.1 | -89.3 | -87.3 | |
| Of which: regulatory contributions including IPS | -129.1 | -205.3 | +59.1% | -76.3 |
| Operating net income | 526.6 | 767.2 | +45.7% | +240.7 |
| Impairment and other provisions | -461.7 | -551.4 | +19.4% | -89.6 |
| 3 Of which: legal risk on CHF mortgages (Poland) |
-214.2 | -198.1 | -7.5% | +16.1 |
| Of which: Bank Millennium goodwill | - | -102.3 | - | -102.3 |
| Net income before income tax | 64.8 | 215.8 | +233.0% | +151.0 |
| Income taxes4, non-controlling interests and discontinued operations | -52.5 | -141.3 | +169.0% | -88.8 |
| Net income | 12.3 | 74.5 | +507.4% | +62.2 |
| Net income excluding costs related with CHF loan portfolio5 | 126.5 | 200.9 | +58.8% | +74.4 |
| ROE | 0.43% | 2.81% |
1H1'22: Excludes mainly compensation of 5.7 million for the temporary reduction of remuneration in the period 2014/2017. H1'21: Excludes mainly headcount adjustment costs of 87.2 million. 2Dividends from equity instruments, other net operating income, net trading income and equity accounted earnings.| 3Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale): 20.7 million in H1'22 and 16.4 million in H1'21. |4 Includes impact of provisions for legal risk on CHF mortgages in Poland and of mandatory contributions (non-tax-deductible amounts in H1'22: 62.4 and 51.8 in H1'21).|5Excludes impacts with provisions for legal risks, costs with out-of-court settlements and legal advice of 126.4 millions in H1'22 and 114.2 millions in H1'21, net of non-controlling interests.
Other operating income includes +16.4 million compensation for provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale) in H1'21 and +20.7 million in H1'22; Net trading income include -15.6 million of out-ofcourt settlements with customers related with CHF loans portfolio in H1'21 and -49.3 million in H1'22.
*New Polish fund aimed to guarantee the stability of the financial system, ensuring the liquidity and solvency of member banks
*H1'21: Includes mainly headcount adjustment costs. H1'22: Includes mainly compensation for the temporary reduction of remuneration in the period 2014/2017. **Includes 5.5 million of legal advice costs related with CHF loans in H1'22 and 3,7 million in H1'21.
* Cost of risk adjusted by one-offs. Stated cost of risk in June 2021 of 55bp in the Group, 64bp in Portugal and 33bp in international operations. **Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale): 20.7 million in H1'22 and 16.4 million in H1'21.
*By loan-loss reserves, expected loss gap and collaterals.
NPE include loans to Customers only, except if otherwise indicated.
*Deposits, debt securities, assets under management, assets placed with Customers and insurance products (savings and investments). Customer funds on a proforma basis due to Banque Privée sale
NPE include loans to Customers only..
Loans to Customers on a proforma basis due to Banque Privée sale.
subject to the already requested approval for the application of article 352 (2) CRR (Capital Requirements Regulation) that excludes from capital requirements the structural FX positions held to hedge the capital ratios
**Subject to ECB authorization
***Minimum phased-in regulatory requirements from March 1, 2022.
(Fully implemented, latest available data)
Leverage ratio at 5.7% as of June 2022, a comfortable and comparatively strong figure in European banking
(RWAs as a % of assets, latest available data)
High RWA density (48% as of June 2022), compared to lower figures in most European banking markets
| Dec 21 |
Jun 22 |
|
|---|---|---|
| Pension liabilities |
3 498 , |
2 737 , |
| fund Pension |
3 700 , |
3 421 , |
| Liabilities' coverage |
106% | 125% |
| Fund's profitability |
+1 9% |
-5 9% |
| Assumptions | ||
| Dec 21 |
||
| 1.35% |
| Dec 21 |
Jun 22 |
|
|---|---|---|
| Discount rate |
3.30% | |
| Salary growth rate |
0.75% | 2.25% year 2023; 0.75% following years |
| Pensions growth rate |
0.50% | 2% year 2023; 0.5% following years |
| Projected of of fund rate return assets |
1.35% | 3.30% |
| Mortality Tables |
||
| Men | TV 88/90 |
TV 88/90 |
| Women | 88/90-3 Tv years |
88/90-3 Tv years |
Change in loans to Customers and Customer funds on a proforma basis due to Banque Privée sale.
