Investor Presentation • Oct 23, 2018
Investor Presentation
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23 October 2018
In accordance with IFRS 5 ‐ Non‐current assets held for sale and discontinued operations, BPI Vida e Pensões, BPI Gestão de Activos and BPI GIF were classified as discontinued operations on December 31, 2017, following the signature of the sale contracts disclosed to the market on November 23, 2017.
Consequently, the assets and liabilities of these units are presented in the consolidated balance sheet of Banco BPI under the captions "Non‐current assets / liabilities held for sale and discontinued operations" and the respective contribution to consolidated results is presented under the caption "Results of discontinued operations".
With the entry into force of IFRS 9, in the beginning of 2018, Banco BPI decided to adopt a structure of the individual and consolidated financial statements in line with the guidelines of Regulation (EU) 2017/1443 of June 29, 2017 and with the structure of the financial statements presented by CaixaBank (the consolidating entity of Banco BPI).
Until 31 December 2017, Banco BPI followed the Chart of Accounts of Banco of Portugal defined in Instruction 9/2005, which specified the inclusion of some costs in General Administrative Costs. Taking into account the revocation of the instruction and the integration / alignment of accounting policies with CaixaBank, costs that depend on the evolution of the business and which have as a counterpart a benefit charged to the clients, were reclassified from General Administrative Costs to Commissions paid.
The items in the profit and loss account of 2017 (and respective quarters) were restated (Proforma figures) recognizing the contribution of BPI Vida e Pensões, BPI Gestão de Ativos and BPI GIF to the consolidated results in accordance with IFRS 5, the adoption of a new structure of the financial statements, with the entry into force of IFRS 9, as well as the reclassification of costs from General Administrative Costs to Commissions paid as mentioned above.
| Ac ro ny ms |
d de ig ion do d t te an s na s a p |
its ion Un t co nv en , |
l s ig d a b br iat ion a ns an ev |
|---|---|---|---|
| d t y |
da Ye to‐ te ar‐ |
€, Eu E U R ro s, |
eu ros |
| y oy |
Ye ar‐ on ‐y ea r |
M €, M . e ur os |
l l i ion m eu ros |
| q oq |
rte rte q ua r‐o n‐q ua r |
h. €, h. t t eu ro s |
ho d e t us an uro s |
| C L R |
f las i ie d Re c s |
| ha c ng e |
| n.a | la b le i t a no va |
||
| E C B |
l k Eu Ce Ba ntr ro p ea n a n |
0, – |
l l o lev irr t nu r e an |
| Bo P |
k o f l Ba Po rtu n g a |
iq. L |
l d iq i u |
| C M V M |
ão do do f lor b l ár ( ke ) Co iss Me Va Mo i i ios Se it ies Ma Co iss ion t m rca o es cu r r mm |
vs | ve rsu s |
| A P M |
lte ive fo A Pe Me t rna r rm an ce as ure s |
b.p | ba is p int s o s |
| I M M |
Int ba k ke Mo Ma t er n ne y r |
p. p. |
int tag p erc en e p o |
| T 1 |
T ier 1 |
E | Est im ate |
| C E T 1 |
Co Eq ity T ier 1 mm on u |
F | Fo ast rec |
| R W A |
k w hte d a R is ig ts e sse |
||
| T L T R O |
d lon f ina ing ion Ta ete te t rg g er‐ rm re nc op era s |
||
| C L R |
iq i d ity io L at u co ve rag e r |
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 is 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, historical share price or financial accretion are not intended to mean that future performance, future share price 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 noted 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, neither BPI, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they 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. Accordingly, they may not be comparable. Please refer to the Glossary 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 prevailing laws in such cases.
| du In tro to te c ry n o s |
2 | |
|---|---|---|
| la D isc im er |
3 |
| h l h 1. H i i t s g g |
5 | |
|---|---|---|
| l 2. C i i i t t o m m e r c a a c v y |
3 1 |
|
| l 3. R t e s u s |
1 8 |
|
| l h 4. B S t a a n c e e e |
2 6 |
|
| l k 5. C i o s n g r e m a r s |
3 2 |
|
| An ne xe s |
3 4 |
|
Recurring net income increases in Portugal and in the consolidated
Strong growth in deposits and loans in Portugal
High asset quality
Upgrade in ratings BPI's long‐term debt reaches investmentgrade by Fitch, Moody's and S&P
2) According to EBA (European Banking Authority) criteria; considering the prudential supervision perimeter.
1) Excluding non recurring gains of 160.2 M.€: gain of 60 M.€ with the sale of the stake in Viacer; gain of 62 M.€ with the sale of subsidiaries (BPI Gestão de Ativos and BPI GIF), gain of 42 M.€ with the sale of acquiring / POS businesses, cost of 5.5 M.€ (after taxes) with early retirements and results from discontinued operations of 2.5 M.€.
Consolidated net profit of 529.1 M.€ from Jan‐Sep 2018
Activity in Portugal contributes 61% to consolidated profit
| I M € n |
S 2 0 1 7 e p. |
S 2 0 8 1 e p. |
|---|---|---|
| l i i i A P t t t c v y n o r u g a |
||
| f R i i t t e c u r r n g n e p r o |
1 3 7. 3 |
1 6 4. 2 |
| ) 1 N i i t o n‐ r e c r r n g m p a c s u |
( ) 6 2. 0 |
1 6 0. 2 |
| f i i l N P t t t e p r o n o r g a u |
7 5. 3 |
3 2 4. 4 |
| b d i i B F A B C I t t a n c o n r u o n |
( ) 5 2. 7 |
2 0 4. 6 |
| l d d f C i i t t t o n s o a e n e p r o |
2 2. 6 |
2 9. 5 1 |
1)Non recurring impacts:
In 30 September 2017 ‐ negative impact of 212 M.€ from the sale of 2% of BFA and deconsolidation (of which ‐182 M.€ corresponded to the transfer to net income of accumulated negative foreign exchange reserves that resulted from the translation of BFA financial statements from AKZ to EUR), cost of 76 M.€ (after taxes) with early retirements and voluntary terminations and results from discontinued operations of 14 M.€.
In 30 September 2018‐ gain of 60 M.€ with the sale of the stake in Viacer, gain of 62 M.€ with the sale of subsidiaries (BPI Gestão de Ativos e BPI GIF), gain of 42 M.€ with the sale of acquiring / POS businesses, cost of 5.5 M.€ (after taxes) with early retirements and results from discontinued operations of 2.5 M.€.
| I M € n |
S 1 7 e p |
S 1 8 e p |
% |
||
|---|---|---|---|---|---|
| l i i i R P t t e c u r r n g n e n c o m e n o r u g a |
3 3 1 7. |
6 2 1 4. |
2 0 % + |
||
| i i N t o n‐ r e c u r r n g m p a c s |
|||||
| ) 1 h l d l C i i i i t t t t t t t o s s w v o u n a r y e r m n a o n s a n e a r y r e r e m e n s |
( ) 7 6. 4 |
( ) 5. 5 |
le f ke ( st q ) Sa V iac 1 ta te o er s ua r r |
5 9. 6 M € |
|
| h h l f h h l d i i i G t t a n s w e s a e o s a r e o n g s |
1 6 3. 3 |
le f de Sa B P I Ge ão A ivo t t o s s nd d ( ) B P I G I F 2 te an q ua r r |
6 1. 8 M € |
||
| f d d i i i i N t t t e n c o m e r o m s c o n n u e o p e r a o n s |
1 3 4. |
2. 5 |
/ le f a Sa ir ing T P A o cq u rd q bu ( ) ine 3 te s ss es ua r r |
4 2. 0 M € |
|
| i i N t o n‐ r e c u r r n g m p a c s |
( ) 6 2. 0 |
1 6 0. 2 |
|||
| i i l N P t t e n c o m e n o r u g a |
7 5. 3 |
3 2 4. 4 |
io be le d Tr t to te an sa ns co m p c |
2) in 2 0 1 8 |
Cards issuance
1) After taxes. 2) Estimated capital gain of 41 M.€ before taxes.
| C O N T R I B U T I O N F R O M B F A A N D B C I |
||
|---|---|---|
| I M € n |
S 1 7 e p. |
S 1 8 e p. |
| [ ] b i i 1. B F A t t c o n r u o n |
( ) 8 0 5 |
9 3. 1 7 |
| f h h, O i w c |
||
| f h l f f d d l d % i i I 2 B F A t t t m p a c r o m e s a e o o a n e c o n s o a o n |
( ) 2 1 1. 6 |
|
| ( ) h f l H i i i I A S 2 9 t g n a o n |
( ) 3 7 6 |
|
| [ ] i b i 2. B C I t t c o n r u o n |
6. 7 |
1 0 8 |
| 2 ) [ ] h 3. O t e r |
( ) 1. 4 |
0 2 |
| [ ] l 4 T t o a [ ] =1 2+ 3 + |
( ) 5 2. 7 |
2 0 4 6 |
Contribution from BFA of 193.7 M.€ in Sep. 18, includes impacts from the recognition of the stake in BFA in accordance with IAS 29 and from the depreciation of AKZ.
