Investor Presentation • Oct 27, 2021
Investor Presentation
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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 the first 9 months of 2021 not audited.
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.
▪ Strong liquidity, well in excess of regulatory requirements, and eligible assets for ECB funding of 25.2 billion
1 Customer counting criteria used in the 2024 Strategic Plan
2 Interactions (Millennium website and app)
3 Includes mobile, online and ATMs, excludes branches
4 Digital sales (Millennium website and app) in number of operations
| 54.7 | ||||
|---|---|---|---|---|
| 44.1 | 45.6 | 49.0 | ||
| 40.1 | 41.0 | 49.2 | ||
| Bank 2 | 38.7 | 28.9 | 35.0 | 39.5 |
| Bank 3 | 28.8 | 44.3 | 47.7 | 50.3 |
| Bank 4 | 37.4 | |||
| Bank 5 | 33.0 | 42.0 | 38.8 | 41.8 |
| 2018 | 2019 | 2020 | 2021 (YtD Sep.) |
Unaided nomination by Customers2 , Q3'21 YtD
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 2021 = 2,000 per quarter; 8,000 per year)
100% green Electricity consumption in Portugal
Exclusion or conditioning of financing to projects within the categories and/or sectors of activity alien to the responsible financing principles of Millennium bcp
Origination and placement of green debt issues in the corporate segment
ESG initial issue 500M€ social bonds
E S G
Diversity and Equal Opportunities Policy
Gender Equality policy
Millennium bcp Foundation social action
| (Million euros) |
9M20 | 9M21 | YoY | Impact on earnings |
|---|---|---|---|---|
| Net interest income |
1 153 7 , |
1 168 6 , |
+1 3% |
+15 0 |
| Commissions | 498 2 |
534 2 |
2% +7 |
+36 1 |
| Core income |
1 651 8 , |
1 702 8 , |
+3 1% |
+51 0 |
| Operating costs |
-812 7 |
-851 7 |
+4 8% |
-39 0 |
| Of which: recurring |
-785 2 |
-764 1 |
-2 7% |
+21 0 |
| Recurrent operating profit core |
866 7 |
938 7 |
+8 3% |
+72 1 |
| Other income* |
10 9 |
3 6 |
-67 3% |
-7 3 |
| Operating income net |
850 0 |
854 7 |
+0 6% |
+4 7 |
| Impairment and other provisions |
-550 6 |
-726 1 |
+31 9% |
-175 4 |
| Of which: legal risk CHF (Poland)** mortgages on |
-67 2 |
-313 5 |
+366 2% |
-246 3 |
| Net income before income tax |
299 4 |
128 6 |
-57 0% |
-170 8 |
| Income taxes*** , non-controlling interests and discontinued operations |
-153 1 |
-69 1 |
-54 8% |
+83 9 |
| income Net |
146 3 |
59 5 |
-59 3% |
-86 8 |
| income excluding provisions for legal risk CHF (Poland)** Net mortgages on |
180 0 |
215 3 |
+19 6% |
+35 4 |
*Dividends from equity instruments, other net operating income, net trading income and equity accounted earnings. | **Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale): 32.8 million in 9M'21. | ***Includes impact of provisions for legal risk on CHF mortgages in Poland (amount not considered tax deductible in 9M'21: 300.8 million) and of mandatory contributions (non-tax-deductible amounts in 9M'21: 39.3 million in Portugal and 72.9 million in Poland).
122.9 134.5
+9.5%
9M20 9M21
15 9M'20: other operating income includes 4.3 million losses, net of intermediation fees, on the sale of real-estate and other assets; 9M'21: other operating income includes 4.3 million gains, net of intermediation fees, on the sale of real estate and other assets; +32.8 million compensation for provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale).
16 *9M'20: compensation of 5.8 million for temporary salary cuts in Portugal, headcount adjustment costs of 10.0 million in Portugal, Euro Bank integration costs of 11.8 million (international operations); 9M'21: headcount adjustment costs of 87.6 million in Portugal.
17 *Cost of risk adjusted by one-off reversals of 79bp in Portugal and of 47bp in the international operations. | **Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale): 32.8 million in 9M'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).
• Total capital of 15.3%* (fully implemented) as of September 2021, above SREP requirements
• Surplus of 2.0pp between the total capital ratio and the SREP requirement not using the capital conservation and the O-SII buffers, and of 5.1pp if such buffers are used
*Including expected impact of ongoing sale of operation and unaudited net income for the first 9 months of 2021. **Minimum phased-in regulatory requirements from March 12, 2020.