Net interest income stood at 430.5 million in the 1st half of 2022, up 5.2% (+21.2 million) from 409.3 million in the same period of 2021. The positive impacts of the growing performing portfolio, higher yields of the securities portfolio, lower wholesale funding cost and the continued decline in the remuneration of term deposits have more than compensated the negative impacts of the loan portfolio, reduction of NPEs and excess liquidity.
(vs 3m Euribor)
| H1'21 | H1'22 | YoY | |
|---|---|---|---|
| Banking fees and commissions |
208 9 |
233 4 |
+11 7% |
| Cards and transfers |
50 8 |
67 1 |
+32 1% |
| Loans and guarantees |
52 6 |
51 4 |
-2 2% |
| Bancassurance | 42 7 |
43 0 |
+0 6% |
| related Customer account |
58 9 |
67 6 |
+14 7% |
| Other fees and commissions |
3 9 |
4 3 |
+9 4% |
| Market related fees and commissions |
38 3 |
43 8 |
+14 3% |
| Securities operations |
16 1 |
18 4 |
+14 5% |
| Asset management |
22 2 |
25 4 |
+14 2% |
| Total fees and commissions |
247 3 |
277 2 |
+12 1% |
Operating costs
*H1'21: Includes mainly headcount adjustment costs. H1'22: Includes mainly compensation for the temporary reduction of remuneration in the period 2014/2017. 31
(Million euros)
| Jun 22 |
Jun 22 |
|
|---|---|---|
| (Million euros) |
vs.Jun 21 |
vs.Dec 21 |
| Opening balance |
2 095 , |
1 878 , |
| outflows/inflows Net |
288 | 199 |
| Write-offs | -573 | -341 |
| Sales | -175 | -102 |
| Ending balance |
1 635 , |
1 635 , |
*Cost of risk adjusted by one-offs. Stated cost of risk in June 2021 of 64bp..
NPE include loans to Customers only.
*By loan-loss reserves, expected loss gap and collaterals.
| H1'21 | H1'22 | |
|---|---|---|
| Poland | -110 3 |
-56 6 |
| Mozambique1 | 40 6 |
46 4 |
| Other | -7 5 |
-1 7 |
| international Net income operations |
-77 2 |
-12 0 |
| Operations2 Discontinued |
6 8 |
1 5 |
| Non-controlling int (Poland+Mozambique) |
40 4 |
12 8 |
| Exchange effect rate |
-2 8 |
-- |
| Contribution from international operations |
-32 9 |
2 3 |
| Contribution excluding related with CHF loan costs (Poland)3 portfolio |
81 4 |
128 7 |
| Bank Millennium goodwill impairment |
-- | -102 3 |
*Subsidiaries' net income presented for H121 at the same exchange rate as of H122 for comparison purposes. | 1 Not including results arising from discontinued operations | Includes the sale of 100% of Banque Privée's capital, in Switzerland, and of 70% of SIM, in Mozambique, by Millennium bim | Impacts mainly related with provisions for legal risks, costs with out-of-court settlements and legal advice of 126.4 millions in H1'22 and 114.2 millions in H1'21, net of non-controlling interests.