Until Sep. 18, the Angolan local currency (AKZ) depreciated by 46% against the Euro, and BFA recorded significant non recurring gains with financial operations, 145.4 M.€ of which were appropriated by BPI (after taxes). That amount compares with an average value appropriated by BPI in 2017 of 18 M.€ for 9 months.
Contribution of BCI of 10.8 M.€ in Sep. 18.
1) Includes results booked in earnings of associated companies (equity method) (221 M.€), net income on financial operations (‐8 M.€) and income taxes (20 M.€).
2) Contribution of BPI Moçambique and BPI Capital África.
| E V O L U T I O N O F T H E V A L U E O F T H E S T A K E I N B F A |
B N A R E F E R E N C E R |
A T E S |
|
|---|---|---|---|
| € M |
|||
| k l f k i d B B F A 3 1 1 7 t t o o v a u e o s a e n a e c. |
5 7 6 |
||
| h f d C i i 2 0 1 8 t a n g e r o m e a r n n g s g e n e r a e n |
2 2 1 |
||
| b f d d d D i i i 2 0 1 7 i i t t s r o n o e n s u v |
4 8 ‐ |
f p ha Av ate era g e r o urc |
d s se an |
| h f h l d C i i i t a n g e n o r e g n e x c a n g e r e v a u a o n r e s e r v e s a n h t o e r |
‐2 3 5 |
||
| k l f k i B B F A 3 0 S 1 8 t t o o a e o s a e n a e p. v u |
4 9 7 |
||
| be fo de fer d t No te ts : a mo un re re ax es |
|||
| 3 1 D 1 7 e c. |
3 0 S 1 8 e p. |
% ) 1 / 1 A K Z x |
|
|---|---|---|---|
| / 1 A K Z E U R |
1 8 5. 4 |
3 3. 6 4 |
6 % 4 ‐ |
| / A K Z 1 U S D |
1 6 5. 9 |
2 9 6. 4 |
‐4 4 % |
Average rate of purchase and sale.
1) Change in the AKZ value when expressed in EUR or USD.
On 4 Jan.18, the National Bank of Angola (BNA) adopted a new exchange regime with an exchange rate fluctuation band. The exchange rate is now determined in currency auctions.
Until September 2018, AKZ devaluated about 46% against the Euro.
| ( ) R E T U R N O N T A N G I B L E E Q U I T Y R O T E |
( ) la hs 1 2 t t s m on |
|||
|---|---|---|---|---|
| S 1 7 e p. ( la hs ) 1 2 m t t s on |
S 1 8 e p. ( la hs ) 1 2 m t t s on |
|||
| l i d d C R O T E t o n s o a e |
l i d d C t o n s o a e |
|||
| f 1 % 7. 7 o |
1) d d l l d l ( ) A j i € M t t t u s e a o c a e c a p a |
2 4 1 5 |
2 9 1 7 |
|
| i O i R R T E e c u r r n g n |
R O T E |
% 6. 0 |
% 1 7. 7 |
B P I e ts xp ec h he iev in to t a e c |
| h i i i t t t e a c v y n |
l P t o r g a u |
iv i in l a Po t ty tu ac r g a |
||
| l f 8. 6 % P t o r a o u g |
1) d d l l d l ( ) A j i M € t t t u s e a o c a e c a p a |
1 9 5 0 |
2 2 8 5 |
O 1 0 % R T E > ( ) in re cu rr g |
| i O R R T E e c u r r n g |
1 1. % 7 |
8. 6 % |
i 2 0 2 0 n |
1) The average capital considered in the calculation of ROTE excludes the average balance of intangible assets (average consolidated balance in 12 months until September 2018: 39 M.€.) and other comprehensive income (reserves) (average consolidated balance in 12 months until September 2018: ‐7 M.€.)
1) According to EBA (European Banking Authority) criteria; considering the prudential supervision perimeter.
Annexes
| C U S T O M E R R E S O U R C E S |
||||
|---|---|---|---|---|
| In M. € |
18 se p. |
de c.1 7 1) |
Yt D |
de c.1 7 a s |
| for pro ma |
d ort rep e |
|||
| ‐ba lan he I. On et ce s res ou rce s |
2 1 4 7 4 |
2 0 9 7 1 |
3. 6 % |
2 0 6 8 6 |
| 2 de Cu its sto me r p os |
2 0 7 1 1 |
1 9 3 6 8 |
6. 9 % |
1 9 3 6 8 |
| l a d f l Ins itu ion ina ia inv t t est a n nc ors de its p os |
7 6 3 |
1 3 5 1 |
% 4 4 ‐ |
1 3 1 8 |
| de I I. As ts t se un r m an ag em en |
9 6 7 0 |
9 7 5 4 |
0. 9 % ‐ |
1 0 1 2 3 |
| l fun ds Mu tu a |
5 5 2 4 |
5 6 5 8 |
% 2. 4 ‐ |
6 0 2 7 |
| Ca ita l isa ion ins t p ura nc e |
4 1 4 5 |
4 0 9 6 |
1. 2 % |
4 0 9 6 |
| b l ic o f fer ing I I I. Pu s |
2 0 0 9 |
2 1 5 1 |
6. 6 % ‐ |
2 1 5 1 |
| l To ta |
3 3 1 5 3 |
3 2 6 2 4 |
% 1. 6 |
3 2 9 6 0 |
| rke ha Ma t s res |
31 18 Au g. |
31 De c 1 7 |
||
| 3 To tal de sit s po |
9.9 % |
9.8 % |
||
| 4 l fu nd Mu tua s |
.8% 15 |
16 .4% |
||
| 4 R's PP |
11 .5% |
12 .8% |
||
| 4 lis Ca ita ati in p on su ran ce |
15 .0% |
14 .3% |
1) Proforma considering the sale of BPI Gestão de Ativos and BPI GIF.
2) Includes retail bonds of 20 M.€ in Sep.18 and 35 M.€ in Dec.17.
3) Market share as of July 18. Does not include the effect of securitization operations (BPI calculation).
4) PPRs include PPR in the form of mutual funds and capitalization insurance. For that reason those PPRs are excluded in the calculation of the market shares of mutual funds and insurance capitalisation.
Customer deposits increase by 6.9% ytd (+ 1 343 M.€)
The Bank has been actively reducing its offer of deposits to institutional investors with the purpose of optimizing liquidity ratios (LCR).