(Fully implemented, latest available data)
Leverage ratio at 6.2% as of September 2021, a comfortable and comparatively strong figure in European banking
(RWAs as a % of assets, latest available data)
High RWA density (51% as of September 2021), compared to lower figures in most European banking markets
(Million euros)
Net interest income stood at 619.5 million in the first 9 months of 2021, up 4.8% (+28.3 million) from 591.2 million in the same period of 2020. The positive impacts of the growing performing portfolio, lower wholesale funding cost (influenced by the TLTRO impact) and of the continued decline in the remuneration of time deposits, have more than compensated for the negative impacts of the loan portfolio (influenced by the negative evolution of Euribor), reduction of NPEs, excess liquidity and lower yields of the securities portfolio.
| 9M20 | 9M21 | YoY |
|---|---|---|
| 300.7 | 318.2 | +5.8% |
| 73.1 | 80.3 | +9.9% |
| 76.2 | 78.7 | +3.3% |
| 62.7 | 63.9 | +1.9% |
| 83.3 | 89.1 | +7.0% |
| 5.3 | 6.1 | +15.7% |
| 51.8 | 58.4 | +12.7% |
| 39.0 | 39.7 | +1.7% |
| 12.8 | 18.8 | +46.4% |
| 352.5 | 376.6 | +6.8% |
(Million euros) (Million euros)
30 9M'20: other operating income includes 6.0 million losses, net of intermediation fees, on the sale of real-estate and other assets; 9M'21: other operating income includes 4.1 million gains, net of intermediation fees, on the sale of real estate and other assets.
Operating costs
*9M'20: compensation of 5.8 million for temporary salary cuts and headcount adjustment costs of 10.0 million; 9M'21: headcount adjustment costs.
(Million euros)
| Sep 21 |
Sep 21 |
|
|---|---|---|
| (Million euros) |
vs.Sep 20 |
vs.Dec 20 |
| Opening balance |
2 701 , |
2 363 , |
| outflows/inflows Net |
13 | 13 |
| Write-offs | -228 | -208 |
| Sales | -555 | -238 |
| Ending balance |
931 1 , |
931 1 , |
Sep 20 Sep 21
• Net foreclosed assets were down by 33.2% between September 2020 and September 2021. Valuation of foreclosed assets by independent providers exceeded book value by 31%
(Million euros)
| Moratoriums expired in September |
Moratoriums to expire after September |
|
|---|---|---|
| Families | 3 096 , |
106 |
| Companies | 3 115 , |
624 |
| TOTAL | 6 211 , |
730 |
(Moratoriums expired in September and to expire after September)
• 90% of outstanding moratoriums in September are performing
• After September, there will be 730 million in active moratoriums (106 million to families, mortgages represent 98%; and 624 million to companies)
(Private moratoria; million euros)
| Amount | % | |
|---|---|---|
| Personal | 291 | 46% |
| Mortgage | 339 | 54% |
| TOTAL | 630 |
• Behavior of the expired moratoriums portfolio reflects prudent approach
• Breakdown by stages aligned with pre-expiration levels
(Million euros*)
| 9M20 | 9M21 |
|---|---|
| 29 0 |
-181 2 |
| 61 3 |
|
| -5 9 |
|
| 88 1 |
-125 7 |
| -34 2 |
70 0 |
| 0 5 |
-- |
| 54 4 |
-55 7 |
| 59 3 -0 2 |
9M20 9M21
(Million euros**; does not include tax on assets and contribution to the resolution fund and to the DGF)
44
*Excludes Euro Bank. | *FX effect excluded. €/CHF constant at September 2021 levels: Balance Sheet 1.08. €/Zloty constant at September 2021 levels: Income Statement 4.54; Balance Sheet 4.60. | **Average for 9 largest banks listed in the Warsaw Stock Exchange, excluding PKO's Q4'20 provisions for conversion.
(Million euros*)
**Excludes employees from SIM (insurance company)
*FX effect excluded. €/Metical constant at September 2021 levels: Income Statement 79.47; Balance Sheet 74.29.