• CET1 ratio of 12.1% with total capital of 15.2%
*FX effect excluded. €/Zloty constant at June 2022 levels: Income Statement 4.64; Balance Sheet 4.70. | **Excludes FX-mortgage legal risk provisions, costs of litigations and settlements with clients and with linear distribution of BFG resolution fund fee (without net impact of IPS contribution); in 2021 also material revaluation of financial investments (VISA). | *** After taxes and before non-controlling interests (257.8 million before taxes), includes impacts with provisions for legal risks, costs with out-of-court settlements and legal advice
(Million euros*; does not include tax on assets and contribution to the resolution fund and to the DGF)
(Number of cases)
Excludes Euro Bank. | *FX effect excluded. €/Zloty constant at June 2022 levels: Income Statement 4.64; Balance Sheet 4.70. | **Peers average excluding settlement's provisions. | *** Agreements amount mostly booked in financial operations
The Act of July 7, introduced, among others, a handful of measures aimed at support of PLN mortgage borrowers, including:
Expected impact on BM's results in 3Q22:
Other considerations:
• Application for/use of credit holidays does not trigger a loan reclassification to Stage 2
Capital ratios expected to be temporarily below minimum requirements due to the impact of upfront booking of credit holidays, but the recovery is expected in a relatively short term
• Capital ratio of 44.2%
FX effect excluded. €/Metical constant at June 2022 levels: Income Statement 70.13; Balance Sheet 67.08. **Excludes employees from SIM (insurance company).
• Cost of risk of 211bp in the 1 st half of 2022 (104 bp in same period of 2021)
(Million euros*)
| H1'22 | 2024 | |
|---|---|---|
| C/I ratio | 40% | ≈40% |
| Cost of risk | 61 bp | ≈50 bp |
| RoE | 2.8% | ≈10% |
| CET1 ratio | 11.3% (11.8% pro forma*) |
>12.5% |
| NPE ratio | 4.3% | ≈4% |
| Share of mobile Customers | 60% | >65% |
| Growth of high engagement Customers** (vs 2020) |
+7% | +12% |
| Average ESG rating*** | 70% | >80% |
*Pro forma(subject to ECB authorization) considering the already requested approval (ECB) for the application of article 352 (2) CRR (Capital Requirements Regulation) that excludes from capital requirements the structural FX positions held to hedge the capital ratios **Active Customers with card transactions in the previous 90 days or funds > €100 (>MZM 1,000 in Mozambique) | ***Average of Top 3 indices (DJSI, CDP and MSCI) | NPE include loans to Customers only.
Millennium Gallery: exhibition "A outra vida dos animais" – containing drawings, paintings, photography, ceramics, sculpture and media art, having been designed for a younger audience. In exhibition from May 5th to August 28th .
Estudo "Património Cultural em Portugal: Avaliação do Valor Económico e Social" Faro Municipal Museum: Exhibition "Itinerários da Pintura/Arte Moderna no Algarve através da coleção Millennium bcp" – covers a chronological period from the beginning of the 20th century and the 60s. Open to the public from June 25th to October 16th.
Anozero: Coimbra Contemporary Art Biennial - an initiative of the Coimbra Visual Arts Circle, presented from April 9 th to June 26th , a curatorial program with the objective of sharing and communicating unexpected and marginal creative ways of producing knowledge.
Pedipedia: Pediatric Medical-Surgical online encyclopedia, coordinated by a group of doctors and university professors. It is freeaccess and has two versions: one for families and another one for professionals.
Millennium bcp supports, in Portugal and Poland, refugees caused by the war in Ukraine with a set of social and integration support as well as temporary preferential conditions as Customers.
collection campaign.
music and dance.
In 2022, Millennium bcp joins, again, the campaign "PORTUGAL CHAMA", Portuguese State initiative aimed to prevent and reduce the forest fires and to raise public awareness for risk behaviours.
In May, Millennium bcp volunteers return to Banco Alimentar central warehouse, supporting, at a national level, the usual food
"Millennium Festival ao Largo" returns to promote culture in Lisbon, through democratic and inclusive access to selected shows of classic
Global Finance magazine, best Bank to Sustainable Finance in Portugal, recognizing its leadership in financing projects to prevent climate changes and improve people's life quality.
Millennium bcp integrates, for the 2nd consecutive year, the ranking "Europe's Climate Leaders" of Financial Times and Statista, being one of the 400 european companies that have done most progress in reducing greenhouse gas emissions (GEE).
Millennium bcp creates a community garden for its Employees on Taguspark, making the first 12 spaces available to grow biological products, healthy and sustainable.
Millennium bcp continues to reduce its ecological footprint in Portugal, with less 51% of Electricity consumption and less 83% of GEE emission on the last 5 years (2016/2021).