32 62433 153+1,343 (588) (133) +49 (141) 31 Dez.2017 prof. 30 Set.2018In M.€‐85 M.€+0.5 Bi.€+1.6%Customer deposits Mutual fundsCapitalis. InsurancePublic subscript. offersDeposits of institutional investors and others31 Dec. 2017 prof.30 Sep. 2018On balance sheet resourcesAssets under management +754 M.€
CUSTOMER RESOURCES EVOLUTION
| L O A N S T O C U S T O M E R S B Y S E G M E N T S |
|||
|---|---|---|---|
| fo l Gr io in M € t os s p or , |
1 8 se p‐ |
de 1 7 c‐ |
Y D t |
| in d iv i du ls I. Lo to an s a |
1 2 7 0 9 |
1 2 4 0 8 |
2. 4 % |
| lo M tg or ag e an s |
1 1 2 3 3 |
1 1 0 8 4 |
1. 3 % |
| he lo d du ls O in iv i t to r an s a |
1 4 7 5 |
1 3 2 4 |
1 1. 4 % |
| Co ies I I. Lo to an s m p an |
9 0 3 1 |
8 3 8 7 |
% 7. 7 |
| d m d d La iu ize rg e a n e m s ies d & Co te co mp an a n rp or a k Inv Ba in tm t es en n g |
5 7 5 0 |
5 0 5 1 |
% 1 3. 8 |
| 2) Sm l l bu in s a s es se |
2 1 3 7 |
1 9 9 0 |
7. 4 % |
| l ies in l To Co Po ta tu mp an r g a |
7 8 8 7 |
7 0 4 1 |
% 1 2. 0 |
| f j in d dr i d Pr M t o ec an ce a n a h Br an c |
1 1 4 4 |
1 3 4 7 |
( ) 1 5. 0 % |
| b l ic I I I. Pu to se c r |
1 5 6 6 |
1 3 0 5 |
2 0. 0 % |
| he I V. O t r |
1 1 6 |
1 2 3 |
( ) 5. 6 % |
| l To ta |
2 3 4 2 2 |
2 2 2 2 3 |
5. 4 % |
| No te : |
|||
| lo fo l Ne io t t an p or |
2 2 8 6 7 |
2 1 6 3 8 |
5. 7 % |
151) Large and medium‐sized companies and small businesses in Portugal. Excludes project finance and Madrid branch loan portfolio. Balances from March 17 to September 17 adjusted by migration of loans between segments. 2) Part of the loan portfolio from the Private Banking segment relating to loans to individuals was reclassified to "Other loans to individuals", when previously it was included in the "Small businesses" caption. Historical values have been adjusted.
Grandes e Médias empresas e Corporate & Investment Banking Empresários e negócios Small businesses 3) Large and medium‐sized companies and Corporate & Investment Banking
Balances from Mar.17 to Sep.17 adjusted for loans migrations between segments. 1) Does not include project finance nor Madrid branch loan portfolio. Source: BPI and BoP. 2) Loans to non financial domestic companies
3) Part of the loan portfolio from the Private Banking segment relating to loans to individuals was reclassified to "Other loans to individuals", when previously it was included in the "Small businesses" caption. Historical values have been adjusted.
Personal loans and car finance
Annexes
Financial margin increases 9.1% yoy in September 2018, despite the cost (+4 M.€ yoy) with subordinated debt issued in Mar. 17.
1) From 4Q16 onwards (including) it refers to the deposits' remuneration contracted in euros.
Commissions by business area
| E M € m |
S ‐1 8 e p |
S ‐1 7 e p |
Y Y o |
|---|---|---|---|
| k B i i i a n n g c o m m s s o n s |
1 2 1. 8 |
1 1 8. 5 |
2. 8 % |
| l f d M t u u a u n s |
3 0. 2 |
2 6. 7 |
1 3. 1 % |
| I n s u r a n c e |
4 9. 6 |
4 5. 6 |
8. 6 % |
| ) 1 l T t o a |
2 0 1. 5 |
1 9 0. 8 |
5. 6 % |
1)BPI Alternative Fund ceased to be consolidated in Banco BPI accounts from March 2017 onwards. In the consolidation of that fund, net commissions paid by the BPI Alternative Fund of 2.2 M.€ in the 1Q17 were recorded.
2) OTRV ‐ Obrigações do Tesouro de Rendimento Variável (Portuguese government floating rate bonds).
Net commissions increase by 5.6% yoy in September 2018 (+10.7 M.€), although 6.6 M.€ of commissions were recorded with the placement of OTRV with BPI clients in Sep. 17 vs. 2.3 in Sep. 18.
| O P E R A T I N G I N C O M E F R O M B A N K I N G A C T I V I T Y, M € |
||||
|---|---|---|---|---|
| I M € n |
S 2 0 1 7 e p. |
S 2 0 1 8 e p. |
% |
|
| f b k i O i i i i i R t t t e c u r r n g p e r a n g n c o m e r o m a n n g a c v y |
||||
| l i i i F n a n c a m a r g n |
2 8 9. 0 |
3 2 1 5. |
9. % 1 + |
|
| i i i N t e c o m m s s o n n c o m e |
9 0. 8 1 |
2 0 1. 5 |
6 % 5. + |
|
| f ( ) i i d i i h d E t t t a r n n g s o a s s o c a e c o m p a n e s e q m e o u y d f i i i t t t a n n c o m e r o m e q u y n s r u m e n s |
2 1. 3 |
1 4. 9 |
% 3 0. 0 ‐ |
|
| f l d h N i i i i t t t e n c o m e o n n a n c a o p e r a o n s a n o e r s |
2. 8 |
9. 8 |
2 4 8. 2 % + |
|
| i i i f b k i i i R O t t t e c r r n g p e r a n g n c o m e r o m a n n g a c u v y |
5 0 3. 8 |
5 4 1. 4 |
7. 4 % + |
|
| i i N t o n r e c r r n g e m s u |
0. 0 |
5 9. 6 |
s. s. |
|
| f b k O i i i i i d t t t t p e r a n g n c o m e r o m a n n g a c v y a s r e p o r e |
0 3. 8 5 |
6 0 0. 9 |
9. 3 % 1 + |
Recurring operating income from banking activity increases 7.4% yoy in September 2018 driven by the growth in financial margin and commissions
Operating income from banking activity as reported grows 19.3% yoy
1) Additionally, at Sep.18, BPI had 39 premier centres, 35 corporate centres and 1 mobile branch in Portugal, thus totalling 496 business units.
| fu ( ) io d in be Pe Se 2 0 1 8 tu te ns n n re rn p m r |
6. 6 % |
|---|---|
| ---------------------------------------------------------------------------------------------------------------------------- | -------------- |
| M € |
3 1 De 1 7 c. |
3 0 S 1 8 e p. |
|
|---|---|---|---|
| l p l b l To ice ia i i ta t s ty as er v |
1 6 0 4 |
1 5 6 8 |
|
| f he fu ds Ne io t a ts t ss e o p en s n n |
1 5 6 8 |
1 6 4 2 |
|
| f c f p io l ia b i l i ie De t g re e o ov er ag e o en s n s |
% 9 8 |
% 1 0 5 |
|
| isc D t r te ou n a |
% 2. 0 0 |
% 2. 0 9 |
|
| la h Sa t te ry g ro w ra |
% 1. 0 0 |
% 1. 0 0 |
|
| io h Pe t te ns ns g ro w ra |
% 0. 5 0 |
% 0. 5 0 |
|
| l b le M i M ta ty ta or en : |
/ T V 8 8 9 0 |
||
| l b le M i W ta ty ta or om en : |
1) / T V 8 8 9 0 – 3 y ea rs |
| € M |
|
|---|---|
| l a ia l d ia io To 3 1 De 1 7 t tu t t a c a r ev ns a c. |
( ) 2 1 1 |
| fu ds de Pe io in ia io t ns n n co m e v n |
7 8 |
| ha in he d isc C t t r te ng e ou n a |
2 6 |
| he O t r |
( ) 7 |
| l a l d ia ia io 3 0 S 8 To 1 t tu t t a c a r ev ns a e p. |
( ) 1 1 4 |
Pension fund return of 6.6% (non annualized) in 9M18 with a positive impact of 78 M.€ in actuarial deviations.
Employee pension liabilities covered at 105%.
2) Recognised directly in shareholders, in accordance with IAS19. 1) For the target population, the age below the actual age of beneficiaries is two years for men and three years for women respectively, which is equivalent to considering a higher life expectancy.
(Impairments after deducting recoveries from loans previously written off)
| 20 12 |
20 13 |
20 14 |
20 15 |
20 16 |
20 17 |
9M 18 |
|
|---|---|---|---|---|---|---|---|
| M. € |
2 4 2 |
2 4 9 |
1 5 8 |
8 7 |
1 9 |
5 ‐ |
‐2 8 |
| loa % n fo lio rt po |
0. 9 1 % |
0. 9 8 % |
0. 6 6 % |
0. 3 8 % |
0. 0 9 % |
0. 0 2 % ‐ |
‐0. 1 7 % |
Annexes
1) Cover by impairments accumulated in the balance sheet for loans and guarantees; does not consider collaterals.