(Million euros*)
| 9M 2021 | 2024 | |
|---|---|---|
| C/I ratio | 50% (45% excluding non-usual costs) |
≈40% |
| Cost of risk | 60 bp (69 bp excluding one-off reversals) |
≈50 bp |
| RoE | 1.4% | ≈10% |
| CET1 ratio | 11.8% (12.0% pro forma*) |
>12.5% |
| NPE ratio | 4.9% | ≈4% |
| Share of mobile Customers | 55% | >65% |
| Growth of high engagement Customers** (vs 2020) |
+3% | +12% |
| Average ESG rating*** | 75% | >80% |
50 *Including expected impact of ongoing sale of operation and unaudited net income for the first 9 months of 2021. | **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.
Santa Clara church: Built in the 1st half of the 15th century, within the city walls of Porto, it is one of the most beautiful examples of Johannine baroque. After a recovery and restoration intervention, which has been ongoing since 2014, it reopens in October 2021.
Estudo "Património Cultural em Portugal: Avaliação do Valor Económico e Social" Tremor festival: A musical experience in the center of the Atlantic (Azores – São Miguel), which combines music, territory and the arts. The Millennium bcp Foundation is a patron of artistic residencies. It took place from the 7th to the 11th of September.
Pédipédia: free online pediatric medicalsurgical encyclopedia. It is presented in two complementary versions, one for health professionals and other for parents and caregivers of children and young people.
Millennium bcp Literacy Program for the senior population. The objective is to transmit to the target population a set of basic notions that will allow them to carry out a set of essential banking operations through online channels.
Palácio Nacional da Ajuda: : restoration of the Royal Family Dining Room Cup and the Queen's Kitchen for the musealization of the most representative collections of objects related to the "table arts", which include ceramic, jewlery and textile items.
Millennium bcp subscribes manifesto "Rumo à COP26" promoted by BCSD Portugal, joining an appeal from more than 80 national companies to accelerate the process of decarbonisation of the economy and to comply with the Paris Agreement.
Millennium bcp carries out its first issue of senior debt with a Social function, in the amount of 500 million, in line with its ESG (Environmental, Social and Governance) business strategy and its 2021 Sustainability Master Plan (PDS).
Millennium bcp launches a Sustainability Course directed to all the Bank's Employees in Portugal, adjusting internal skills to a new reality arising from the accelerated growth of Sustainable Finance and the applicable regulatory framework.
Millennium bcp integrates the Steering Committee of the WEP (Women's Empowerment Principles) of the Portuguese Network of the United Nations Global Compact, integrating the national effort to promote gender equality and opportunities.
Millennium bcp obtains an "A-" classification on the Refinitiv ESG Combined Score, an evaluation of the performance of Sustainability, another recognition of the Bank's work in this area and which places it in the top 3 of Portuguese companies.
Millennium bcp : "PME Líder'20 " programme : largest number of awards among participating banks ( 3rd year in a row)
Millennium bcp : Main bank for companies ; most appropriate products ; most efficient ; best ; closest to Customers
Millennium bcp : Best bank for companies in Portugal and Best digital bank Portugal (Brand Score Q3 '21 )
Millennium bcp : Book Runner Equity and Local market in Equity awards
Millennium bcp : Leader of the 1st edition of the "Inovadora COTEC" program
Millennium bcp : Best Consumer Social Media Marketing and Services, Best in Consumer lending, Best Corporate/Institutional Information Security and Fraud Management in Western Europe, in 2021 . Best FX Provider 2021 in Portugal
Millennium investment banking : Europe M&A deal of the year for advisory services on the acquisition of a shareholding in Brisa
