Investor Presentation • Oct 19, 2017
Investor Presentation
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19 October 2017
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da Ye to‐ te ar‐ |
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Ye ar‐ on ‐y ea r |
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rte rte q ua r‐o n‐q ua r |
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| R C L |
las f d Re i ie c s |
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| E C B |
l k Eu Ce Ba ntr ro p ea n a n |
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| Bo P |
k o f l Ba Po rtu n g a |
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| C M V M |
( ) Co iss ão do do de lor b i l i ár ios Se it ies ke Co iss ion Me Va Mo Ma t m rca es cu r r mm |
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| A P M |
lte fo A ive Pe Me t rna r rm an ce as ure s |
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| I M M |
ba k ke Int Mo Ma t er n ne y r |
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| T 1 |
T ier 1 |
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| C E T 1 |
Co Eq ity T ier 1 mm on u |
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| R W A |
is k w ig hte d a R ts e sse |
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| O T L T R |
d lon f ina ing ion Ta ete te t rg g er‐ rm re nc op era s |
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| L C R |
d L iq i ity io at u co ve rag e r |
| €, Eu E U R ro s, |
eu ros |
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| M €, M . e ur os |
l l i ion m eu ros |
| h. h. €, t t eu ro s |
ho d e t us an uro s |
| | ha c ng e |
| n.a | i la b le t a no va |
| 0, – |
l l o irr lev t nu r e an |
| vs | ve rsu s |
| b.p | ba is p int s o s |
| p. p. |
int tag p erc en e p o |
| E | Est im ate |
| F | Fo ast rec |
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 de Valores Mobiliários (CMVM) (Autoridade Portuguesa do Mercado de 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.
| io ' r la i f ica io No te t t o n ca p ns ec ss n |
3 |
|---|---|
| la isc im D er |
4 |
| h l h 1. H i i t g g s |
5 |
|---|---|
| l 2. C i i i t t o m m e r c a a c v y |
6 |
| l 3. R t e s u s |
1 1 |
| l h 4. B S t a a n c e e e |
2 3 |
| l k 5. C i o s n g r e m a r s |
2 9 |
| An ne xe s |
3 1 |
| 4 |
| f l i d d i C 3 1 2 M € ( ) t t l d i i i t o n s o a e n e n c o m e o e n n o n r e r r n e m s x c u g c u g |
|
|---|---|
| i i i N t e n c o m e n c r e a s e s n l d i h P t t o r g a a n n e u l i d d t c o n s o a e |
l d d h h h d b ( l d C i I 3 1 2 € i 9 i S 2 0 1 1 % i N M 7 7 t t t t t o n s o a e e n c o m e r e a c e s n e m o n s e n n g e p e m e r u p y o y e x c u n g n o n‐ l ) i t r e c u r r n g r e s u s ( f ) i i i i i l i i l d i i l N P 1 5 2 M € 9 6 M €, t t t t t t e n c o m e n a c v y n o r u g a n c r e a s e s o n c r e a s e o o e c n g n o n‐ r e c r r n g r e s s y y, x u u u f "a " f f l i d d i d l i d b i i i C 2 3 M € J S 2 0 1 7, t t t t t t o n s o a e p r o s r e p o r e o r o m a n. o e p. p e n a s e y n o n r e c u r r n g n e g a v e m p a c s ( ) f f h h l d d l d f d h h l 2 9 0 M € 2 1 2 M € i i i B F A 7 7 M € i t t t t t t t t o a e r a e s e s a e a n e c o n s o a o n o a n e o n a r x : w w v u y d l i i i t t t t e r m n a o n s a n e a r y r e r e m e n s p r o g r a m m e. |
| d C t u s o m e r r e s o u r c e s a n i L o a n s n c r e a s e |
l d b b l l ( d ) C i € 8 i i % T R 1. 5. 5 t t t + o a u s o m e r e s o u r c e s n c r e a s e y o n y f l l ( d ) i i i i 3 2 0 € % B P I L P P M 5 t t t t + o a n o r o o o c o m p a n e s n o r u g a n c r e a s e s y |
| i d C o r e r e v e n u e s r s e a n f l l t t r e c r r e n c o s s a u |
l ( ) i i i 2. 2 % F n a n c a m a r g n u p q o q ( ) C i i i 8. 8 % o m m s s o n s n c r e a s e y o y 1) f ( d i h d b % l d i i R 7. 6 t t e u c o n o o v e r e a c o s s y o e c n g n o n‐ r e c r r n g y y, x u u |
| f d k L i i t t o w c o s o c r e r s |
2) i f l d f ( f h l f l I 2 1 M € i S 2 0 1 7 0. 1 2 % i t t t t m p a r m e n o r o a n s a n g u a r a n e e s o n e p. o e o a n p o r o o ) a 3 d ( ) R i 2 6 M € 1 1 M € i S 1 6 t t e c o v e r e s m o u n e o v s. n e p. |
| i l i i S t t t r o n g c a p a s a o n |
d k f d b d l l l C i i i 3. 3 % 1 5 1 % i i t t t t t r e a r s r a o o a n c o v e r a g e y m p a r m e n s a n c o a e r a s ) o 4 f d b d l l l i % % i i N P E 5. 5 1 1 4 t t t r a o a n c o v e r a g e y m p a r m e n s a n c o a e r a s l l l l f l f ( l ) d d i i % d 3. 3 % d i d F C E T 1 1 1. 5 1 0. 4 2. 1 t t t t t t + u y o a e c a p a r a o s o a n o a o a n p. p. r e s p e c v e y, y : , |
Note: yoy changes calculated in relation to September 2016 proforma.
4) According to EBA (European Banking Authority) criteria; considering the prudential supervision perimeter.
| € In M |
1 7 t‐ se |
de 6 1 z‐ |
Y D t |
q oq |
|---|---|---|---|---|
| On ‐b lan he I. t r a ce s e es ou rce s |
2 2 4 1 7 |
2 3 9 3 7 |
0 % 1. |
0. % 5 |
| 1 De i ts p os |
2 0 1 4 1 |
1 9 2 4 7 |
2. 1 % |
0. % 5 |
| 2 l d o he Ca i isa io in ta t t p n su ra nc e a n r |
0 6 4 7 |
2 0 4 5 |
1 % 4. ‐ |
0. 6 % |
| de I I. As ts t se un r m an ag em en |
8 6 3 0 |
7 6 6 2 |
1 2. 6 % |
3. 1 % ‐ |
| 2 l fu ds M tu u a n |
9 3 9 5 |
2 4 4 5 |
1 3. 3 % |
% 5. 5 ‐ |
| 3 la Pe io ns n p ns |
2 6 9 0 |
2 4 1 8 |
1 1. 3 % |
2. % 7 |
| b l f fe I I I. Pu ic ing o r s |
1 8 9 6 |
1 3 0 4 |
4 5. 3 % |
2 6. 9 % |
| l To ta |
3 4 7 4 2 |
3 2 9 4 0 |
5. 5 % |
0. 7 % |
1) Includes bonds placed with customers of 94 M.€ in Dec.16 and 51 M.€ in Sep.17.
2) BPI Alternative Fund ceased to be consolidated from March 2017 onwards and started being consolidated off balance sheet. In Dec. 16 the caption "capitalisation insurance and others" included 250 M.€ relative to that fund. Adjusted by the deconsolidation of the fund, the caption "capitalisation insurance and others" increased by 1.9% ytd and "Mutual Funds" increase by 8.1% ytd. 3) Includes BPI Group employee pension funds of 1 397 in Dec.16 and 1 574 in Sep.17.
| ke ha M t s ar re s |
l. 3 0 Ju 1 7 |
|---|---|
| 4 l de i To ta ts p os |
9. 6 % |
| 5 l fu ds M tu u a n |
2 1. % 5 |
| 6 's P P R |
1 2. 4 % |
| 7 l Ca i isa io in ta t p n su ra nc e |
2 % 1 4. |
| 8 la io Pe ns n p ns |
1 3. 8 % |
4) Does not include the effect of the securitisation operations (BPI calculation).