2) NPE ratio and forborne ratio considering the prudential supervision perimeter.
Sale of 300 properties until Sep.18 for 26 M.€. Positive impact in profits before taxes of 2.8 M.€.
2) Includes 34.7 M.€ of impairments booked in the P&L account until 31 Dec. 2017 and 0.3 M.€ of potential capital losses in the date of transition of IFRS9.
2) Average amount (last 12 months) of LCR components calculation: Liquidity Reserves (4 011 M.€); Total net outflows (2 399 M.€).
1) High Quality Liquid Asset.
| M. € |
k v lue Bo o a ( ) M. € |
l Po ia ten t ita l ca p / ins g a ( ) los se s |
l Re i du s a ity tur ma , y ea rs |
|---|---|---|---|
| fa ir v lue hro h o he At t t a ug r he ive inc co mp re ns om e |
|||
| 3) ho b l de bt S ic rt‐ te rm p u |
7 6 8 |
0 | 0. 3 |
| 4) b l de bt M L T p ic u |
8 0 0 |
1 | 1. 5 |
| Eq i ies t u |
8 0 |
6 0 |
|
| ise d c At ort ost am |
|||
| 5) L b l ic de bt M T p u |
1 7 7 3 |
‐ | 2. 6 |
| l To ta |
3 4 2 1 |
6 1 |
FULLY LOADED CAPITAL RATIOS
Consolidated
| € M |
3 0 S 2 0 1 7 e p. |
3 1 2 0 1 D 7 e c. |
3 0 S 2 0 8 1 e p. |
l C i t a p a i t r e q u r e m e n s ( ) 2 0 8 S 1 R E P |
l i C t a p a i t r e q r e m e n s u f l l l d d u y o a e ) 1 ( ) S R E P |
|---|---|---|---|---|---|
| C i E T 1 t r a o |
% 1 1. 5 |
2. 3 % 1 |
3. % 1 1 |
8 % 7 5 |
9 % 7 5 |
| i i T I t e r r a o |
1 1. 5 % |
1 2. 3 % |
1 3. 1 % |
1 0 2 5 % |
1 1. 2 5 % |
| l i l i T t t t o a c a p a r a o |
1 3. 3 % |
1 4 0 % |
1 4 8 % |
1 2. 2 5 % |
1 3. 2 5 % |
| i L t e v e r a g e r a o |
6. 3 % |
6. 8 % |
7. 2 % |
3. 0 |
) 2 % |
CET1 ratio of 13.1%
Total capital ratio of 14.8%
The sale of the cards business would increase the total capital ratio by 0.1 p.p. to 14.9% (proforma). The operation is expected to be completed in November.
BPI meets SREP minimums for CET1, T1 and total ratio
Leverage ratio of 7.2%
2)Minimum value in calibration.
1)Minimum requirements applicable in 2021.
BPI has investment grade long‐term credit rating from Fitch, Moody's and S&P
| nd … A A‐, AA , AA AA A + a |
a2, nd … A Aa 1 a Aaa bo ds Aa 3 Mo rtg ag e n |
nd … A A‐, AA , AA AA A + a |
A ( h), … A A, A hig AA A ( ) low bo ds A A Mo rtg ag e n |
|
|---|---|---|---|---|
| e | A + |
A 1 |
A + |
( h h ) A ig |
| d a r G |
A | A 2 |
A | k A Ba 1 n |
| t n e |
A‐ | A 3 |
A‐ | ( low ) A |
| m t s e |
B B B + |
Ba 1 a |
B B B k Ba 1 + n |
( ) h ig h B B B |
| v n I |
B B B |
Ba 2 a |
l Po B B B rtu g a |
l Po B B B rtu g a |
| B B B‐ k l Ba 1 Po rtu n g a |
k 1 Ba Ba 3 l Po rtu n a g a |
B B B‐ |
( low ) k 3 B B B Ba n |
|
| B B + |
k Ba 3 Ba 1 n |
B B + |
( h h ) B B ig k Ba 2 n |
|
| e | k 2 B B Ba n |
2 Ba |
B B |
k B B Ba 4 n |
| d a r g |
B B‐ |
Ba 3 k 2 Ba n |
B B‐ k k Ba 2 Ba 3 n n |
( low ) B B |
| t n e |
B + |
1 B |
k Ba 4 B n + |
( h h ) ig B |
| m t s |
B | B 2 |
B | k B Ba 5 n |
| e v n ‐I |
B‐ | k B 3 Ba 4 n |
B‐ | ( low ) B |
| n o N |
C C C + |
Ca 1 a |
C C C + |
( ) h h C C C ig |
| nd … C CC, CC C‐, CC, C a D |
k Ca 2 Ba 5 n a |
nd … C CC, CC C‐, CC, C a D |
C ( ), ( h), ( ), … C CC, CC low CC hig CC, CC low C ( hig h), C ( low ), C, D |
|
| and Caa 3, Ca C … |
||||
| de Inv B B B ‐ tm t g es en ra |
de 2 Inv Ba tm t g es en ra a |
de Inv B B B tm t g es en ra |
Annexes
| d l G t o o r e s u s f r o m i l c o m m e r c a i i i t t a c v y n l P t o r u g a |
L t o a n s o i c o m p a n e s 8 4 6 + M € 1 2 0 % + d 9 M 1 8, t y |
C t u s o m e r d i t e p o s s 1 3 4 3 + M € 6 9 % + d 9 M 1 8, t y |
l i i F n a n c a i m a r g n 9 % 1 + 9 M 1 8, o y y |
i i C o m m s s o n s 5 6 % + 9 M 1 8, o y y |
|---|---|---|---|---|
| d I m p r o e v f f i i i k e c e n c y r s , d a n l i i i t t c a p a s a o n |
i R e c u r r n g t c o s s 0 5 % ‐ 9 8, M 1 y o y |
i C t t o s o n c o m e ‐ ‐ 6 % 1 5 |
i N P E t r a o 3 8 % |
C 1 L E T F 1 3 1 % l T F L t o a 1 4 8 % |
| f i P t r o i i n c r e a s e s n l d P t o r u g a a n i n l d d i t o n s o a e c |
l d d i C t o n s o a e f i t p r o 2 9 5 1 € M 9 8 M 1 |
f i i P t r o n l P t o r u g a 3 2 € 4 4 M 9 8 M 1 |
T t a r g e s l 2 0 2 0 P t o r u g a ‐ ( l. s ha ho l d Ex ing c re s d ) in B F A B C I an |
i C t t o s o n c o m e ‐ ‐ % 5 0 ≈ O R T E % 1 0 > |
Results in 30 September 2018
| Se 2 0 1 8 p. |
Se 2 0 p. |
|
|||||
|---|---|---|---|---|---|---|---|
| In € M. |
As | No n |
l. n Ex c on |
As | No n |
l. n Ex c on |
l. n Ex c on |
| d te re p or |
2) re cu rr. |
2) re cu rr. |
d te re p or |
2) re cu rr. |
2) re cu rr. |
2) re cu rr. |
|
| l m F ina ia in nc ar g |
3 1 5. 2 |
3 1 5. 2 |
2 8 9. 0 |
2 8 9. 0 |
% 9. 1 |
||
| fro Inc ity ins tru nts om e m eq u me |
1. 7 |
1. 7 |
6. 5 |
6. 5 |
% 7 3. 6 ‐ |
||
| f a d c ( Ea ing iat ies ity rn s o ss oc e om p an eq u ho d ) t me |
1 3. 2 |
1 3. 2 |
1 4. 8 |
1 4. 8 |
1 1. 0 % ‐ |
||
| Ne iss ion inc t c om m om e |
2 0 1. 5 |
2 0 1. 5 |
1 9 0. 8 |
1 9 0. 8 |
5. 6 % |
||
| f l o Ne inc ina ia ion t t om e o n nc p era s |
8 5. 1 |
5 9. 6 |
2 5. 6 |
2 2. 6 |
2 2. 6 |
1 2. 9 % |
|
| Op ing inc d e t era om e a n xp en se s |
( ) 1 5. 8 |
( ) 1 5. 8 |
( ) 1 9. 8 |
( ) 1 9. 8 |
2 0. 4 % |
||
| Op ing inc fro ba k ing iv ity at t er om e m n ac |
6 0 0. 9 |
9. 6 5 |
5 4 1. 4 |
0 3. 8 5 |
0 3. 8 5 |
% 7. 4 |
|
| l c Pe ts rso nn e os |
( ) 1 8 7. 9 |
( ) 7. 6 |
( ) 1 8 0. 3 |
( ) 3 0 4. 0 |
( ) 1 0 5. 2 |
( ) 1 9 8. 8 |
% 9. 3 ‐ |
| l a dm Ge in ist ive rat sts ne ra co |
( ) 1 3 3. 1 |
( ) 1 3 3. 1 |
( ) 1 1 6. 5 |
( ) 1 1 6. 5 |
1 4. 3 % |
||
| d a De iat ion isa ion rt t p rec an mo |
( ) 1 6. 9 |
( ) 1 6. 9 |
( ) 1 6. 5 |
( ) 1 6. 5 |
2. 1 % |
||