51
Millennium bcp: Integrates for 3rd consecutive year the Bloomberg Gender-Equality Index
Millennium bcp: Best Foreign Exchange Provider in Portugal
Millennium bcp: Best Investment Banking 2022 in Portugal"
ActivoBank: Distinguished as Powerful Brand 21/22 in the "Online Banking" category, in recognition of the progress in the areas of Sustainability and Technological Innovation
Bank Millennium: Achieved third place in the competition for the "Best of Bank 2022", in Large Commercial Banks category, in a choice organized by "Gazeta Bankowa"
Bank Millennium: Awarded with "Service Quality Star" on a Customers' choice, carried out through a multi-platform and the SecretClient website
Bank Millennium: Bank Millennium's app was chosen as the "Most Friendly" by customers, in the ranking of the MojeBankowanie.pl portal
Millennium bim: Best Trade Finance Bank in Mozambique
Millennium bim: Best Foreign Exchange Provider
Mozambique, Euromoney – Awards for Excellence
Bank Millennium: "Best Bank" in Poland
categoria Bancos e Serviços Financeiros
Millennium bim: Bank of the year in
Responsibility Practices
in Mozambique
& Market Leaders 2022
Bank Millennium: Distinguish with the CSR Golden Leaf Award for Corporate Social
Millennium bim: Best Private Bank in Mozambique
Consumer Choice 2022, "Large banks" category
Consumer Choice 2022, "Digital banks" category
"2022 Product of the Year",on "Banking App" category, by the Product of the Year Portugal.
DATA E 2022 Study
Number 1 Bank of Innovative Companies supporting 363 companies to achieve the COTEC Innovative award
(Consolidated, million euros)
| Jun 21 |
Sep 21 |
Dec 21 |
Mar 22 |
Jun 22 |
YoY | QoQ | |
|---|---|---|---|---|---|---|---|
| Portugal | 9,152 | 8,069 | 8,013 | 8,561 | 7,765 | -15% | -9% |
| T-bills and other |
1,129 | 497 | 426 | 849 | 1,222 | +8% | +44% |
| Bonds | 8,023 | 7,572 | 7,587 | 7,712 | 6,543 | -18% | -15% |
| Poland | 4,235 | 4,042 | 3,844 | 3,908 | 4,030 | -5% | +3% |
| Mozambique | 462 | 494 | 412 | 424 | 408 | -12% | -4% |
| Other | 4,977 | 4,981 | 5,435 | 3,689 | 5,451 | +10% | +48% |
| Total | 18,827 | 17,585 | 17,704 | 16,582 | 17,653 | -6% | +6% |
✓ The sovereign debt portfolio totalled 17.7 billion, 14.1 billion of which maturing in more than 2 years
✓ The Portuguese sovereign debt portfolio totalled 7.8 billion, the Polish and Mozambican portfolios amounted to 4.0 billion and to 0.4 billion, respectively; "other" includes sovereign debt from Spain (2.0 billion), France (1.9 billion), Belgium (0.7 billion), Ireland (0.6 billion) and USA (0.2 billion)
(Million euros)
| Portugal | Poland | Mozambique | Other | Total | |
|---|---|---|---|---|---|
| Trading book |
1 239 , |
6 | 0 | 5 | 1 250 , |
| 1 ≤ year |
1 221 , |
1 | 0 | 0 | 1 222 , |
| 1 and 2 > year ≤ years |
4 | 0 | 0 | 0 | 4 |
| 2 and 5 > years ≤ years |
10 | 4 | 0 | 0 | 14 |
| 5 and 8 > years ≤ years |
0 | 0 | 0 | 0 | 1 |
| 8 and 10 years years > ≤ |
1 | 0 | 0 | 4 | 6 |
| 10 > years |
3 | 0 | 0 | 0 | 3 |
| Banking book* |
6 526 , |
4 023 , |
408 | 5 446 , |
16 403 , |
| 1 ≤ year |
9 | 1 610 , |
56 | 14 | 1 688 , |
| and 2 1 year ≤ years > |
11 | 569 | 57 | 21 | 658 |
| 2 and 5 > years ≤ years |
3 698 , |
1 617 , |
184 | 388 | 5 888 , |
| 5 and 8 > years ≤ years |
2 207 , |
166 | 38 | 3 214 , |
624 5 , |
| 8 and 10 > years ≤ years |
403 | 61 | 0 | 809 1 , |
2 273 , |
| 10 > years |
199 | 0 | 72 | 0 | 271 |
| Total | 7 765 , |
4 030 , |
408 | 5 451 , |
17 653 , |
| 1 ≤ year |
1 230 , |
1 611 , |
56 | 14 | 2 911 , |
| 1 and 2 > year ≤ years |
15 | 569 | 57 | 21 | 662 |
| 2 and 5 > years ≤ years |
3 708 , |
1 622 , |
184 | 388 | 5 902 , |
| 5 and 8 > years ≤ years |
2 207 , |
166 | 38 | 3 214 , |
5 625 , |
| 8 and 10 > years ≤ years |
404 | 62 | 0 | 1 813 , |
2 279 , |
| 10 > years |
202 | 0 | 72 | 0 | 274 |
*Includes financial assets at fair value through other comprehensive income (6,949 million) and financial assets at amortised cost (9,455 million).