5) Excludes PPR's in the form of mutual funds. Including PPR's in the form of mutual funds, BPI Gestão de Activos market share in mutual funds is 28.7%.
6) PPR's in the form of mutual funds and capitalisation insurance.
7) Excludes PPR in the form of capitalisation insurance.
8) In 30 June 2017
Sources: Banco BPI, Bank of Portugal, APS – Ass. Portuguesa de Seguradores (Portuguese Association of Insurers), APFIPP – Ass. Portuguesa de Fundos de Investimento, Pensões e Patrimónios (Portuguese Association of Mutual Funds, Pensions and Assets), IGCP (Portuguese Treasury and Debt Management Agency), ASF ‐ Autoridade de Supervisão de Seguros e Fundos de Pensões (Supervision Authority of Insurance and Pension Funds).
Note: the format used for presenting customer resources after the 2nd quarter results and so also in the current document is different from the one used in previous quarters. A reconciliation between the two formats is included in the annex.
| fo l Gr io, in M € t os s p or |
Se 1 7 p. |
De 1 6 c. |
Y D t |
q oq |
3) L O A N S T O C O M P A N I E S I N P O R T U G A L O H L O A N S O I N I V I U A L S T E R T D D |
|---|---|---|---|---|---|
| d du ls I. Lo in iv i to an s a |
1 2 1 8 6 |
1 2 1 0 7 |
0. 7 % |
0. 3 % |
d ds d c f Co it c ina ing ns um er, cr e ar an ar nc |
| loa M tg or ag e ns |
1 1 0 7 7 |
1 1 0 8 4 |
( ) 0. 1 % |
0. 1 % |
5. 0 % + |
| he loa in d iv i du ls O t to r ns a |
1 1 0 9 |
1 0 2 3 |
% 8. 4 |
% 2. 9 |
6 7 7 4 6 6 8 4 6 6 6 8 |
| ies I I. Lo Co to an s m p an |
8 3 8 8 |
8 2 3 2 |
1. 9 % |
0. 7 % |
6 4 5 1 |
| d d iu ize d c La te rg e a n m e m s or p or a s |
4 7 5 4 |
4 5 3 5 |
% 4. 8 |
% 1. 1 |
6 1 8 0 6 2 0 5 9 6 8 5 |
| l l bu Sm ine a s ss es |
2 0 2 0 |
1 9 1 6 |
5. 4 % |
1. 9 % |
|
| l ies in l To Co Po ta tu m p an r a g |
6 7 7 4 |
6 4 5 1 |
0 % 5. |
3 % 1. |
8. 4 % + |
| f d dr d h Pr j ina M i Br t o ec nc e a n a an c |
1 6 1 4 |
1 7 8 0 |
( ) 9. 3 % |
( ) 2. 1 % |
|
| 1 i da õe fo l io I I I. B P I V Pe t e ns s p or |
1 0 2 9 |
1 3 0 3 |
( ) 2 1. 0 % |
( ) 1 % 7. 5 |
1 1 0 1 0 7 7 |
| b l ic I V. Pu to se r c |
1 4 0 3 |
1 4 1 7 |
( ) 1. 0 % |
( ) 2. 5 % |
1 0 3 9 1 0 2 3 |
| he V. O t r |
3 3 2 |
3 7 2 |
( ) % 1 0. 9 |
% 1. 6 |
9 7 7 9 6 5 9 1 0 |
| l To ta |
2 3 3 3 8 |
2 3 4 3 1 |
( ) 0. 4 % |
( ) 0. 7 % |
|
| No te : |
M Ju Se De M Ju Se M M Ju Ju Se Se De De M M Ju Ju Se Se Se Se t. t. M Ju De M Ju t. t. ar n. p. c. ar n. p. ar ar n. n. p. c. z. ar ar n. n. p. ar n. ar n. z. |
||||
| loa fo l io Ne t t n p or |
2 2 7 0 8 |
2 2 7 3 6 |
( ) 0. 1 % |
( ) 0. 5 % |
1 6 1 6 1 6 1 6 1 7 1 7 1 7 1 1 6 6 1 1 6 6 1 1 6 6 1 1 6 6 1 1 7 7 1 1 7 7 1 1 7 7 1 6 1 6 1 6 1 6 1 7 1 7 1 7 |
1) Debt securities portfolio, mainly from large companies.
2) Large and medium‐sized companies and small business in Portugal. Excludes project finance and Madrid branch loan portfolio.
Note: the format used for presenting loans to customers after the 2nd quarter results and so also in the current document is different from the one used in previous quarters. A reconciliation between the two formats is included in the annex.
1 109
Corporate and small business loans in Portugal increase by 320 M€. Increase in BPI market share
Annexes
| ( ) ( las hs ) 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 1 2 m t t on |
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|---|---|---|---|---|---|---|---|---|
| Se 1 7 |
Se 1 7 |
Se 1 6 |
||||||
| p. l. n ex c on |
p. as |
p. as |
||||||
| ing re cu rr |
d te re p or |
d te re p or |
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| R O T E |
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| 2) d d a l loc d c l ( ) A j i M € te te ta us a ap |
2 4 6 1 |
2 4 6 1 |
2 2 9 4 |
|||||
| O R T E |
1 8. 2 % |
6. 2 % |
1 1. 7 % |
|||||
| lu d ing i bu io fro R O T E, tr t ex c co n n m ke fr ba ks in ica A ta s s n n |
||||||||
| 2) d d a l loc d c l ( ) A j i M € te te ta us a ap |
1 9 6 7 |
1 9 6 7 |
1 8 5 6 |
|||||
| lu d ing i bu io fro R O T E, tr t ex c co n n m ke in fr ica ba ks A ta s s n n |
1 2. 7 % |
8. 4 % |
6. 0 % |
2) The average capital considered in the calculation of ROTE excludes the average balance of intangible assets (average balance of last 12 months until Sep.17: 26 M.€.) and the fair value reserve (after deferred taxes) related to the financial assets available for sale portfolio (average balance of last 12 months until Sep.17: 19 M.€.)
1)In the 2nd quarter, the net income from the activity in Portugal was affected by the accounting of the annual contributions to the national and the European resolution funds (‐15.2 M. €).
Captions reclassified (RCL) according to the format used by CaixaBank (BPI's consolidating entity). The underlying accounting criteria were not affected by the change in the format adopted. The annex presents a reconciliation of this income statement with the one presented in previous earnings presentation.