| he d c Ov ts er a os |
( ) 3 3 7. 9 |
( ) 7. 6 |
( ) 3 3 0. 3 |
( ) 4 3 7. 0 |
( ) 1 0 5. 2 |
( ) 3 3 1. 8 |
0. 5 % ‐ |
| be fo Ne ing inc im irm t o at ts p er om e re p a en d p is ion an rov s |
2 6 3. 1 |
5 2. 0 |
2 1 1. 1 |
6 6. 8 |
( ) 1 0 5. 2 |
1 7 2. 0 |
2 2. 7 % |
| irm d p is ion f Im ts et p a en an rov s n o f loa d e ies int st rec ov er o ns ere an xp en se s , |
2 7. 5 |
2 7. 5 |
3. 8 |
3. 8 |
6 1 7. 9 % ‐ |
||
| d los he Ga ins in ot ets an se s r a ss |
5 7. 0 |
5 7. 8 |
( ) 0. 7 |
9. 0 |
9. 0 |
1 0 8. 2 % ‐ |
|
| inc be fo inc Ne t e t om e re om ax |
3 4 7. 6 |
1 0 9. 8 |
2 3 7. 8 |
7 9. 7 |
( ) 1 0 5. 2 |
1 8 4. 9 |
2 8. 6 % |
| Inc e t om ax |
( ) 8 7. 4 |
( ) 1 3. 8 |
( ) 7 3. 6 |
( ) 1 8. 7 |
2 8. 8 |
( ) 4 7. 5 |
5 4. 9 % |
| fro Ne inc inu ing ion t nt at om e m co op er s |
2 6 0. 2 |
9 6. 0 |
1 6 4. 2 |
6 1. 0 |
( ) 7 6. 4 |
1 3 7. 3 |
1 9. 6 % |
| inc fro d isc inu d o ion Ne t t t om e m on e p era s |
6 2 4. |
6 2 4. |
3 1 4. |
3 1 4. |
|||
| bu b le l l Inc i ing ttr ta to tro om e a no n‐c on int sts ere |
( ) 0. 0 |
( ) 0. 0 |
|||||
| inc Ne t om e |
3 2 4. 4 |
6 0. 2 1 |
6 2 1 4. |
3 7 5. |
( ) 6 2. 0 |
3 3 1 7. |
9. 6 % 1 |
Recurring net profit from activity in Portugal of 164.2 M.€ in 9M18, increases 19.6% yoy
Personnel costs fall 9.3% yoy (‐18.5 M.€)
Impairment reversals (net) of 27.5 M.€ in 9M18 vs. 3.8 M.€ in Sep.17
1) The designation "proforma" reflects the restatement of the contribution of BPI Vida e Pensões, BPI Gestão de Activos and BPI GIF for the consolidated net income in conformity with IFRS 5 rules, that is recorded in the net income from discontinued operations, and the adoption of a new format for the Income Statement, following the entry into force of IFRS9, in accordance with the guidelines of the Regulation (EU) 2017/1443 of 29 June 2017 and with the format of the financial statements used by CaixaBank (BPI's consolidating entity).
2) Non recurring in Sep.17: costs with early retirements and voluntary terminations of 76.4 M.€ (105.2 M.€ before taxes), income from discontinued operations (BPI Vida e Pensões, BPI GA and BPI GIF and others) of 14.3 M.€.
With reclassification of the contribution of BPI Vida e Pensões, BPI Gestão de Activos and BPI GIF to "Net income from discontinued operations" (IFRS 5)
| In M. $\epsilon$ | 1Q17 | 2Q 17 | 3Q 17 | Sep. 17 | 4Q 17 | 2017 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| proforma 1) | proforma 1) | proforma 1) | proforma 1) proforma 1) | 1Q18 | 2Q18 | 3Q 18 | Sep 18 | |||
| Financial margin | 98.0 | 94.5 | 96.5 | 289.0 | 99.3 | 388.3 | 101.5 | 105.6 | 108.0 | 315.2 |
| Income from equity instruments | 0.1 | 6.3 | 0.1 | 6.5 | 0.1 | 6.5 | 0.0 | 1.5 | 0.2 | 1.7 |
| Earnings of associated companies (equity method) | 4.4 | 4.6 | 5.8 | 14.8 | (1.4) | 13.4 | 2.5 | 5.9 | 4.7 | 13.2 |
| Net commission income | 58.9 | 64.2 | 67.7 | 190.8 | 72.2 | 263.0 | 65.6 | 69.0 | 66.9 | 201.5 |
| Net income on financial operations | 7.6 | 7.0 | 8.0 | 22.6 | (8.2) | 14.5 | 72.5 | 6.4 | 6.2 | 85.1 |
| Operating income and expenses | (1.4) | (16.2) | (2.2) | (19.8) | (3.7) | (23.5) | (0.5) | (15.3) | (0.0) | (15.8) |
| Operating income from banking activity | 167.5 | 160.4 | 175.9 | 503.8 | 158.3 | 662.1 | 241.7 | 173.2 | 186.1 | 600.9 |
| Personnel costs | (76.7) | (161.4) | (66.0) | (304.0) | (64.7) | (368.7) | (63.8) | (63.0) | (61.1) | (187.9) |
| Of which: Recurring personnal costs | (65.9) | (67.0) | (65.9) | (198.8) | (64.0) | (262.9) | (61.1) | (58.2) | (61.1) | (180.3) |
| Non-recurring $\cos ts^2$ | (10.7) | (94.4) | (0.1) | (105.2) | (0.6) | (105.8) | (2.7) | (4.9) | (7.6) | |
| General administrative costs | (37.9) | (40.5) | (38.1) | (116.5) | (34.1) | (150.6) | (41.8) | (42.6) | (48.6) | (133.1) |
| Depreciation and amortisation | (5.5) | (5.5) | (5.6) | (16.5) | (5.3) | (21.8) | (5.2) | (5.2) | (6.4) | (16.9) |
| Overhead costs | (120.0) | (207.4) | (109.6) | (437.0) | (104.0) | (541.1) | (110.8) | (110.9) | (116.2) | (337.9) |
| Net operating income before impairments and provisions | 47.5 | (47.0) | 66.3 | 66.8 | 54.3 | 121.1 | 130.9 | 62.3 | 69.9 | 263.1 |
| Impairments and provisions net of recoveries of loans, interest and expenses |
5.2 | (13.8) | 12.4 | 3.8 | (3.3) | 0.5 | 11.1 | 0.0 | 16.3 | 27.5 |
| Gains and losses in other assets | 6.0 | 1.7 | 1.3 | 9.0 | 3.2 | 12.2 | (0.1) | (0.5) | 57.7 | 57.0 |
| Net income before income tax | 58.8 | (59.1) | 80.0 | 79.7 | 54.1 | 133.8 | 141.9 | 61.8 | 143.9 | 347.6 |
| Income tax | (19.7) | 22.6 | (21.7) | (18.7) | (22.0) | (40.7) | (25.9) | (19.4) | (42.0) | (87.4) |
| Net income from continuing operations | 39.1 | (36.5) | 58.3 | 61.0 | 32.1 | 93.1 | 115.9 | 42.4 | 101.9 | 260.2 |
| Net income from discontinued operations | 3.9 | 4.1 | 6.3 | 14.3 | 16.3 | 30.6 | 2.5 | 61.8 | 64.2 | |
| Income attributable to non-controlling interests | (0.0) | (0.0) | 0.0 | (0.0) | (0.0) | |||||
| Net income | 43.1 | (32.4) | 64.6 | 75.3 | 48.4 | 123.7 | 118.4 | 104.1 | 101.9 | 324.4 |
1) The designation "proforma" reflects the restatement of the contribution of BPI Vida e Pensões, BPI Gestão de Activos and BPI GIF for the consolidated net income in conformity with IFRS 5 rules, that is recorded in the net income from discontinued operations, and the adoption of a new format for the Income Statement, following the entry into force of IFRS9, in accordance with the guidelines of the Regulation (EU) 2017/1443 of 29 June 2017 and with the format of the financial statements used by CaixaBank (BPI's consolidating entity).