Millennium bim : Best Bank 2021 in Mozambique
Millennium bim : The Innovators 2021 award, "outstanding innovations in payments" category for the Pay IZI solution
Millennium bim : Best Digital Bank, Best FX Provider e Best trade finance provider 2021 in Mozambique
Bank Millennium : The Innovators 2021 award , "outstanding innovations in reatil banking " category , for the Open Banking Services solution
2
: Best Bank, Best Digital Bank
nd in Poland's Best
e
: ranked
Bank Millennium Employer ranking, banking and financial services category
Bank Millennium
Best FX Provider 2021 in Polónia
Bank Millennium : Climate Leaders Poland 2021 (best ranked bank, 2 nd among all companies in reduction of greenhouse gases)
Bank Millennium : CSR golden leaf award
Bank Millennium : ranked 3 rd in the Best 200 Polish Brands ranking, prepared by the Forbes magazine (best ranked bank )
Bank Millennium : 1 st in the "Mortgage Loans" category, 2 nd in "Corporate Social Responsability " and 3 rd in the "Best Quality in Multichannel Service" category
Bank Millennium : among the 10 most digitally advanced European banks in Bain & Company's ranking
Millennium bcp Consumer Choice 2021, "Large banks" category
Millennium bcp Best ranked company in Portugal in The World's Best Employers 2021 ranking
Millennium bcp Best Consumer Digital Bank in Portugal
Millennium bcp Part of Europe's Climate Leaders 2021 ranking
ActivoBank Consumer Choice 2021, "Digital banks" category
(Consolidated, million euros)
| Sep 20 |
Dec 20 |
Mar 21 |
Jun 21 |
Sep 21 |
YoY | QoQ | |
|---|---|---|---|---|---|---|---|
| Portugal | 8,057 | 7,742 | 8,420 | 9,152 | 8,069 | +0% | -12% |
| T-bills and other |
1,052 | 384 | 514 | 1,129 | 497 | -53% | -56% |
| Bonds | 7,004 | 7,358 | 7,906 | 8,023 | 7,572 | +8% | -6% |
| Poland | 5,463 | 4,066 | 4,303 | 4,235 | 4,042 | -26% | -5% |
| Mozambique | 302 | 350 | 431 | 462 | 494 | +64% | +7% |
| Other | 2,756 | 2,913 | 2,912 | 4,977 | 4,981 | +81% | +0% |
| Total | 16,578 | 15,072 | 16,066 | 18,827 | 17,585 | +6% | -7% |
✓ The sovereign debt portfolio totalled 17.6 billion, 14.8 billion of which maturing in more than 2 years
✓ The Portuguese sovereign debt portfolio totalled 8.1 billion, whereas the Polish and Mozambican portfolios amounted to 4.0 billion and to 0.5 billion, respectively; "other" includes sovereign debt from Spain (1.6 billion), Italy (1.1 billion), France (1.0 billion), Belgium (0.5 billion), Ireland (0.5 billion) and USA (0.2 billion)
(Million euros)
| Portugal | Poland | Mozambique | Other | Total | |
|---|---|---|---|---|---|
| Trading book |
497 | 33 | 0 | 13 | 543 |
| 1 ≤ year |
491 | 6 | 0 | 0 | 497 |
| 1 and 2 > year ≤ years |
0 | 3 | 0 | 0 | 3 |
| 2 and 5 > years ≤ years |
6 | 12 | 0 | 0 | 18 |
| 5 and 8 years years > ≤ |
0 | 8 | 0 | 1 | 9 |
| 8 and 10 years ≤ years > |
0 | 3 | 0 | 10 | 13 |
| 10 > years |
0 | 1 | 0 | 2 | 3 |
| Banking book* |
7 572 , |
4 009 , |
494 | 4 967 , |
17 042 , |
| 1 ≤ year |
31 | 1 044 , |
118 | 20 | 1 213 , |
| 1 and 2 > year ≤ years |
66 | 998 | 57 | 1 | 1 122 , |
| 2 and 5 > years ≤ years |
2 252 , |
1 812 , |
215 | 1 594 , |
5 873 , |
| 5 and 8 > years ≤ years |
4 407 , |
153 | 36 | 1 354 , |
5 949 , |
| and 8 10 years ≤ years > |
524 | 2 | 0 | 816 | 1 342 , |
| 10 years > |
292 | 1 | 68 | 1 183 , |
1 544 , |
| Total | 8 069 , |
4 042 , |
494 | 4 981 , |
17 585 , |
| 1 year ≤ |
522 | 1 049 , |
118 | 20 | 1 709 , |
| and 2 1 > year ≤ years |
66 | 1 001 , |
57 | 1 | 1 125 , |
| 2 and 5 > years ≤ years |
2 259 , |
824 1 , |
215 | 594 1 , |
891 5 , |
| 5 and 8 > years ≤ years |
4 407 , |
161 | 36 | 1 354 , |
5 958 , |
| and 8 10 years years > ≤ |
524 | 5 | 0 | 826 | 1 355 , |
| 10 years > |
292 | 2 | 68 | 1 185 , |
1 547 , |
*Includes financial assets at fair value through other comprehensive income (10,779 million) and financial assets at amortised cost (6,263 million).