▪ Loans to companies accounted for 42% of the loan portfolio as of June 2022, including 6% to construction and real-estate sectors
| (Million euros) |
H1'21 | H1'22 | YoY | Impact on earnings |
|---|---|---|---|---|
| Net interest income |
765 8 |
985 2 |
+28 6% |
+219 4 |
| Net fees and commissions |
352 9 |
387 6 |
+9 8% |
+34 6 |
| Other income* |
-2 1 |
-89 3 |
+4227 1% |
-87 3 |
| Net operating revenue |
1 116 6 , |
1 283 4 , |
+14 9% |
+166 8 |
| Staff costs |
-372 8 |
-284 2 |
-23 8% |
+88 6 |
| Other administrative and depreciation costs |
-217 3 |
-232 0 |
+6 8% |
-14 7 |
| Operating costs |
-590 1 |
-516 2 |
-12 5% |
+73 9 |
| Profit before and impairment provisions |
526 6 |
767 2 |
+45 7% |
+240 7 |
| of Loans impairment (net recoveries) |
-156 9 |
-179 4 |
+14 3% |
-22 5 |
| Other and impairment provisions |
-304 8 |
-371 9 |
+22 0% |
-67 1 |
| and Impairment provisions |
-461 7 |
-551 4 |
+19 4% |
-89 6 |
| Net income before income tax |
64 8 |
215 8 |
+233 0% |
+151 0 |
| Income taxes |
-101 9 |
-155 8 |
+52 9% |
-53 9 |
| from discontinued be discontinued Net income operations to or |
6 4 |
1 5 |
-76 8% |
9 -4 |
| Non-controlling interests |
43 0 |
13 0 |
-69 8% |
-30 0 |
| income Net |
12 3 |
74 5 |
+507 4% |
+62 2 |
*Includes dividends from equity instruments, other net operating income, net trading income and equity accounted earnings.