2) Costs with early retirements and voluntary terminations.
With reclassification of the contribution of BPI Vida e Pensões, BPI Gestão de Activos and BPI GIF to "Net income from discontinued operations" (IFRS 5).
| In M. $\epsilon$ | 1Q 17 proforma 1 |
2Q 17 proforma 1) |
3Q 17 | Sep. 17 | 4Q 17 proforma 1) proforma 1) proforma 1) |
2017 | 1Q18 | 2Q18 | 3Q 18 | Sep. 18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Financial margin | 97.9 | 94.5 | 96.4 | 288.8 | 99.2 | 388.1 | 101.5 | 105.6 | 108.0 | 315.2 |
| Income from equity instruments | 0.1 | 6.3 | 0.1 | 6.5 | 0.1 | 6.5 | 0.0 | 1.5 | 0.2 | $1.7$ |
| Earnings of associated companies (equity method) | 56.1 | 64.6 | 72.1 | 192.8 | (68.0) | 124.8 | 108.6 | 63.1 | 74.7 | 246.4 |
| Net commission income | 59.2 | 64.5 | 68.0 | 191.6 | 72.3 | 264.0 | 65.6 | 69.0 | 66.9 | 201.5 |
| Net income on financial operations | 7.6 | 7.0 | 8.0 | 22.6 | (8.2) | 14.4 | 66.7 | 7.1 | 3.5 | 77.3 |
| Operating income and expenses | (1.4) | (16.2) | (2.2) | (19.8) | (4.5) | (24.3) | (0.5) | (15.3) | (0.0) | (15.8) |
| Operating income from banking activity | 219.5 | 220.6 | 242.4 | 682.5 | 91.0 | 773.5 | 341.9 | 231.1 | 253.4 | 826.4 |
| Personnel costs | (77.1) | (161.8) | (66.1) | (305.0) | (64.7) | (369.7) | (63.8) | (63.0) | (61.1) | (187.9) |
| Of which: Recurring personnal costs | (66.3) | (67.4) | (66.0) | (199.8) | (64.1) | (263.9) | (61.1) | (58.2) | (61.1) | (180.3) |
| Non-recurring costs 2) | (10.7) | (94.4) | (0.1) | (105.2) | (0.6) | (105.8) | (2.7) | (4.9) | (7.6) | |
| General administrative costs | (38.0) | (40.6) | (38.2) | (116.8) | (34.1) | (150.9) | (41.8) | (42.6) | (48.6) | (133.1) |
| Depreciation and amortisation | (5.5) | (5.5) | (5.6) | (16.6) | (5.3) | (21.9) | (5.2) | (5.2) | (6.4) | (16.9) |
| Overhead costs | (120.6) | (208.0) | (109.8) | (438.3) | (104.2) | (542.5) | (110.8) | (110.9) | (116.2) | (337.9) |
| Net operating income before impairments and provisions | 99.0 | 12.7 | 132.5 | 244.2 | (13.2) | 231.0 | 231.1 | 120.2 | 137.2 | 488.5 |
| Impairments and provisions net of recoveries of loans, interest and expenses |
5.2 | (14.5) | 12.4 | 3.1 | (3.3) | (0.1) | 11.3 | 0.1 | 16.3 | 27.7 |
| Gains and losses in other assets | 6.0 | 1.7 | 1.3 | 9.0 | 3.2 | 12.2 | (0.1) | (0.5) | 57.7 | 57.0 |
| Net income before income tax | 110.2 | (0.1) | 146.2 | 256.3 | (13.3) | 243.0 | 242.3 | 119.8 | 211.2 | 573.3 |
| Income tax | (24.9) | 16.7 | (28.3) | (36.5) | (15.3) | (51.8) | (34.8) | (25.3) | (48.2) | (108.4) |
| Net income from continuing operations | 85.4 | 16.5 | 117.9 | 219.8 | (28.6) | 191.3 | 207.4 | 94.4 | 163.0 | 464.9 |
| Net income from discontinued operations | (207.7) | 4.1 | 6.3 | (197.3) | 16.3 | (181.0) | 2.5 | 61.8 | 64.2 | |
| Income attributable to non-controlling interests | (0.0) | (0.0) | 0.0 | (0.0) | (0.0) | |||||
| Net income | (122.3) | 20.6 | 124.3 | 22.6 | (12.3) | 10.2 | 209.9 | 156.2 | 163.0 | 529.1 |
| Sep. 17 proforma 1) | Sep. $18$ | |
|---|---|---|
| Earnings per share $(\epsilon)$ | 0.02 | 0.36 |
| Net income from continuing operations $(\epsilon)$ | 0.15 | 0.32 |
| Net income from discontinued operations $(\epsilon)$ | $-0.14$ | 0.04 |
| Average weighted nr. of shares (in millions) | 1456 | 1457 |
1) The designation "proforma" reflects the restatement of the contribution of BPI Vida e Pensões, BPI Gestão de Activos and BPI GIF for the consolidated net income in conformity with IFRS 5 rules, that is recorded in the net income from discontinued operations, and the adoption of a new format for the Income Statement, following the entry into force of IFRS9, in accordance with the guidelines of the Regulation (EU) 2017/1443 of 29 June 2017 and with the format of the financial statements used by CaixaBank (BPI's consolidating entity).
2) Costs with early retirements and voluntary terminations.