| Se 2 0 1 6 p. |
||||
|---|---|---|---|---|
| In M € |
As | No n |
lu d Ex ing c n on |
2) |
| d te re p or |
1) re cu rr. |
1) ing re cu rr |
fo Pr o rm a |
|
| l m F in ia in R C L an c ar g ‐ |
3 0 1 |
3 0 1 |
3 0 5 |
|
| fro In i in C L R ty tru ts co me m eq u s me n ‐ |
6 | 6 | 4 | |
| iss io in Ne R C L t c om m n co me ‐ |
2 1 6 |
2 1 6 |
1 9 8 |
|
| d r l Eq i R C L ty te ts u ac co un es u ‐ |
1 9 3 |
1 9 3 |
2 5 |
|
| f l o Ne in in ia io t t co me o n an c p er a ns |
2 3 |
2 3 |
3 1 |
|
| in in Ne t o t p er a g co me |
( ) 1 9 2 |
( ) 1 6 7 |
( ) 1 7 |
( ) 2 1 |
| ing inc fro ba k ing iv i Op R C L t t ty er a om e m n ac ‐ |
5 4 6 |
( ) 1 7 6 |
7 2 2 |
5 4 3 |
| he d c Ov ts er a os |
( ) 4 5 3 |
( ) 1 0 6 |
( ) 3 4 7 |
( ) 3 8 3 |
| ing f i be fo im irm d p is ion Op t t ts er a p ro re p a en an ro v s |
9 3 |
( ) 2 8 2 |
3 7 5 |
1 6 0 |
| f lo in d e Re te t a co ve ry o an s, re s n xp en se s |
2 6 |
2 6 |
1 1 |
|
| lo d p fo lo d g Im irm is io t tee p a en ss es a n ro v ns r an s a n ua ra n s |
( ) 2 1 |
( ) 2 1 |
( ) 3 7 |
|
| lo d o he Im irm is io t t p a en ss es a n r p ro v ns |
2 | 2 | ( ) 3 9 |
|
| be fo Ne inc inc t ta om e re om e x |
1 0 1 |
( ) 2 8 2 |
3 8 3 |
9 5 |
| In ta co me x |
( ) 7 8 |
( ) 8 |
( ) 7 1 |
( ) 3 8 |
| inc fro inu ing ion Ne t t t om e m co n o p er a s |
2 3 |
( ) 2 8 9 |
3 1 2 |
5 7 |
| fro d d o Ne in isc in io t t t co me m on ue p er a ns |
2 5 3 |
|||
| bu b le l l i in in In t tr ta to tro te ts co me a n on ‐co n g re s |
( ) 0 |
( ) 0 |
( ) 1 2 7 |
|
| inc Ne t om e |
2 3 |
( ) 2 8 9 |
3 1 2 |
1 8 3 |
Increase in BFA contribution to consolidated results from 122 M.€ to 154 M.€ (after taxes).
1)Includes:
Financial margin (narrow sense) at Sep.17 (accumulated) increases 1.4% (yoy)
Decrease in accumulated financial margin by 5 M.€ reflects the cost of 9 M.€ from the subordinated debt issued in Mar. 2017
New time deposits with an average remuneration of 2 bp in September 2017
Slight decrease in the loan spread offset by a slight decrease in the cost of funding in the 3rd quarter
| In M € |
Se 1 7 p |
Se 1 6 p |
Yo Y |
3 Q 1 7 |
q oq |
|---|---|---|---|---|---|
| k Ba in iss io n g co mm ns |
1 3 3 |
1 2 5 |
6. 4 % |
4 7 |
7. 9 % |
| 1) d In in ia io te t su ra nc e rm e n |
4 3 |
4 4 |
% 0. 7 ‐ |
1 5 |
% 0. 7 |
| 2) As t m t se an ag em en |
3 9 |
3 0 |
3 2. 9 % |
1 5 |
1 2. 1 % |
| l To ta |
2 6 1 |
9 8 1 |
8. 8 % |
7 7 |
7. 2 % |
| No te : |
|||||
| l ks Un i in in t g ro ss m ar g |
1 0 |
1 0 |
3. 1 % ‐ |
4 | 2 % 7. |
1)Includes unit links gross margin.
2) BPI Alternative Fund ceased to be consolidated from March 2017 onwards. In the consolidation of that fund, net commissions paid by the BPI Alternative Fund of 5.4 M.€ from Jan. to Sep.16 and 2.2 M.€ in the first quarter 17 were recorded. Taking into account the deconsolidation, the year‐on‐year change (yoy) in asset management commissions, on a comparable basis, was 18.7%.
1) Additionally, at Sep.17, BPI had 39 investment centers and 35 corporate centers in Portugal, thus totalling 508 business units. 2) Calculated using 2015 costs and revenue proforma for the restatement of BFA's contribution to the consolidated result in accordance with IFRS 5.
Restructuring costs should be significantly lower than the 250 M.€initially announced.
The bulk of the staff restructuring has been met with the reduction of c. 900 people coming from the departures occurred at 2016 year‐end and as a result of the voluntary terminations and early retirements programme launched in 2017.
| M. € |
3 1 De 1 6 c. |
3 0 Se 1 7 p. |
|---|---|---|
| l p ice l ia b i l i To ta t s ty a s er v |
1 4 6 3 |
1 5 1 5 |
| 1) f t he fu ds Ne io t a et s s s o p en s n n |
1 4 3 1 |
1 5 2 2 |
| f c f p io l ia b i l i ie De t g re e o ov e r ag e o en s n s |
9 8 % 7. |
1 0 0. % 5 |
| D i s c nt te ou ra |
2. 0 0 % |
2. 1 6 % |
| la h r Sa t te ry g row a |
1. 0 0 % |
1. 0 0 % |
| h r Pe io wt te ns ns g ro a |
% 0. 5 0 |
% 0. 5 0 |
| l b le Mo i Me rta ty ta : n |
2) / T V 7 3 7 7 – 2 y ea rs |
/ T V 8 8 9 0 |
| l i b le Mo W rta ty ta om en : |
2) / T V 8 8 9 0 – 3 y ea rs |
2) / T V 8 8 9 0 – 3 y ea rs |
1)In Dec. 16 includes 75.5 M.€ of contributions transferred to the pension funds in the beginning of 2017. 2)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.
| M. € |
|
|---|---|
| l a l de To ia iat ion 3 1 De 1 6 ta ctu t ar v s a c. |
( ) 2 4 4. 1 |
| 4) ha f a C io t ng e o s s um p ns |
( ) 1 7. 4 |
| fu ds de Pe io in ia io t ns n n co me v n |
9 8. 2 |
| Ot he r |
( ) 3. 3 |
| l a ia l de iat ion To 3 0 Se 1 7 ta ctu t ar v s a p. |
( ) 1 6 6. 6 |
| ) nis d dir ly in s ha ho l de in a da it h IA 3 Re S1 9. ect cog e re rs, cco r nce w ) lu de he ha lity b les d dis 4 Inc in s t ort ta t ra te. c nge m a an co un |
Pension fund return of 8.8% ytd with a positive impact of 98 M.€ in actuarial deviations.
BPI adopted in June 2017 a more conservative mortality table for men (TV 88/90).
Amount of liabilities already includes the increase from the programme of early retirements and voluntary terminations of 2017.
(Impairments after deducting recoveries from loans previously written off)
| 20 12 |
20 13 |
20 14 |
20 15 |
20 16 |
Se 17 p. |
|
|---|---|---|---|---|---|---|
| M. € |
2 4 2 |
2 4 9 |
1 5 8 |
8 7 |
1 9 |
‐5. 7 |
| loa % n fo lio po r |
0. 9 1 % |
0. 9 8 % |
0. 6 6 % |
0. 3 8 % |
0. 0 9 % |
1 ‐0. 0 1 % |
Note: amounts from Dec.12 to Dec.15 relate to the domestic activity.
(Impairments after deducting recoveries from loans previously written off)
| 1Q 16 |
2Q 16 |
3Q 16 |
4Q 16 |
1Q 17 |
2Q 17 |
3Q 17 |
|
|---|---|---|---|---|---|---|---|
| M. € |
1 6 |
1 2 |
2 ‐ |
7 ‐ |
6 ‐ |
1 4 |
1 3 ‐ |
| 1 % loa fo lio ort n p |
0. 2 9 % |
0. 2 2 % |
0. 0 % 4 ‐ |
0. 2 % 1 ‐ |
0. % 1 1 ‐ |
0. 2 % 4 |
0. 0 % 4 ‐ |
| loa fo lio % ort n p ( las hs ) t 1 2 m t on |
0. 3 2 % |
0. 2 4 % |
0. 1 6 % |
0. 0 9 % |
0. 0 1 % ‐ |
0. 0 1 % ‐ |
0. 0 6 % ‐ |
Impairments from Jan.‐Sep.17 amounted to 21 M.€, which corresponds to 0.12% of the loan portfolio in annualised terms.
Loan recoveries previously written off amounted to 26 M.€ in the same period, of which 14.2 M.€ (recorded in the third quarter) relate to a single recovery situation.
1) In annualised terms. In the annualisation of the indicator, a recovery of 14.2 M.€ in the third quarter related to a single situation was not annualised.