| 30 junho |
30 junho |
|
|---|---|---|
| 2022 | 2021 | |
| ASSETS | ||
| Cash and deposits at Central Banks |
7.930,3 | 4.688,4 |
| Loans and advances to credit institutions repayable on demand |
329,6 | 256,4 |
| Financial assets at amortised cost |
||
| Loans and advances to credit institutions |
875,3 | 671,3 |
| Loans and advances to customers |
55.187,2 | 53.994,8 |
| Debt instruments |
12.102,0 | 8.331,0 |
| Financial assets at fair value through profit or loss |
||
| Financial assets held for trading |
1.758,4 | 1.704,5 |
| Financial assets not held for trading mandatorily at fair value through profit or loss |
932,2 | 1.290,1 |
| Financial assets designated at fair value through profit or loss |
- | - |
| Financial assets at fair value through other comprehensive income |
8.644,9 | 13.882,9 |
| Hedging derivatives |
531,5 | 55,9 |
| associated Investments in companies |
443,5 | 436,3 |
| Non-current assets held for sale |
630,7 | 905,0 |
| Investment property |
2,9 | 6,7 |
| Other tangible assets |
586,2 | 620,8 |
| Goodwill and intangible assets |
151,8 | 242,7 |
| Current tax assets |
13,8 | 14,3 |
| Deferred tax assets |
2.845,5 | 2.663,7 |
| Other assets |
3.107,5 | 1.599,7 |
| TOTAL ASSETS |
96.073,5 | 91.364,5 |
| 30 junho | 30 junho | |
|---|---|---|
| 2022 | 2021 | |
| LIABILITIES | ||
| Financial liabilities at amortised cost |
||
| Resources from credit institutions |
8,996.1 | 9,056.1 |
| Resources from customers |
73,190.3 | 68,101.3 |
| Non subordinated debt securities issued |
1,114.6 | 1,751.9 |
| Subordinated debt |
1,350.2 | 1,199.7 |
| Financial liabilities at fair value through profit or loss |
||
| Financial liabilities held for trading |
192.9 | 372.2 |
| Financial liabilities at fair value through profit or loss |
1,344.0 | 1,481.5 |
| Hedging derivatives |
1,677.2 | 173.7 |
| Provisions | 503.2 | 404.9 |
| Current tax liabilities | 8.7 | 6.6 |
| Deferred tax liabilities |
9.2 | 7.3 |
| Other liabilities |
1,396.0 | 1,423.1 |
| TOTAL LIABILITIES | 89,782.4 | 83,978.2 |
| EQUITY | ||
| Share capital |
4,725.0 | 4,725.0 |
| Share premium |
16.5 | 16.5 |
| Other equity instruments |
400.0 | 400.0 |
| Legal and statutory reserves |
268.5 | 259.5 |
| Treasury shares | - | - |
| Reserves and retained earnings |
8.4 | 855.5 |
| Net income for the period attributable to Bank's Shareholders |
74.5 | 12.3 |
| TOTAL EQUITY ATTRIBUTABLE TO BANK'S SHAREHOLDERS | 5,492.9 | 6,268.7 |
| Non-controlling interests |
798.2 | 1,117.5 |
| TOTAL EQUITY | 6,291.1 | 7,386.3 |
| TOTAL LIABILITIES AND EQUITY | 96,073.5 | 91,364.5 |
| Quarterly | |||||
|---|---|---|---|---|---|
| 2Q 21 |
3Q 21 |
4Q 21 |
1Q 22 |
2Q 22 |
|
| Net interest income |
391 0 |
399 2 |
423 6 |
465 1 |
520 1 |
| Dividends from equity instruments |
0 7 |
0 2 |
0 1 |
0 9 |
12 0 |
| Net fees and commission income |
181 8 |
181 9 |
192 9 |
192 8 |
194 7 |
| Other operating income |
-87 2 |
-4 5 |
-9 5 |
-17 7 |
-159 5 |
| Net trading income |
38 5 |
-8 8 |
15 0 |
43 4 |
-1 2 |
| accounted Equity earnings |
13 9 |
12 8 |
14 8 |
16 2 |
16 6 |
| Banking income |
538 7 |
580 9 |
636 9 |
700 7 |
582 7 |
| Staff costs |
231 3 |
143 4 |
138 1 |
137 7 |
146 4 |
| Other administrative costs |
72 3 |
81 4 |
93 8 |
82 7 |
79 9 |
| Depreciation | 34 3 |
34 4 |
34 4 |
34 6 |
34 9 |
| Operating costs |
338 0 |
259 2 |
266 3 |
255 0 |