| (Million euros) | 9M20 | 9M21 | YoY | Impact on earnings |
|---|---|---|---|---|
| Net interest income | 1,153.7 | 1,168.6 | +1.3% | +15.0 |
| Net fees and commissions | 498.2 | 534.2 | +7.2% | +36.1 |
| Other income* | 10.9 | 3.6 | -67.3% | -7.3 |
| Net operating revenue | 1,662.7 | 1,706.4 | +2.6% | +43.7 |
| Staff costs | -469.9 | -518.3 | +10.3% | -48.4 |
| Other administrative costs and depreciation | -342.8 | -333.4 | -2.7% | +9.4 |
| Operating costs | -812.7 | -851.7 | +4.8% | -39.0 |
| Profit before impairment and provisions | 850.0 | 854.7 | +0.6% | +4.7 |
| Loans impairment (net of recoveries) | -374.2 | -264.0 | -29.4% | +110.2 |
| Other impairment and provisions | -176.4 | -462.0 | +161.9% | -285.6 |
| Impairment and provisions | -550.6 | -726.1 | +31.9% | -175.4 |
| Net income before income tax | 299.4 | 128.6 | -57.0% | -170.8 |
| Income taxes | -121.6 | -143.1 | +17.7% | -21.5 |
| Non-controlling interests | -35.9 | 69.3 | +105.2 | |
| Net income from discontinued or to be discontinued operations | 4.5 | 4.7 | +5.8% | +0.3 |
| Net income | 146.3 | 59.5 | -59.3% | -86.8 |
*Includes dividends from equity instruments, other net operating income, net trading income and equity accounted earnings.
| 30 September | 30 September 2020 |
|
|---|---|---|
| 2021 | (restated) | |
| ASSETS | ||
| Cash and deposits at Central Banks | 5,557.4 | 3,843.8 |
| Loans and advances to credit institutions repayable on demand | 411.8 | 239.0 |
| Financial assets at amortised cost | ||
| Loans and advances to credit institutions | 664.2 | 845.1 |
| Loans and advances to customers | 54,900.9 | 51,592.6 |
| Debt instruments | 8,364.2 | 6,167.1 |
| Financial assets at fair value through profit or loss | ||
| Financial assets held for trading | 1,063.9 | 1,782.6 |
| Financial assets not held for trading mandatorily at fair value through profit or loss | 1,011.6 | 1,326.3 |
| Financial assets designated at fair value through profit or loss | - | - |
| Financial assets at fair value through other comprehensive income | 13,156.7 | 13,289.3 |
| Hedging derivatives | 86.6 | 138.8 |
| Investments in associated companies | 458.3 | 429.0 |
| Non-current assets held for sale | 850.8 | 1,181.4 |
| Investment property | 5.7 | 12.6 |
| Other tangible assets | 603.5 | 647.3 |
| Goodwill and intangible assets | 242.8 | 235.9 |
| Current tax assets | 13.7 | 11.5 |
| Deferred tax assets | 2,651.9 | 2,624.9 |
| Other assets | 1,419.0 | 1,612.7 |
| TOTAL ASSETS | 91,463.0 | 85,980.0 |
| 30 September 2021 |
30 September 2020 (restated) |
|
|---|---|---|
| LIABILITIES | ||
| Financial liabilities at amortised cost | ||
| Resources from credit institutions | 9,072.0 | 9,071.7 |
| Resources from customers | 68,320.7 | 62,419.1 |
| Non subordinated debt securities issued | 1,745.6 | 1,420.0 |
| Subordinated debt | 1,205.4 | 1,419.5 |
| Financial liabilities at fair value through profit or loss | ||
| Financial liabilities held for trading | 368.4 | 350.6 |