Annexes
1) Cover by impairments accumulated in the balance sheet for loans and guarantees; does not consider collaterals. 2) NPE ratio considering the prudential supervision perimeter.
| 3 0 Se 1 7 p. |
|
|---|---|
| "N fo " ( ) in N P E on ‐p er rm g ex p os ur es |
2 € 1 5 4 M |
| N P E io t ra |
5. 5 % |
| 1) io Co t ve ra g e ra |
% 4 2 |
Non performing loans ratio of 5.5%; impairments coverage of 48%1) and of 114% by impairments including collateral
NPE ratio of 5.5%; impairments coverage of 42%1) and of 114% by impairments including collateral
Sale of 389 properties in the first nine months of 2017 for 48.9 M.€. Positive impact in profits before taxes of 9.3 M.€.
1) High Quality Liquid Asset.
| M € |
k Bo o lue va ( ) M € |
/ ins Ga ( ) los se s |
i du l Re s a i tu ty m a r , y ea rs |
||
|---|---|---|---|---|---|
| ho b l S ic t‐ te r rm p u 3) de b t |
2 8 6 4 |
1 | 0. 5 |
||
| 4) b l de b M L T ic t p u |
5 1 7 |
1 | 1. 6 |
||
| i Eq ty te u co rp or a , bo ds d o he t n a n r |
3 2 5 |
2 5 |
|||
| l To ta |
3 7 3 2 |
2 7 |
|||
| ) ( ), ( ) a ( ). 3 l 92 % ly % d S in 3.9 % Po rtu Ita 4.5 ga n pa |
4) Portugal (64%), Italy (36%).
2) Excluding DTA and equity risk class.
3) Includes BFA contribution (equity accounted) to consolidated net profit and other.
Leverage ratio 7.0% 6.3%
1) Excluding impact from the sale of 2% of BFA capital and deconsolidation.
BPI with investment grade long‐term ratings from two agencies
| d A … A A‐, AA AA AA + a n , |
d A … A a3, Aa 2, Aa 1 a n aa |
d A … A A‐, AA AA AA + a n , |
||
|---|---|---|---|---|
| e d |
A + |
A 1 |
A + |
( h h ) A i g |
| a r G |
A | 2 A ds B P I M Bo tg or ag e n |
A | A |
| t n e |
A‐ | A 3 |
A‐ | ( l ) A o w |
| m t s e |
B B B + |
B 1 a a |
B B B + |
( ) h i h B B B g |
| v n I |
B B B |
B 2 a a |
k Ba 1 B B B n |
B B B |
| k B B B‐ l 1 Po Ba tu n r g a |
B 3 a a |
B B B‐ |
( ) l B B B o w |
|
| B B + |
B 1 k l Ba 1 Po tu n a r g a |
l B B Po tu + r g a |
( h h ) B B i g |
|
| e d a r |
B B |
B 2 a |
B B |
B B |
| g t n |
k 3 Ba B B‐ n |
3 B a |
B B‐ k k Ba 2 Ba 3 n n |
( l ) B B o w |
| e m t |
B + |
k k Ba 2 Ba 3 B 1 n n |
B + |
( ) h h B i g |
| s e v n |
B | 2 B |
B k Ba 4 n |
B |
| I ‐ n o |
B‐ | k B 3 Ba 4 n |
B‐ | ( l ) B o w |
| N | C C C + |
C 1 a a |
C C C + |
( h h ) C C C i g |
| d D … C CC CC C‐, CC C a n , , |
k C 2 Ba 5 a a n |
d D … C CC CC C‐, CC C a n , , |
||
| d C Ca a3, Ca an … |
| ( hig … A AA AA , |
h ), ( AA AA , |
low ) |
|---|---|---|
| B | P I M tg or |
ds Bo ag e n |
| k Ba 1 n |
||
| l Po tu r g a |
k Ba 2 n |
|
| k Ba 3 n |
||
| k Ba 4 n |
||
| ( h h ) C C C i g |
k Ba 5 n |
|
… CCC, CCC (low), CC (high), CC, CC (low), C (high), C, C (low), D
Investment grade BBB ‐
Investment grade BBB ‐
BPI has "investment grade" ratings from Standard & Poor's and Fitch Ratings
BPI is one of two banks in Portugal to have investment grade ratings of 2 or more rating agencies, condition necessary to be able to grant international guarantees.
Annexes
| d l G t o o r e s s u 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 a u g |
L t o a n s o i c o m p a n e s 3 2 0 € M + J S 1 7 t. a n. e ‐ |
C t u s o m e r r e s o u r c e s 8 0 0 € 1 M + J S 1 7 t. a n. e ‐ |
i i l F n a n c a i m a r g n 2 % + i 3. º 2 0 1 7 t r m |
i i C o m m s s o n s 8 8 % + J S 1 7 t. a n. e ‐ |
|---|---|---|---|---|
| d I m p r o v e f f k i i i 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 |
C t o s s 6 % 7 ‐ J S 1 7 t. a n. e ‐ |
C t t o s o ‐ ‐ i n o m e c % 6 3 |
d i C t r e k i t a r s % 3 3 |
C E T 1 F L % 1 1 5 l L T F t o a 1 3 3 % |
| f i i P t r o n c r e a s e s i l d P t n o r u g a a n l d d i i t n c o n s o a e |
f i i N t t e p r o n l P t o r u g a 1 5 2 M € J S 1 7 t. a n. e ‐ |
l d d i C t o n s o a e f i t t n e p r o 3 1 2 M € J S 1 7 t. a n. e ‐ |
i R t a n g s I t t n v e s m e n d g r a e |
& S P B B B ‐ i h F t c B B B ‐ |
Results in the nine months ending 30 September 2017
| l. t he 3 0 Se 1 7 e p. xc |
||||
|---|---|---|---|---|
| 3 0 Se 1 6 p. |
3 0 Se 1 6 p. |
3 0 Se 1 7 p. |
im f t he le f t o p ac sa o |
|
| d te a s re p or |
fo p ro rm a |
d ort as re p e |
d 2 % B F A a n |
|
| de l i da ion t co ns o |
||||
| / in in fro ba k in iv i d r l f e i d bs i d ia ie Op A T A t t ty ts ty te er a g co me m n g a c an es u o q u ac co un s u r s |
% 3. 2 |
% 1. 8 |
2. 2 % |
2. 9 % |
| f fo / i be io d in i bu b le l l in in A A Pro T t ta t ttr ta to nt te ts re xa n a n co me a n on ‐co ro g re s |
1. 2 % |
1. 2 % |
0. 4 % |
1. 1 % |
| / f i be fo io d in i bu b le l l in in Pro t ta t ttr ta to nt te ts re xa n a n co me a n on ‐co ro g re s av er ag e ha ho l de ' e ( lu d l l ) ity in in in int nt ts s rs u c no n‐ co ro er es |
1 6. 9 % |
1 6. 9 % |
5. 2 % |
1 4. 4 % |
| re q g g / l c fro ba k d r l f e d Pe Op in in in iv i i ts t t ty ts ty te rs on ne os er a g co me m n g ac a n es u o q u a c co un 1 bs d i ia ie s su r |
3 0. 5 % |
4 0. 6 % |
3 7. 1 % |
2 8. 1 % |
| he d c / fro ba k d r l f e d Ov Op in in in iv i i ts t t ty ts ty te er a os er a g co me m n g ac an es u o q u ac co un 1 bs i d ia ie s su r |
% 5 3. 4 |
% 6 9. 2 |
% 6 3. 5 |
% 4 8. 1 |
| fo ha da do bt fu l l o / l o fo l ( ) Lo i n 9 0 io e t t s + a n s a r re a r s r m or n y u a n s a n p or g ro s s |
4. 0 % |
2. 8 % |
||
| fo ha da do bt fu l lo f a la d lo Lo in 9 0 e t t o te a n s a r re a r s r m or n y s + u a n s, ne cc um u an / lo fo l ( ) im i rm io ts t t p a en an p or ne |
% 0. 1 |
% 0. 1 |
||
| 2 d k a f t l lo ( ) Cre i i s % t a t r ot s o a a n s ro s s g |
4. 8 % |
3. 5 % |
||
| 2, d k f a la d lo f t l lo ( ) Cre i i s im i rm % t a t r t o te ts ot t ne cc um an p a en a s o a a n s ne u |
0. 9 % |
0. % 7 |
||
| 3 d lo f t l lo ( ) Re % tru ctu ot s re a n s a s o a an s g ro s s |
6. % 5 |
6. 0 % |
||
| 3 d lo lu de d d k a f t l lo ( ) Re in in i i s % tru ctu ot t a t r ot s re a n s n c cre s o a an s g ro s s |
% 4. 5 |
% 4. 5 |
||
| l c i l r io To ta ta t a p a |
4) % 1 1. 4 |
5) 3. 9 % 1 |
||
| ie io T I r t r a |
4) % 1 1. 4 |
5) 2. % 1 5 |
||
| ie io Co T I r t re r a |
4) % 1 1. 4 |
5) % 1 2. 5 |
||
| ( ) de Lo i io t to ts t a n s ne p os ra |
8 6 % |
1 0 5 % |
1) Excluding early‐retirement costs and changes to the plan (personnel costs).