261 2 |
| Profit bef impairment and provisions |
200 8 |
321 7 |
370 5 |
445 7 |
321 5 |
| Loans impairment (net of recoveries) |
45 9 |
107 1 |
84 9 |
89 9 |
89 6 |
| Other . and impairm provisions |
173 1 |
157 3 |
250 1 |
164 1 |
207 8 |
| income before income Net tax |
-18 3 |
3 57 |
35 6 |
191 8 |
24 1 |
| Income tax |
45 0 |
39 6 |
62 2 |
85 5 |
70 3 |
| (before disc Net income . oper.) |
-63 3 |
17 8 |
-26 6 |
106 3 |
-46 2 |
| Net income arising from discont . operations |
3 5 |
3 2 |
61 3 |
1 4 |
0 1 |
| Non-controlling interests |
-14 2 |
-26 3 |
-43 8 |
-5 2 |
-7 8 |
| Net income |
-45 5 |
47 2 |
78 6 |
112 9 |
-38 4 |
| 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 | |||||||||||||||
| Jun 2 1 | Jun 2 2 | Δ % | Jun 2 1 | Jun 2 2 | Δ % | Jun 2 1 | Jun 2 2 | Δ % | Jun 2 1 | Jun 2 2 | Δ % | Jun 2 1 | Jun 2 2 | Δ % | Jun 2 1 | Jun 2 2 | Δ % | |||
| Interest income | 825 | 1,142 | 38.4% | 427 | 446 | 4.4% | 398 | 696 | 74.8% | 295 | 561 | 90.2% | 102 | 134 | 31.8% | 2 | 1 | -37.1% | ||
| Interest expense | 59 | 157 | >100% | 18 | 15 | -13.8% | 42 | 141 | >100% | 14 | 100 | >100% | 28 | 42 | 49.0% | 0 | 0 | -86.0% | ||
| N et interest inco me | 766 | 985 | 28.6% | 409 | 431 | 5.2% | 356 | 555 | 55.6% | 281 | 461 | 64.0% | 7 4 | 9 2 | 25.3% | 2 | 1 | -37.1% | ||
| Dividends from equity instruments | 1 | 13 | >100% | 0 | 12 | >100% | 1 | 1 | 10.8% | 1 | 1 | 10.8% | 0 | 0 | -- | 0 | 0 | -- | ||
| Intermediatio n margin | 766 | 998 | 30.2% | 409 | 443 | 8.1% | 357 | 555 | 55.5% | 282 | 462 | 63.9% | 7 4 | 9 2 | 25.3% | 2 | 1 | -37.1% | ||
| Net fees and commission income | 353 | 388 | 9.8% | 247 | 277 | 12.1% | 106 | 110 | 4.4% | 91 | 92 | 0.9% | 14 | 18 | 26.7% | 0 | 0 | -21.2% | ||
| Other operating income | -112 | -177 | -57.7% | -71 | -72 | -1.0% | -41 | -105 | <-100% | -41 | -107 | <-100% | 1 | 1 | 44.2% | -1 | 0 | 96.8% | ||
| B asic inco me | 1,007 | 1,208 | 20.0% | 585 | 648 | 10.7% | 422 | 560 | 32.9% | 332 | 447 | 34.8% | 8 9 | 112 | 25.7% | 1 | 1 | 91.3% | ||
| Net trading income | 80 | 42 | -47.4% | 68 | 60 | -12.1% | 12 | -18 | <-100% | 6 | -28 | <-100% | 7 | 11 | 60.0% | 0 | 0 | >100% | ||
| Equity accounted earnings | 29 | 33 | 12.0% | 31 | 34 | 9.9% | -2 | -1 | 24.8% | 0 | 0 | -- | 0 | 1 | -- | -2 | -2 | -26.1% | ||
| B anking inco me | 1,117 | 1,283 | 14.9% | 684 | 742 | 8.4% | 432 | 542 | 25.3% | 338 | 419 | 24.2% | 9 6 | 123 | 29.0% | - 1 | - 1 | 2.3% | ||
| Staff costs | 373 | 284 | -23.8% | 264 | 166 | -37.2% | 109 | 118 | 8.9% | 91 | 96 | 6.1% | 18 | 22 | 22.5% | 0 | 0 | 29.2% | ||
| Other administrative costs | 149 | 163 | 9.1% | 85 | 88 | 3.5% | 64 | 74 | 16.7% | 45 | 50 | 12.4% | 19 | 24 | 27.2% | 0 | 0 | -15.4% | ||
| Depreciation | 68 | 69 | 1.7% | 40 | 40 | -0.6% | 28 | 30 | 4.9% | 22 | 22 | 1.4% | 6 | 7 | 17.5% | 0 | 0 | -7.5% | ||
| Operating co sts | 590 | 516 | -12.5% | 389 | 294 | -24.5% | 201 | 222 | 10.8% | 157 | 169 | 7.2% | 43 | 53 | 23.9% | 0 | 1 | 8.4% | ||
| P ro fit bef. impairment and pro visio ns | 527 | 767 | 45.7% | 295 | 448 | 51.8% | 231 | 319 | 37.9% | 181 | 251 | 38.9% | 5 3 | 7 0 | 33.2% | - 2 | - 2 | -0.6% | ||
| Loans impairment (net of recoveries) | 157 | 179 | 14.3% | 127 | 139 | 9.8% | 30 | 40 | 33.5% | 27 | 33 | 24.1% | 3 | 7 | >100% | 0 | 0 | -13.5% | ||