| With the entry into force of IFRS 9, | In M. $\epsilon$ | 31 Dec. 17 | 31 Mar. 18 | 30 Jun. 18 | 30 Sep. 18 |
|---|---|---|---|---|---|
| Assets | |||||
| Banco BPI decided to adopt a | Cash, deposits at Central Banks and other demand deposits | 1 0 9 4 . 1 | 826.8 | 2 2 5 9 . 7 | 1 3 9 6.8 |
| structure of the individual and | Financial assets held for trading, at fair value through profit or | 4 175.9 | 2 4 6 7.2 | 2 671.6 | 2 139.6 |
| loss and at fair value through other comprehensive income | |||||
| consolidated financial statements in | Financial assets at amortised cost | 22 506.7 | 24 448.7 | 25 636.4 | 25 383.9 |
| line with the guidelines of Regulation | Of which: | ||||
| Loans to Customers | 21 638.2 | 22 043.8 | 22 505.8 | 22 867.4 | |
| (EU) 2017/1443 of June 29, 2017 and | Investments in subsidiaries, associated companies and jointly | 794.5 | 752.2 | 717.0 | 719.4 |
| with the structure of the financial | Tangible assets | 45.3 | 42.4 | 38.6 | 37.4 |
| Intangible assets | 42.3 | 40.1 | 45.3 | 44.9 | |
| statements presented by CaixaBank | Taxassets | 453.2 | 401.5 | 421.6 | 389.0 |
| (the consolidating entity of Banco | Non-current assets held for sale and discontinued operations | 73.3 | 64.8 | 54.6 | 49.5 |
| Other assets | 454.9 | 320.5 | 433.6 | 398.8 | |
| BPI). | Total assets | 29 640.2 | 29 364.2 | 32 278.3 | 30 559.2 |
| Liabilities and shareholders' equity | |||||
| Financial liabilities held for trading | 170.0 | 170.3 | 154.6 | 139.1 | |
| Financial liabilities at amortised cost | 25 961.4 | 25 802.0 | 28 261.8 | 26 535.7 | |
| Central Banks and Credit Institutions deposits | 3 978.0 | 4 0 38.7 | 5 2 9 4.7 | 3 9 5 4.7 | |
| Customers deposits | 20 713.6 | 20 911.7 | 22 113.6 | 21 497.2 | |
| Technical provisions | |||||
| Debt securities issued | 1 0 2 0 .0 | 616.9 | 593.6 | 823.7 | |
| Of which: subordinated debt | 305.1 | 300.3 | 304.4 | 300.3 | |
| Other financial liabilities | 249.8 | 234.6 | 259.8 | 260.1 | |
| Provisions | 64.2 | 64.2 | 66.9 | 66.5 | |
| Tax liabilities | 70.6 | 73.8 | 72.5 | 71.6 | |
| Non-current liabilities held for sale and discontinued operations | 4.5 | 4.6 | 0.0 | 0.0 | |
| Other liabilities | 545.8 | 316.6 | 596.9 | 528.4 | |
| Total liabilities | 26 816.6 | 26 431.5 | 29 152.6 | 27 341.3 | |
| Shareholders' equity attributable to the shareholders of BPI | 2823.6 | 2 9 3 2.7 | 3 1 2 5 . 7 | 3 2 1 7 . 9 | |
| Non controlling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Total Sha reholde rs' equi ty 2 823.6 2 932.7 3 125.7 3 217.9 Total liabilities and Shareholders' equity 29 640.2 29 364.2 32 278.3 30 559.2
| 3 0 Se 1 7 p. 1) fo p ro rm a |
3 0 Se 1 8 p. |
|
|---|---|---|
| / fro ba k d l f e d bs d Op in in in iv i i i ia ie A T A t t ty ts ty te er a g co m e m n g a c a n re s u o q u a cc ou n s u r s |
2. 8 % |
3. 6 % |
| / f i be fo i d in i bu b le l l in in Pr A T A t ta t t tr ta to tro te ts o re xa on a n co m e a n on ‐c on g re s |
0. 2 % |
2. 8 % |
| / f be fo d bu b le l l Pr i i in i in in t ta t t tr ta to tro te ts o re xa on a n co m e a n on ‐c on g re s av er ag e ' e ( ) ha ho l de i i lu d in l l i in ty tro te ts s re rs q u nc g no n‐ co n ng re s |
3. 1 % |
2 8. 2 % |
| / l c fro ba k d l f e d Pe Op i in i iv i i ts t t ty ts ty te rs on ne os e ra ng co m e m n ng a c a n re s u o q u a cc ou n 2 bs d i ia ie s u r s |
2 9. 3 % |
2 1. 8 % |
| / he d fro ba k d l f e d Ov Op i i i iv i i ts t t ty ts ty te er a co s e ra ng nc om e m n ng a c a n re su o q a cc ou n u 2 bs d i ia ie s u r s |
8. 8 % 4 |
0. 0 % 4 |
| ( ) de Lo i io t to ts t an s ne p os ra |
% 1 0 5 |
% 1 0 7 |
1) Considering the "proforma" financial statements of Sep.17 which reflect the restatement of the contribution of BPI Vida e Pensões, BPI Gestão de Activos and BPI GIF for the consolidated net income in conformity with IFRS 5 rules, and the adoption of a new format for the Income Statement, following the entry into force of IFRS9, and the reclassification of certain General Administrative costs to Comissions paid.
2) Excluding early‐retirement costs.
The European Securities and Markets Authority (ESMA) published on 5 October 2015 a set of guidelines relating to the disclosure of Alternative Performance Measures by entities (ESMA / 2015 / 1415). These guidelines are to be obligatorily applied with effect from 3 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 the object of disclosure, as required by the ESMA guidelines.
In the current presentation, the information previously disclosed is inserted by way of cross‐reference. A summarized list of the Alternative Performance Measures is presented next.
With the entry into force of IFRS9, in the beginning of 2018, Banco BPI decided to adopt a structure of the individual and consolidated financial statements in line with the guidelines of the Regulation (EU) 2017/1443 of 29 June 2017 and with the format of the financial statements used by CaixaBank (BPI's consolidating entity).
The following table presents, for the consolidated income statement, the reconciliation of the structure used in the current document (Banco BPI Consolidated results in September 2018) with the structure used in the financial statements and respective notes of the 1st Half 2018 Report.
| d i he lts ' P ati Str Re uct n t ent ure us e su res on |
Se 18 p. |
Se 18 p. |
d i he fin cia l st d r ive Ne str uct nte n t ate nts ect tes w ure pr ese an me an esp no |
|---|---|---|---|
| Fi n cia l m i n an a rg |
31 5.2 |
31 5.2 |
t i n t in Ne ter es co me |
| fro ui i ns Inc ty tru nts om e m eq me |
1.7 | 1.7 | Div i de nd i n co me |
| (eq rni f a ia d c nie ui Ea te ty ng s o s s oc om pa s ho d ) t me |
24 6.4 |
24 6.4 |
(‐ ) S ha f t he fi l os f in in bs i da ies jo int d a ia d for i ng he ui t o tm ts ntu tes te t ty re o pr o r s o ve s en s u r ve res an s s oc ac co un us eq , ho d t me |
| mi Ne t c |
20 1.5 |
23 5.3 |
Fe nd i s s i on i n e a co mm co me |
| i on i n om s s co me |
( 33 .8 |
) nd Fe i s s i on Ex e a co mm pe ns es |
|
| 77 .3 |
1.4 | (‐ ) l os h t he de f fi n l a d lia bi li d a fai lue hro h p fi Ga ins i ni ti o cia tie t ets ot t t t o or se s w rec og n o an s s an s n me a s ur e r v a ug ro r los t s, ne |
|
| t in ia l o Ne |
39 .0 |
(‐ ) l os di n fi n l a d lia bi lit Ga ins cia ies n t ets et or se s o ra g an s s an , n |
|
| fi ti o co me on na nc pe ra ns |
61 .7 |
di n fin cia l a da ily fai lue hro h p fi r lo No n‐t ets tor t t t o ra g an s s m an a r v a ug ro s s |
|
| 1.2 | ins (‐ ) l os fro he dg tin Ga t or se s m e a cco un g, ne |
||
| ( 26 .0 |
) (‐ ) ha di f fer [ga i n l os ], n Exc et ng e en ce s or s |
||
| ti n i nc nd Op om e a ex ns es |
( ) 15 .8 |
7.1 | Ot he ti n i nc r o pe ra g om e |
| e ra g pe |
( 22 .9 |
) Ot he ti n Exp r o pe ra g en se s |
|
| fro ba nk Op tin inc ing tiv ity era g om e m ac |
82 6.4 |
82 6.4 |
Op tin inc era g om e |
| l co Pe ts rs o nn e s |
( ) 187 .9 |
( 187 .9 |
) f f E Sta xp en se s |
| l a dm Ge ini tiv tra ts ne ra s e c os |
( ) 133 .1 |
( 133 .1 |
) he dm Ot ini tiv tra r a s e e xp en se s |
| nd De cia tio i sa ti o ort pre n a am n |
( ) 16 .9 |
( 16 .9 |
) De cia ti o pre n |
| hea d c Ov ost er s |
( ) 33 7.9 |
( ) 33 7.9 |
hea d c Ov ost er s |
| ing in be for e i air d Ne t o rat nts pe com e mp me an vis ion pro s |
48 8.5 |
48 8.5 |
TO TA L O PE RA TIN G I NC OM E, NE T |
| i rm d p i s i on f Im ts et pa en an rov s n o |
27 .7 |
( 1.9 |
) vi s i on (‐ ) re l o f p i s ion Pro s o r ve rsa rov s |
| f lo nd eri i n ter t a rec ov es o an s, es ex pe ns es |
29 .6 |
(‐ ) re Im i rm l o f im i rm fi n cia l a d a fai lue hro h p fi r lo t o t o ets t m t t t o pa en r ve rsa pa en n a n s s no ea s u re r v a ug ro s s |
|
| Ga i ns d l os s i he t ets r a |
57 .0 |
( 3.0 |
) (‐ ) re l o f im ‐fi l a Im i rm i rm ia t o t o ets pa en r ve rsa pa en n n on na nc s s |
| a n se n o s s |
60 .1 |
(‐ ) l os n d f n fi l a he ha he l d for le, Ga ins i ti o ia ts ot r t t or se s o ere co gn n o on na nc s s e n sa ne |
|
| be for Ne t in e i ta com e nco me x |
57 3.3 |
57 3.3 |
fit (‐ ) los be for fro Pro tin uin ion e t rat or s ax m con g o pe s |
| Inc e t om a x |
( ) 108 .4 |
( 108 .4 |
) (‐ ) la d t fi r lo fro Ta x E i nc nti ing ti o te t o xp en se s o r om e r e o p ro s s m co nu op e ra ns |
| t in fro tin uin ion Ne rat com e m con g o pe s |
46 4.9 |
46 4.9 |
(‐ ) PR OF IT O R LO SS AF TE R T AX FR OM CO NT INU ING O PE RA TIO NS |
| fro di s d o Ne t in nti ti o co me m co nu e pe ra ns |
64 .2 |
64 .2 |
fi (‐ ) los fte fro di s d o Pro nti tio t o tax r s a r m co nu e pe ra ns |
| ibu b le lli Inc ttr ta to tro om e a no n‐c on ng int ts e re s |
0. 0 |
0.0 | fi (‐ ) l os ibu b le [no lli ] Pro mi ri i n in t o ttr ta to ty ter t tro te r ts r s a no es n‐c on ng es |
| Ne t in com e |
52 9.1 |
52 9.1 |
(‐ ) PR OF IT O R LO SS AT TR IBU TA BL E T O O WN ER S O F T HE PA RE NT |
Annexes5
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.