3) According to Bank of Portugal Instruction 32/2013. 2) The credit at risk is the sum of: (1) the total amount outstanding on a loan in respect of which there are instalments of principal or interest in arrears for 90 days or more; (2) the total amount outstanding on loans which have been restructured, after having been in arrears for a period of 90 days or more, without adequate reinforcement of guarantees (these should be sufficient to cover the full amount of the outstanding principal and interest) or full payment of interest and other charges in arrears; (3) the total value of loans with instalments of principal and accrued interest in arrears for less than 90 days but in respect of which there is evidence to justify their classification as credit‐at‐risk, namely the debtor's bankruptcy or winding up.
4) According to CRD IV/CRR phasing in rules for 2016.
5) According to CRD IV/CRR phasing in rules for 2017.
Captions reclassified according to the format used by CaixaBank (BPI's consolidating entity). The underlying accounting criteria were not affected by the change in the format adopted.
| Se 20 17 p. |
3Q 17 |
2Q 17 |
1Q 17 |
20 16 |
4Q 16 |
Se 16 p. |
3Q 16 |
2Q 16 |
1Q 16 |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 1) for pro ma |
1) for pro ma |
1) for pro ma |
1) for pro ma |
|||||||
| l m F ina ia in nc arg na rro w se ns e |
2 7 3. 9 |
9 1. 5 |
9 0. 1 |
9 2. 3 |
3 6 4. 2 |
9 4. 2 |
2 7 0. 1 |
9 1. 1 |
9 2. 8 |
8 6. 1 |
| hn l re lt o f Te ica ins tra cts c su ura nc e c on |
1 1. 5 |
4. 1 |
3. 8 |
3. 6 |
2 4. 6 |
5. 7 |
1 8. 9 |
5. 4 |
5. 6 |
7. 9 |
| lat d c Ne is ion ing ise t c to ort t om m s r e am os |
1 5. 4 |
5. 1 |
4. 6 |
5. 8 |
2 1. 2 |
5. 4 |
1 5. 8 |
5. 3 |
5. 1 |
5. 4 |
| l m F ina ia in R C L nc arg ‐ |
3 0 0. 8 |
1 0 0. 7 |
9 8. 5 |
1 0 1. 6 |
4 1 0. 0 |
1 0 5. 3 |
3 0 4. 7 |
1 0 1. 8 |
1 0 3. 6 |
9 9. 4 |
| fro Inc ity ins R C L tru nts om e m eq u me ‐ |
6. 5 |
0. 1 |
6. 3 |
0. 1 |
8. 5 |
4. 6 |
3. 9 |
0. 0 |
3. 9 |
0. 0 |
| Ne iss ion inc R C L t c om m om e ‐ |
2 1 5. 7 |
7 7. 4 |
7 2. 2 |
6 6. 1 |
2 7 2. 8 |
7 4. 5 |
1 9 8. 3 |
6 6. 3 |
6 7. 4 |
6 4. 6 |
| d r lts ( d c ) ‐ Eq ity ing iat ies R C L te u ac co un es u ea rn s a sso c e om p an |
1 9 2. 8 |
7 2. 1 |
6 4. 6 |
5 6. 1 |
2 6. 2 |
0. 8 |
2 5. 4 |
4. 0 |
1 5. 8 |
5. 6 |
| f l o Ne inc ina ia ion t t om e o n nc p era s |
2 2. 7 |
7. 9 |
7. 1 |
7. 7 |
4 8. 9 |
1 7. 7 |
3 1. 2 |
6. 1 |
2 8. 7 |
( ) 3. 6 |
| Ne ing inc t o t p era om e |
( ) 1 9 2. 3 |
( ) 1. 2 |
( ) 1 5. 0 |
( ) 1 7 6. 0 |
( ) 2 3. 8 |
( ) 3. 2 |
( ) 2 0. 5 |
( ) 1. 0 |
( ) 1 8. 3 |
( ) 1. 2 |
| fro ba k Op ing inc ing iv ity R C L t t era om e m n ac ‐ |
5 4 6. 2 |
2 5 6. 9 |
2 3 3. 6 |
5 5. 6 |
7 4 2. 7 |
1 9 9. 6 |
5 4 3. 1 |
1 7 7. 3 |
2 0 1. 1 |
1 6 4. 8 |
| l co Pe sts rso nn e |
( ) 3 0 8. 9 |
( ) 6 7. 0 |
( ) 1 6 4. 1 |
( ) 7 7. 9 |
( ) 3 0 8. 0 |
( ) 7 9. 8 |
( ) 2 2 8. 2 |
( ) 7 6. 0 |
( ) 7 8. 3 |
( ) 7 4. 0 |
| 2) f w h h: l co O ic No ing sts n‐r ec ur r p ers on na |
( ) 1 0 6. 3 |
0. 0 |
( ) 9 5. 6 |
( ) 1 0. 7 |
( ) 1 6. 8 |
( ) 9. 3 |
( ) 7. 5 |
( ) 4. 7 |
( ) 2. 3 |
( ) 0. 6 |
| l a Ge dm in ist ive rat sts ne ra co |
( ) 1 2 7. 7 |
( ) 4 2. 0 |
( ) 4 4. 3 |
( ) 4 1. 4 |
( ) 1 6 8. 6 |
( ) 2 9. 7 |
( ) 1 3 8. 9 |
( ) 4 5. 2 |
( ) 4 8. 9 |
( ) 4 4. 8 |
| iat ion d a isa ion De rt t p rec an mo |
( ) 1 6. 6 |
( ) 6 5. |
( ) 5. 5 |
( ) 5. 5 |
( ) 2 1. 4 |
( ) 4 5. |
( ) 1 6. 0 |
( ) 2 5. |
( ) 3 5. |
( ) 5. 5 |
| he Ov d c ts er a os |
( ) 4 5 3. 2 |
( ) 1 1 4. 5 |
( ) 2 1 3. 9 |
( ) 1 2 4. 7 |
( ) 4 9 7. 9 |
( ) 1 1 4. 8 |
( ) 3 8 3. 1 |
( ) 1 2 6. 3 |
( ) 1 3 2. 5 |
( ) 1 2 4. 2 |
| f fo Op ing it be im irm d p is ion t ts era p ro re p a en an rov s |
9 3. 0 |
1 4 2. 4 |
1 9. 7 |
( ) 6 9. 1 |
2 4 4. 8 |
8 4. 8 |
1 6 0. 0 |
0. 9 5 |
6 8. 6 |
4 0. 5 |
| f loa int d e Re st co ve ry o ns ere an xp en se s , |
2 6. 3 |
2 1 7. |
2. 9 |
6. 2 |
3. 1 7 |
3. 1 |
0. 6 1 |
3. 4 |
3. 3 |
3. 9 |
| fo Im irm los d p is ion loa d g t te t p a en se s a n rov s r ns an ua ran es ne , |
( ) 2 0. 6 |
( ) 4. 0 |
( ) 1 6. 7 |
0. 1 |
( ) 3 3. 0 |
3. 9 |
( ) 3 6. 9 |
( ) 1. 1 |
( ) 1 6 5. |
( ) 2 0. 1 |
| irm los d o he is ion Im t t t p a en se s a n r p rov s, ne |
2. 2 |
( ) 0. 8 |
( ) 0. 6 |
3. 5 |
( ) 3 6. 5 |
2. 5 |
( ) 3 8. 9 |
( ) 5. 1 |
( ) 3 0. 6 |
( ) 3. 3 |
| fo Ne inc be inc t e t om e re om ax |
1 0 0. 9 |
1 4. 8 5 |
3 5. |
( ) 9. 3 5 |
1 8 9. 0 |
9 4. 3 |
9 4. 8 |
4 8. 2 |
2 6 5. |
2 1. 0 |
| Inc e t om ax |
( ) 8. 3 7 |
( ) 3 0. 5 |
3 1 5. |
( ) 6 3. 1 |
( ) 4 4. 7 |
( ) 6. 5 |
( ) 3 8. 2 |
( ) 8 1 5. |
( ) 9. 0 |
( ) 3. 1 4 |
| inc fro inu ing ion Ne t nt t om e m co op era s |
2 2. 6 |
2 3 1 4. |
2 0. 6 |
( ) 2 2. 3 1 |
1 4 4. 4 |
8 8 7. |
6. 5 5 |
3 2. 4 |
6. 6 1 |
6 7. |
| inc fro d isc inu d o ion Ne t t t om e m on e p era s |