| Other impairm. and provisions | 305 | 372 | 22.0% | 69 | 51 | -25.7% | 236 | 321 | 35.9% | 231 | 218 | -5.3% | 2 | 0 | -88.5% | 3 | 102 | >100% | ||
| N et inco me befo re inco me tax | 6 5 | 216 | >100% | 9 9 | 258 | >100% | -35 | -42 -20.4% | -77 | - 1 | 99.0% | 4 7 | 6 3 | 33.9% | - 5 | -104 | <-100% | |||
| Income tax | 102 | 156 | 52.9% | 54 | 83 | 54.3% | 48 | 73 | 51.3% | 36 | 56 | 55.9% | 12 | 17 | 37.8% | 0 | 0 | -- | ||
| N et inco me (befo re disc. o per.) | -37 | 6 0 | >100% | 4 6 | 174 | >100% | -83 | -114 -38.3% | -113 | -57 | 49.8% | 3 5 | 4 6 | 32.5% | - 5 | -104 | <-100% | |||
| Net income arising from discont. operations | 6 | 1 | -76.8% | 0 | 0 | -- | 6 | 1 | -76.8% | 3 | 0 | -97.1% | ||||||||
| Non-controlling interests | -43 | -13 | 69.8% | 0 | 0 | <-100% | -43 | -13 | 70.5% | 0 | 0 | -- | 0 | 0 | -100.0% | -44 | -13 | 70.7% | ||
| N et inco me | 12 | 7 5 | >100% | 4 5 | 175 | >100% | -33 | -100 <-100% | -113 | -57 | 49.8% | 3 8 | 4 6 | 22.7% | 3 9 | -91 | <-100% |
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 – resources 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.
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 – results from financial operations at fair value through profit or loss, results from foreign exchange, results from hedge accounting operations, results from derecognition of financial assets and financial liabilities measured at amortized cost and results from derecognition of financial assets measured at fair value through other comprehensive income.
Non-performing exposures (NPE) – non-performing loans and advances to customers (loans to customers at amortized cost and loans to customers at fair value through profit or loss) more than 90 days past-due or unlikely to be paid without collateral realization, if they recognized as defaulted or impaired.
Non-performing loans (NPL) – overdue loans (loans to customers at amortized cost and loans to customers at fair value through profit or loss) 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 – other operating income/(loss) and gains/(losses) arising from sales of subsidiaries and other assets.
Overdue loans – total outstanding amount of past due loans to customers (loans to customers at amortized cost, debt instruments at amortized cost associated to credit operations and loans to customers at fair value through profit or loss), including principal and interests.
Overdue loans by more than 90 days – total outstanding amount of past due loans to customers by more than 90 days (loans to customers at amortized cost, debt instruments at amortized cost associated to credit operations and loans to customers at fair value through profit or loss), including principal and interests.
Profit before impairment and provisions – net operating revenues deducted from operating costs.
Resources from credit institutions – resources and other financing from Central Banks and resources from other credit institutions.
Return on average assets (Instruction from the Bank of Portugal no. 16/2004) – net income (before tax) 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
BANCO COMERCIAL PORTUGUÊS, S.A., a public company (Sociedade Aberta), having its registered office at Praça D. João I, 28, Oporto, registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the share capital of EUR 4,725,000,000.00. LEI: JU1U6SODG9YLT7N8ZV32
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