| Financial liabilities at fair value through profit or loss | 1,508.7 | 1,883.0 |
| Hedging derivatives | 238.0 | 260.5 |
| Provisions | 473.8 | 319.4 |
| Current tax liabilities | 8.5 | 12.0 |
| Deferred tax liabilities | 9.4 | 9.5 |
| Other liabilities | 1,154.3 | 1,335.5 |
| TOTAL LIABILITIES | 84,104.8 | 78,500.6 |
| 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 | 259.5 | 254.5 |
| Treasury shares | - | (0.7) |
| Reserves and retained earnings | 829.0 | 742.6 |
| Net income for the period attributable to Bank's Shareholders | 59.5 | 146.3 |
| TOTAL EQUITY ATTRIBUTABLE TO BANK'S SHAREHOLDERS | 6,289.4 | 6,284.1 |
| Non-controlling interests | 1,068.7 | 1,195.3 |
| TOTAL EQUITY | 7,358.1 | 7,479.3 |
| TOTAL LIABILITIES AND EQUITY | 91,463.0 | 85,980.0 |
| Quarterly | |||||
|---|---|---|---|---|---|
| 3Q 20 |
4Q 20 |
1Q 21 |
2Q 21 |
3Q 21 |
|
| Net interest income |
390 7 |
383 4 |
375 8 |
392 4 |
400 4 |
| Dividends from equity instruments |
1 3 |
0 0 |
0 0 |
0 7 |
0 2 |
| Net fees and commission income |
166 7 |
177 7 |
171 1 |
181 5 |
181 7 |
| Other operating income |
-24 1 |
-11 7 |
-23 3 |
-84 6 |
-2 5 |
| Net trading income |
63 5 |
46 1 |
41 5 |
38 2 |
-8 7 |
| Equity accounted earnings |
11 3 |
13 5 |
15 4 |
13 9 |
12 8 |
| Banking income |
609 3 |
609 0 |
580 4 |
542 2 |
583 8 |
| Staff costs |
152 2 |
9 157 |
142 2 |
232 1 |
144 1 |
| Other administrative costs |
78 3 |
89 6 |
76 8 |
72 4 |
81 4 |
| Depreciation | 33 7 |
33 6 |
34 0 |
34 3 |
34 5 |
| Operating costs |
264 2 |
281 0 |
252 9 |
338 8 |
260 0 |
| Profit bef impairment and provisions |
345 1 |
328 0 |
327 5 |
203 3 |
323 8 |
| of Loans impairment (net recoveries) |
136 9 |
135 7 |
0 111 |
9 45 |
107 1 |
| Other . and impairm provisions |
62 4 |
9 154 |
131 8 |
173 1 |
157 1 |
| before Net income income tax |
145 8 |
37 3 |
84 7 |
-15 7 |
59 6 |
| Income tax |
63 4 |
13 8 |
57 3 |
45 6 |
40 2 |
| Non-controlling interests |
13 1 |
-10 6 |
-28 8 |
-14 2 |
-26 3 |
| income (before disc . oper.) Net |
69 4 |
34 1 |
56 1 |
-47 1 |
45 7 |
| Net income arising from discont . operations |
1 0 |
2 6 |
1 7 |
1 6 |
1 5 |
| Net income |
70 3 |
36 7 |
57 8 |
-45 5 |
47 2 |
| 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 | |||||||||||||
| Sep 2 0 | Sep 2 1 | Δ % | Sep 2 0 | Sep 2 1 | Δ % | Sep 2 0 | Sep 2 1 | Δ % | Sep 2 0 | Sep 2 1 | Δ % | Sep 2 0 | Sep 2 1 | Δ % | Sep 2 0 | Sep 2 1 | Δ % | |
| Interest income | 1.396 | 1.255 | -10,1% | 675 | 643 | -4,8% | 721 | 612 | -15,0% | 556 | 448 | -19,4% | 162 | 162 | -0,3% | 2 | 2 | -1,8% |
| Interest expense | 242 | 87 | -64,2% | 84 | 24 | -72,0% | 158 | 63 | -60,1% | 114 | 20 | -82,5% | 44 | 43 | -2,7% | 0 | 0 | >100% |
| N et interest inco me | 1.154 | 1.169 | 1,3% | 591 | 619 | 4,8% | 562 | 549 | -2,4% | 442 | 428 | -3,2% | 118 | 118 | 0,6% | 2 | 2 | -1,8% |
| Dividends from equity instruments | 5 | 1 | -81,7% | 4 | 0 | -97,1% | 1 | 1 | -5,4% | 1 | 1 | -5,4% | 0 | 0 | -- | 0 | 0 | -- |