Operating income from banking activity = Financial margin + Income from equity instruments + Net commission income + Earnings of associated companies (equity method) + Net income on financial operations + Operating income and expenses
Commercial banking income = Financial margin + Income from equity instruments + Net commission income + Earnings of associated companies (equity method) excluding the contribution of stakes in African banks
Overhead costs = Personnel costs + General administrative costs + Depreciation and amortisation
Adjusted overhead costs = Personnel costs excluding cost with early retirements and voluntary terminations and (only in 2016) gains with the revision of the Collective Labour Agreement (ACT) + General administrative costs + Depreciation and amortisation
Net operating income before impairments and provisions = Operating income from banking activity ‐ Overhead costs
Net income before income tax = Net operating income before impairments and provisions + Impairments and provisions net of recoveries of loans, interest and expenses + Gains and losses in other assets
Cost‐to‐income ratio (efficiency ratio) 1) = Overhead costs / Operating income from banking activity
Adjusted overhead costs‐to‐commercial banking income 1) = Overhead costs, excluding costs with early‐retirements and voluntary terminations and (only in 2016) gains with the revision of the Collective Labour Agreement (ACT) / Commercial banking income
Return on Equity (ROE) 1) = Net income for the period / Average value in the period of shareholders' equity attributable to BPI shareholders after deduction of the fair value reserve (net of deferred taxes) related to financial assets available for sale
Return on Tangible Equity (ROTE) 1) = Net income for the period / Average value in the period of shareholders' equity attributable to BPI shareholders after deduction of intangible net assets and other comprehensive income (reserves).
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
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, the cases in which it will be clearly marked.
On‐balance sheet Customer resources = Deposits + Capitalisation insurance of fully consolidated subsidiaries + Participating units in consolidated mutual funds
Deposits = Sight and other deposits + Term and savings deposits + Accrued interest + Retail bonds (Fixed / variable rate bonds and structured products placed with Customers + Deposits certificates + Subordinated bonds placed with Customers)
Capitalisation insurance of fully consolidated subsidiaries (BPI Vida e Pensões sold on Dec.17) = Unit links capitalisation insurance and "Aforro" capitalisation insurance and others (Technical provisions + Guaranteed rate and guaranteed retirement capitalisation insurance)
Note: 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.
Assets under management = Mutual funds + Capitalisation insurance + Pension plans
(i) 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. (ii) 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 Customers", and pension funds management is excluded from BPI's consolidation perimeter.
Subscriptions in public offerings = Customers subscriptions in third parties' public offerings
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 amortized cost), excluding other assets (guarantee accounts and others) + Gross debt securities issued by Customers (financial assets at
amortized 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 liabilities
Impairments for loans and guarantees as % of the loan portfolio1) = Impairment losses and provisions for loans and guarantees / Average value in the period of the performing loan portfolio Being:
Impairment losses and provisions for loans and guarantees = Impairments or impairments reversal from financial assets not measures at fair value through profit or loss relating to loans and advances to customers and debt securities issued by Customers (financial assets at amortised cost), before deducting recovery of loans, interest and expenses + provisions or provisions reversals for commitments and guarantees
Cost of credit risk as % of the loan portfolio 1)= (Impairment losses and provisions for loans and guarantees, net ‐ Recovery of loans, interest and expenses) / Average value in the period of the performing loan portfolio Being:
Impairment losses and provisions for loans and guarantees = Impairments or impairments reversal from financial assets not measures at fair value through profit or loss relating to loans and advances to customers and debt securities issued by Customers (financial assets at amortised cost), before deducting recovery of loans, interest and expenses + provisions or provisions reversals for commitments and guarantees
Performing loans portfolio = Gross customer loans ‐ (Overdue loans and interest + Receivable interests and other)
NPE ratio = Ratio of non‐performing exposures (NPE) according to EBA criteria (prudential perimeter)
Coverage of NPE = [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 exposures (NPE)
Coverage of NPE by impairments and associated collateral = [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 NPE ] / Non‐performing exposures (NPE)
Non performing loans ratio (Bank of Spain criteria) =Non performing loans (Bank of Spain criteria) / (Gross customer loans + guarantees)
Non performing loans (Bank of Spain criteria) 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 (Bank of Spain criteria)
Coverage of non performing loans (Bank of Spain criteria) by impairments and associated collateral = [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 (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
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, the cases in which it will be clearly marked.
Earnings per share (EPS) = Net income / Weighted average no. of shares in the period (basic or diluted)
The earnings per shares (basic or diluted) is calculated in accordance with IAS 33 ‐ Earnings per share.
Cash‐flow after taxes per share (CF per share or CFPS) = Cash‐flow after taxes / Weighted average no. of shares in the period.
Note: the denominator corresponds to the weighted average no. of shares used in the calculation of earnings per share (basic or diluted).
Book value per share (BV per share or BVPS) =Shareholders' equity attributable to BPI shareholders / No. of shares at the end of the period
Note: the denominator corresponds to the outstanding number of shares after deducting the treasury stocks portfolio and is adjusted for capital increases, whether by incorporation of reserves (bonus issue) or subscription reserved for shareholders (rights issue), amongst other events, in a similar way to the calculation of earnings per share.
Price to earnings ratio (PER) = Stock market share price / Earnings per share (EPS)
Price to cash flow (PCH) = Stock market share price / Cash‐flow after taxes (CFPS)
Price to book value (PBV) = Stock market share price / Book value per share (BVPS)
Earnings yield = Earnings per share (EPS) in the period / Stock market share price (at beginning or end of the period)
Dividend yield = Dividend per share relating to the period / Stock market share price (at beginning or end of the period)
Tel. +351 226 073 337E‐mail: [email protected] Website: www.ir.bpi.pt
Ricardo Araújo Tel: +351 226 073 119E‐mail: [email protected]
Banco BPI, S.A. Publicly held company Head Office: Rua Tenente Valadim, no. 284, Porto, Portugal Share capital: € 1 293 063 324.98 Registered in Oporto C.R.C. and corporate body no. 501 214 534
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