3 3 7. 7 |
8 4. 8 |
2 5 2. 9 |
8 9. 0 |
8 7. 2 |
7 6. 6 |
||||
| bu b le l l fro Inc i ing int inu ing ttr ta to tro ts nt om e a no n‐c on er es m co ion t op era s |
( ) 0. 0 |
0. 0 |
( ) 0. 0 |
( ) 0. 0 |
( ) 0. 0 |
( ) 0. 0 |
( ) 0. 0 |
( ) 0. 0 |
( ) 0. 0 |
( ) 0. 0 |
| bu b le l l fro d d Inc i ing int isc inu ttr ta to tro ts t om e a no n‐c on er es m on e ion at op er s |
( ) 1 6 8. 8 |
( ) 4 2. 3 |
( ) 1 2 6. 5 |
( ) 4 4. 4 |
( ) 4 3. 6 |
( ) 3 8. 4 |
||||
| Ne inc t om e |
2 2. 6 |
1 2 4. 3 |
2 0. 6 |
( ) 1 2 2. 3 |
3 1 3. 2 |
1 3 0. 3 |
1 8 2. 9 |
7 7. 0 |
6 0. 2 |
4 5. 8 |
1) The designation "proforma" reflects the restatement of BFA's contribution to consolidated net income in conformity with IFRS 5 rules, that is recorded in the net income from discontinued operations. 2) Costs from voluntary terminations and early retirements and (only in 2016) gains with the revision of the Collective Labour Agreement (Acordo Colectivo de Trabalho ‐ ACT).
| In M. € |
30 Se 17 p. |
30 Ju 17 n. |
31 M 17 ar. |
31 De c. 1 6 |
|---|---|---|---|---|
| As ts se |
||||
| h a d de l ba ks Ca sit t c tra s n po s a en n |
1 2 09 .0 |
98 3.4 |
1 3 00 .2 |
87 6.6 |
| he dit De sit in sti ion t o t tut po s a r c re s |
25 2.9 |
30 0.0 |
27 2.1 |
30 0.2 |
| d a dv dit Lo in sti ion s t tut an s a n an ce o c re s |
82 0.8 |
74 4.6 |
78 1.8 |
63 7.6 |
| d a dv Lo o C s t ust an s a n an ce om ers |
22 70 8.0 |
22 81 9.8 |
22 71 8.4 |
22 73 5.8 |
| Fin cia l a he l d for din d a fai lue hro h p fit los ts tr t t an sse a g a n r v a ug ro or s |
2 8 58 .1 |
2 4 09 .7 |
2 4 21 .4 |
2 1 97 .9 |
| Fin cia l a ai la b le for le ts an sse av sa |
3 7 32 .1 |
3 7 79 .3 |
3 8 16 .9 |
3 8 76 .4 |
| He l d t rit inv atu tm ts o m y es en |
14 .4 |
14 .4 |
16 .3 |
16 .3 |
| He dg ing de riv ati ve s |
15 .2 |
20 .4 |
21 .1 |
25 .8 |
| d c d j ly c l le d e Inv in cia nie oin nti tie tm ts te t tro es en as so om pa s a n on s |
74 9.3 |
67 5.0 |
68 1.6 |
17 5.7 |
| Inv ies tm t p ert es en rop |
0.0 | 0.0 | 0.0 | 0.0 |
| he l d for le d dis d o No nti ion t a ts rat n‐c urr en sse sa an co nu e pe s |
0.0 | 0.0 | 0.0 | 6 2 95 .9 |
| he b le Ot i r ta ts ng as se |
41 .7 |
43 .7 |
48 .0 |
51 .0 |
| b le Int i ts an g as se |
24 .3 |
24 .7 |
24 .6 |
25 .6 |
| Ta ts x a sse |
44 2.7 |
47 2.8 |
44 7.5 |
47 1.8 |
| he Ot ts r a sse |
41 0.5 |
46 3.5 |
42 6.8 |
59 8.0 |
| l as To ta set s |
33 27 9.0 |
32 75 1.4 |
32 97 6.7 |
38 28 4.7 |
| Lia bi liti d s ha ho l de ' eq uit es an re rs y |
||||
| f ce l ba ks Re ntr so urc es o a n |
2 1 44 .2 |
2 1 45 .4 |
1 9 99 .5 |
2 0 00 .0 |
| l lia bi liti he l d for din Fin cia tr an es a g |
17 9.0 |
18 5.8 |
20 8.7 |
21 2.7 |
| f o he dit Re in sti ion t tut so urc es o r c re s |
1 8 16 .0 |
1 6 24 .1 |
1 8 34 .9 |
1 0 96 .4 |
| f C d o he de bts Re ust t so urc es o om ers an r |
22 44 0.1 |
22 33 5.5 |
22 41 3.5 |
21 96 7.7 |
| bts De rit ies se cu |
26 4.1 |
26 8.9 |
28 8.6 |
50 6.8 |
| hn l p Te ica isi c rov on s |
1 8 68 .3 |
1 9 23 .6 |
1 9 85 .2 |
2 0 48 .8 |
| l lia bi liti lat fer d a Fin cia ing to tr ts an es re an s re sse |
49 2.0 |
51 1.4 |
52 5.6 |
55 5.4 |
| dg ing de riv ati He ve s |
71 .9 |
78 .0 |
93 .0 |
97 .8 |
| lia bi liti he l d for le d dis nti d o ion No t rat n‐c urr en es sa an co nu e pe s |
0.0 | 0.0 | 0.0 | 5 9 51 .4 |
| vis ion Pro s |
66 .5 |
68 .8 |
69 .3 |
70 .2 |
| lia bi liti Ta x es |
71 .2 |
67 .1 |
66 .5 |
22 .0 |
| he bo din d de bt d p bo ds Ot ici tin ate art r s r an pa g n u |
36 9.6 |
37 3.8 |
36 9.9 |
69 .5 |
| he lia bi liti Ot r es |
77 5.3 |
60 6.7 |
58 7.3 |
77 7.4 |
| ha ho l de ' eq bu b le t he ha ho l de f B S uit i PI ttr ta o t re rs y a s re rs o |
2 7 20 .9 |
2 5 60 .6 |
2 5 33 .0 |
2 4 40 .5 |
| l lin No int tro sts n‐c on g ere |
0.0 | 1.8 | 1.8 | 46 8.0 |
| ha ho l de ' e ity S re rs qu |
2 7 20 .9 |
2 5 62 .3 |
2 5 34 .7 |
2 9 08 .5 |
| l l ia b i l it ies d s ha ho l de ' e ity To ta an re rs qu |
33 27 9.0 |
32 75 1.4 |
32 97 6.7 |
38 28 4.7 |
Captions restated (RST) according to the format used by CaixaBank (BPI's consolidating entity). The underlying accounting criteria were not affected by the change in the format adopted
| l S i d I t t t – t t n c o m e a e m e n s r u c u r e p r e v o u s y u s e |
d d i h l f I S 1 2 0 1 7 t t t – t t t t n o m e a e m e n s r r e a o p e n s a c u c u |
|---|---|
| ( ) i l i l 1 2 0 1 7 t t t n s q a r e r e a r n n g s r e e a s e u u |
( ) d ing he fo d by Ca ixa k, 's l i da ing i Ba B P I to t t u t t ty ac co r rm a se n co ns o en |
| l m (na ) F ina ia in nc arg rro w sen se |
|
| l ks Gr in o it in oss m arg n u n |
ina ia l m in (na ) F nc arg rro w sen se |
| fro ity ins Inc tru nts om e m eq u me |
hn l re lt o f Te ica ins ntr act c su ura nce co s |