| Intermediatio n margin | 1.158 | 1.169 | 1,0% | 595 | 620 | 4,1% | 563 | 550 | -2,4% | 443 | 429 | -3,2% | 118 | 118 | 0,6% | 2 | 2 | -1,8% |
| Net fees and commission income | 498 | 534 | 7,2% | 353 | 377 | 6,8% | 146 | 158 | 8,2% | 125 | 136 | 8,4% | 21 | 22 | 6,8% | 0 | 0 | 45,3% |
| Other operating income | -143 | -110 | 22,9% | -72 | -69 | 5,1% | -71 | -42 | 41,1% | -79 | -49 | 38,0% | 8 | 8 | -2,6% | -1 | -1 | <-100% |
| B asic inco me | 1.513 | 1.593 | 5,3% | 875 | 928 | 6,0% | 638 | 666 | 4,3% | 489 | 516 | 5,4% | 147 | 149 | 1,3% | 2 | 1 | -32,3% |
| Net trading income | 95 | 71 | -25,4% | 47 | 64 | 37,1% | 48 | 7 | -85,8% | 38 | -5 | <-100% | 10 | 12 | 13,1% | 0 | 0 | 90,7% |
| Equity accounted earnings | 54 | 42 | -22,3% | 45 | 44 | -1,6% | 10 | -2 | <-100% | 0 | 0 | -- | 0 | 0 | -- | 10 | -2 | <-100% |
| B anking inco me | 1.663 | 1.706 | 2,6% | 967 | 1.036 | 7,1% | 696 | 671 | -3,6% | 528 | 511 | -3,1% | 157 | 160 | 2,1% | 11 | 0 | <-100% |
| Staff costs | 470 | 518 | 10,3% | 290 | 353 | 21,7% | 180 | 166 | -8,0% | 150 | 135 | -9,8% | 30 | 30 | 0,9% | 0 | 0 | -7,9% |
| Other administrative costs | 241 | 231 | -4,1% | 129 | 128 | -0,3% | 112 | 102 | -8,5% | 82 | 73 | -11,3% | 29 | 29 | -0,7% | 0 | 0 | -23,7% |
| Depreciation | 102 | 103 | 0,5% | 57 | 60 | 5,5% | 45 | 43 | -5,7% | 36 | 33 | -7,5% | 9 | 9 | 1,1% | 0 | 0 | -23,1% |
| Operating co sts | 813 | 852 | 4,8% | 476 | 541 | 13,8% | 337 | 311 | -7,9% | 268 | 241 | -10,0% | 69 | 69 | 0,3% | 1 | 1 | -15,9% |
| P ro fit bef. impairment and pro visio ns | 850 | 855 | 0,6% | 491 | 495 | 0,7% | 359 | 360 | 0,4% | 260 | 270 | 3,9% | 8 8 | 9 1 | 3,5% | 11 | - 1 | <-100% |
| Loans impairment (net of recoveries) | 374 | 264 | -29,4% | 260 | 204 | -21,8% | 114 | 60 | -47,0% | 103 | 54 | -47,6% | 10 | 6 | -41,2% | 0 | 0 | 100,0% |
| Other impairm. and provisions | 176 | 462 | >100% | 72 | 103 | 42,8% | 104 | 359 | >100% | 86 | 347 | >100% | 2 | 3 | 65,8% | 17 | 10 | -42,9% |
| N et inco me befo re inco me tax | 299 | 129 -57,0% | 158 | 188 | 18,4% | 141 | -59 <-100% | 7 1 | -131 | <-100% | 7 6 | 8 2 | 8,4% | - 6 | -11 | -79,1% | ||
| Income tax | 122 | 143 | 17,7% | 66 | 72 | 8,4% | 55 | 71 | 28,8% | 41 | 50 | 23,0% | 14 | 21 | 45,4% | 0 | 0 | -100,0% |
| Non-controlling interests | 36 | -69 | <-100% | 0 | 0 | >100% | 36 | -70 | <-100% | 0 | 0 | -- | 1 | 0 | -23,9% | 35 | -70 | <-100% |
| N et inco me (befo re disc. o per.) | 142 | 5 5 | -61,4% | 9 2 | 115 | 25,3% | 5 0 | -60 <-100% | 3 0 | -181 | <-100% | 6 1 | 6 1 | 0,0% | -41 | 5 9 | >100% | |
| Net income arising from discont. operations | 4 | 5 | 5,8% | 0 | 0 | -- | 4 | 5 | 5,8% | |||||||||
| N et inco me | 146 | 5 9 -59,3% | 9 2 | 115 | 25,3% | 5 4 | -56 <-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 – net gains from insurance activity, 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 +351 211 131 084 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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