| lat d c Ne iss ion ing ise t c to ort ost om m s re am |
iss ion lat ing ise d c Ne t c to ort ost om m s r e am |
| l m F ina ia in nc arg |
ina ia l m in F ‐ R CL nc arg |
| hn ica l re lt o f ins Te ntr act c su ura nce co s |
fro Inc ity ins ‐ R CL tru nts om e m eq me u |
| Ne iss ion inc t c om m om e |
iss ion inc RC Ne L t c om m om e ‐ |
| inc f ina ia l op ion Ne t t om e o n nc era s |
d r lts Eq ity ‐ R CL te u ac co un esu |
| Ne ing inc t o t p era om e |
f inc ina ia l o ion Ne t t om e o n nc p era s |
| fro ba k Op ing inc ing iv ity t t era om e m n ac |
Ne ing inc t o t p era om e |
| l co Pe sts rso nn e |
fro ba k Op ing inc ing iv ity ‐ R CL t t era om e m n ac |
| 1) f w h ic h: ing l co O sts no n‐r ec urr ers on ne |
l co Pe sts rso nn e |
| p l a dm Ge in istr ive at sts ne ra co |
1) f w h h: l co O ic ing sts no n‐r ec urr p ers on ne |
| iat ion d a isa ion De rt t p rec an mo |
Ge l a dm in ist ive rat sts ne ra co |
| he d c Ov ts er a os |
d a De iat ion isa ion rt t p rec an mo |
| f be for d p Op ing it im irm is ion t ts era ro e a en an rov s |
he d c Ov ts er a os |
| p p f loa int d e Re st a cov o ere n en |
Op ing f it be for im irm d p is ion t ts era p ro e p a en an rov s |
| ery ns, xp ses los for loa Im irm is ion t tee |
f loa d e Re int st cov ery o ns, ere an xp en ses |
| d p d g et p a en ses an rov s ns an ua ran s, n Im irm los d o he is ion |
for Im irm los d p is ion loa d g t tee et p a en ses an rov s ns an ua ran s, n |
| t t et p a en ses an r p rov s, n be for |
los d o he Im irm is ion t t et p a en ses an r p rov s, n |
| inc inc Ne t e t om e e om ax |
be for Ne inc inc t e t om e e om ax |
| Inc e t om ax |
Inc e t om ax |
| (eq ) ing f a iat d c ies ity ho d Ea t rn s o sso c e om p an u me |
inc fro inu ing ion Ne t nt t om e m co op era s |
| inc fro inu ing ion Ne t nt t om e m co op era s |
fro Ne inc d isc inu d o ion t t t om e m on e p era s |
| fro d d o Ne inc isc inu ion t t t om e m on e p era s |
bu l l fro Inc i ing int inu ing ion ttr t. t ntr sts nt t om e a o n on ‐co o ere m co op era s |
| i but l l ing int fro inu ing ion Inc ttr . to tro sts nt t om e a no n‐c on ere m co op era s |
bu l l fro d d o Inc i ing int isc inu ion ttr t. t ntr sts t t om e a o n on ‐co o ere m on e p era s |
| but l l fro d d o Inc i ing int isc inu ion ttr . to tro sts t t om e a no n‐c on ere m on e p era s |
Ne t In co me |
| Ne t In co me |
Similar structure to the one used by CaixaBank (BPI's consolidating entity). The underlying accounting criteria were not affected by the change in the format adopted.
| io ly d Cu Re to tr tu s m er so ur ce s – s uc re p re v us us e ( l lea ) i 1s 2 0 1 7 e ing t t q te un ua r r ar n s re se |
ha l f Cu do d in Re 1s to tr tu te t s m er so ur ce s – s uc re a p 2 0 1 7 |
||
|---|---|---|---|
| Cu sto me r re sou rce s (no ed by du lic ati ded ed of lac f p ion fu nd de t. i t c ect uct ent orr p on s n or p em s o ens un r m g n ba lan sh ) eet ce re so urc es |
Ot he r res ou rce s |
( fo 's los he d by ixa k, Ca Ba B P I to t t u c e rm a se n l ) i da ing i t t ty co ns o e n |
|
| ‐b lan he On et a ce s res ou rce s |
Cu to m |
||
| ' de Cu its sto me rs p os |
s er re so ur ce s ( d by du l de du d o f p lac f ica ion t c te t cte ts no or rec p s n or em en o |
||
| ds lac d w h d o he Bo it Cu sto t n p e me rs an r |
fu ) ion d u de in ba lan he t. et p en s n n r m g ce s res ou rce s |
||
| De its d Bo ds p os an n |
|||
| ita l isa ion d o he Ins t t ura nc e c ap an r |
I. | ba lan he On t r ce s e es ou rce s |
|
| it l in ks ins ita l isa ion Un t ura nc e c ap |
De | i ts p os |
|
| "A fo " l du d o he ins ita is. cts t rro ura nc e c ap p ro an r |
|||
| l da d t fu ds Pa ic ip ing its in i rt at te t un co ns o rus n |
h d ‐d S ig i t a te ts n rm ep os |
||
| ‐b lan he On et a ce s res ou rce s |
l bo ds Re i ta n |
||
| f f‐ O ba lan he et ce s res ou rce s |
|||
| it t fu ds d Un P P R a P P A t rus n n , |
fro de In i te ts ts re s m p os |
||
| B P I Su iss e |
|||
| f f‐ ba lan he O et ce s res ou rce s |
Ca | l d he i isa io ins ta t t p n ur an ce a n o r |
|
| T O T A L C U S T O M E R R E S O U R C E S |
I I. |
de As ts t r m |
|
| he Ot to r c us me r re so urc es |
se un an ag em en |
||
| b l f fe ic o ing Pu r s |
M | l fu ds tu u a n |
|
| h ir d‐ fu ds lac d w it h c T art to p y n p e us me rs |
|||
| 2) he Ot it ies to r c us me r s ec ur |
Pe | lan io ns n p s |
|
| O T H E R C U S T O M E R R E S O U R C E S |
|||
| l To ta |
I I |
b l f fe I. Pu ic ing o r s |
|
| ds Pe ion Fu ns n |
To | l ta |
|
| B P I Gr ou p |
|||
| he Ot r |
1) Placements of investment funds managed by BPI Group in on‐balance sheet resources.
2) Excludes BPI securities.
Similar structure to the one used by CaixaBank (BPI's consolidating entity). The underlying accounting criteria were not affected by the change in the format adopted.
| lo fo l ly d Gr io io t tr tu os s an p or s uc re p re v us us e – ( l lea ) i 1s 2 0 1 7 e ing t t q te un ua r r ar n s re se |
lo fo l io do d Gr t tr tu te os s an p or s uc re a p – in he ha l f 1s 2 0 1 7 t t |
|---|---|
| Gr loa fo l io ort os s n p |
( los he fo d by k, 's Ca ixa Ba B P I to t t u c e rm a se n l da ) i ing i t t ty co ns o e n |
| ba k ing Co ate rp or n |
|
| Lar ies g e c om p an |
|
| d d c Me ium ize ies ‐s om p an |
|
| l Pro j F ina Po t rtu ec nc e ‐ g a |
loa fo l Gr io ort os s n p |
| dr i d bra h Ma nc |
d du ls I. Lo in iv i s t |
| j ina Pro F t ec nc e |
an o a |
| Co ate rp or s |
loa Mo rtg ag e ns |
| b l Pu ic Se cto r |
he loa d du ls Ot in iv i to r ns a |
| l dm Ce A in ist ion ntr rat a |
ies I I. Lo Co s t an o mp an |
| ion l a d loc l a dm in ist ion Re rat g a n a s |
d m d d c Lar ium ize ate g e a n e s or p or s |
| Sta Co Se in he bu dg im te te cto t et ete rp ora r ‐ p er r |
Sm l l bu ine a s sse s |
| de he bu dg Sta Co Se i im te te cto ts t et ete rp ora r ‐ ou p er r |
l l To Co ies in Po ta rtu mp an g a |
| he l Ot Ins itu ion t t r a |
j f ina d dr i d h Pro Ma Bra t ec nc e a n nc |
| d iv i du ls a d l l ine k ing In Sm Bu Ba a n a s sse s n |
i da õe fo l io I I I. B P I V Pe ort e ns s p |
| loa in d iv i du ls Mo rtg to ag e ns a |
b l I V. Pu ic s to ec r |
| / d he Co it ot ns um er cre r p ur p os es |
he V. Ot r |
| d ds Cre it Ca r |
l To ta |
| f Ca ina ing r nc |
|
| Sm l l bu ine a s sse s |
|
| da B P I V i Pe õe e ns s |
|
| he Ot r |
|
| he loa Ot r ns |
|
| d o he Int sts t ere an r |
|
| l To ta |
|
In addition to the financial information prepared in accordance with the International Financial Reporting Standards (IFRS), BPI uses a number of indicators in the analysis of the performance and financial position which are classified as Alternative Performance Indicators (APM) in accordance with the guidelines set by the European Securities and Markets Authority or ESMA about the disclosure of Alternative Performance Measures by entities published on 5 October 2015 ( ESMA / 2015/ 1415). These indicators, which were not audited, are considered additional disclosures and in no case replace the financial information prepared in accordance with the IFRS. In addition, the way Banco BPI defined and calculated these indicators may differ from the way similar indicators are computed by other companies and may therefore not be comparable. The following is a list of alternative performance indicators used by BPI, together with a reconciliation between certain management indicators and the consolidated financial statements and their notes prepared in accordance with IFRS.
Financial margin (RCL) = Financial margin (narrow sense) + Technical result of insurance contracts + Commissions relating to amortised cost
Net commissions (RCL) = Net commissions + Gross margin on unit links
Operating income from banking activity (RCL) = Financial margin (RCL) + Income from equity instruments (RCL) + Net commissions income (RCL) + Equity accounted results (RCL) + Net income on financial operations + Net operating income
Commercial banking income = Financial margin (RCL) + Income from equity instruments (RCL) + Net commissions income (RCL) + Equity accounted results (RCL) excluding the contribution of stakes in African banks
Overhead costs = Personnel costs + General administrative expenses + 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 expenses + Depreciation and amortisation
Operating profit before impairments and provisions (RCL) = Operating income from banking activity (RCL) ‐ Overhead costs
Net income before income tax (RCL) = Operating profit (RCL) + Recovery of loans, interest and expenses ‐ Impairment losses and provisions for loans and guarantees, net ‐ Impairment losses and other provisions, net
Cost‐to‐income ratio (efficiency ratio) 1) = Overhead costs / Operating income from banking activity (RCL)
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 available‐for‐sale financial assets
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 the fair value reserve (after deferred taxes) related to the financial assets available for sale portfolio.
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
Intermediation margin = Loan portfolio average interest rate ‐ Deposits average interest rate
The term "RCL" or "Reclassified captions" identifies income and costs captions that have been reclassified in this earnings release, and repositioned in the structure of the income statement according to the format used by CaixaBank (BPI's consolidating entity). The underlying accounting criteria were not affected by the change in the format adopted.
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 and others
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.
Being:
Deposits = Sight deposits and other + Time and savings deposits + Accrued interest + Bonds placed with customers (Fixed / variable rate bonds and structured products placed with Customers + Deposits certificates + Subordinated bonds placed with Customers)
Capitalisation insurance and others = Unit links insurance capitalisation + "Aforro" capitalisation insurance and others (Technical provisions + Guaranteed rate and guaranteed retirement insurance capitalisation) + Participating units in consolidated mutual funds
Assets under management = Mutual funds + Pension plans
Note: 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.
Mutual funds = Unit trust funds + Real estate investment funds + Retirement‐savings and equity‐savings plans (PPR and PPA) + Hedge funds + Funds assets under BPI Suisse management + Third‐party unit trust funds placed with Customers
Pension plans = pension plans under BPI management (includes pension plans of BPI Group)
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
Loan‐to‐deposit ratio = Net loans to Customers / Customer deposits
Impairments for loans and guarantees as % of the loan portfolio 1)= Impairment losses and provisions for loans and guarantees, net / Average value in the period of the performing loan portfolio
Cost of credit risk as % of the loan portfolio 1)= (Impairments and provisions for loans and guarantees, net ‐ Recovery of loans, interest and expenses) / Average value in the period of the performing loan portfolio
Performing Loans portfolio = Gross customer loans ‐ (Overdue loans and interest + Receivable interests and other)
Credit at risk ratio (consolidation perimeter IAS / IFRS) = Credit at risk / Gross loan portfolio
Note: the consolidated financial information prepared in accordance with IAS / IFRS rules is used in the calculation of the indicator.
For the disclosure of the indicators defined in Bank of Portugal Instruction 16/2004, the Bank of Portugal's supervision perimeter is considered in their calculation, which, in the case of BPI, implies that BPI Vida e Pensões be recognised through the equity method (whereas under IAS / IFRS accounting rules that company is fully consolidated).
Coverage of credit at risk by impairments = (Loan impairments + Impairments and provisions for guarantees and commitments) / Credit at risk
Coverage of credit at risk by impairments and associated collateral = (Loan impairments + Impairments and provisions for guarantees and commitments + Collateral associated to credit ) / Credit at risk
Non performing loans ratio = Non performing loans (CaixaBank criteria) / (Gross customer loans + guarantees)
Non performing loans coverage ratio = (Loans impairments + Impairments and provisions for guarantees and commitments) / Non performing loans (CaixaBank criteria)
Coverage of non performing loans by impairments and associated collateral = (Loans impairments + Impairments and provisions for guarantees and commitments + Collateral associated to credit) / Non performing loans (CaixaBank criteria)
Impairments cover of foreclosed properties = Impairments for foreclosed properties / Gross value of foreclosed properties
1) Ratio referring to the last 12 months, except when indicated otherwise.
2) The ratio can be computed for the cumulative period since the beginning of the year or for the quarter, both 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 (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 year / Stock market share price (at beginning or end of the year)
Dividend yield = Dividend per share relating to the year / Stock market share price (at beginning or end of the year)
Tel. +351 226 073 337E-mail: [email protected] Website: www.ir.bpi.pt
Ricardo Araújo (IR Officer) 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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