Earnings Release • Jul 25, 2017
Earnings Release
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25 July 2017
| d t y |
da Ye to‐ te ar‐ |
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| y oy |
Ye ar‐ on ‐y ea r |
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| q oq |
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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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 |
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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, |
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| M €, M . e ur os |
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| h. h. €, t t eu ro s |
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| b.p | ba is p int s o s |
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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.
| ' l f i i i i N t t t o e o n c a p o n s r e c a s s c a o n |
3 |
|---|---|
| l D i i s c a m e r |
4 |
| l d d ( l d ) f i i i i i C 1 8 8 M € t t t o n s o a e n e n c o m e e x c u n g n o n r e c u r r n g e m s o |
|
|---|---|
| f in 1 8 8 € in Ne M t co m e o 1 H ( l. n ) ing ite ex c on re cu rr ms |
l i da d in lu d in in i in by % fro in he ha l f Co 7 7 1 0 6 M € 1s 2 0 1 6 te t te t t to ns o ne co m e, e xc g no n‐ re cu rr g m s, cr ea se s m , in he ha l f 1 8 8 M €, 1s 2 0 1 7. t t |
| No in i te n re cu rr g m s f ‐ 2 9 0 M € o |
l "a " n by he ha l f f lec he Co i da d in d ive 0 2 € in 2 0 in ive 1 M 1s 1 7, te t te t t t ts t t ns o ne co m e s r ep or eg a re n on re cu rr g ne g a im f ( f ) h he le d de l da f d h he lu 2 9 0 M € 2 1 2 M € i i io B F A 7 7 M € i ts te ta t t t t t ta p ac o a r xe s w sa an co ns o n o an w v o n ry : d ly in io ire te t t ts rm a ns a n ea r re m en p ro g ra m |
| Cu Re to s m er so ur ce s in d by i. 1. 6 B € cr ea se fo l io in Lo t an p or cr ea se s f in i ic ts sp ec se g m en |
l c d by ( ) d, f w h h: f de d l in 1. 6 i. € 4. % ic 0. 3 i. € in in i 1. 0 i. € in To B 7 B B ta to t ts tu us m er re so ur ce s cr ea se + y o cr ea se o p os an m u a fu ds n 1). l lo fo l d. h f f c lo l b l f m lo To io in 0. 3 % Gr 3. 6 % in Po S i isa io ta t t t te tu ta t tg an p or cr ea se s ow o o or p or a an s r g a n o or ag e an s y fo l io t p or |
| h f c Gr t ow o or e re ve nu es d du io f t an re c n o in ts re cu rr g co s |
l m he f ha l f fa l ls l h ly ( d ) F in ia in in irs ig t t t an c ar g s oy an q oq y iss io % Co 4. 8 m m ns g ro w y oy 2) du io f o he d lu d by ( ). Re in in i 8. 5 % t ts te c n o ve r a co s e xc g no n re cu rr g m s y oy |
| du io in f Re t t o c n co s d k i is t r cr e |
3) fo fro f ( f fo irm lo d de in he ha l % he lo l io 6. 6 Im 3 5. 8 M € 1s 2 0 1 6 0. 3 2 1 ts te t t t t to p a en r an s a n g ua ra n es cr ea se m o an p or 3). he ha l f ( f he lo fo l M € in 1s 2 0 1 7 0. 1 5 % io t t t t o an p or 4) 3) 3) f r de fro ( ( he ds irm ies 2 8. 6 € 0. 2 % € 0. 0 % in io Im M 5 7. 5 M 7 ts t o to t p a en ne ec ov er cr ea se m sa m e p er |
| l i d la he d So Ba S t a nc e e n h H ig im irm t p a en f c d i is k t r co ve ra g e o re |
d i is k r io f % d by im irm f % i ho i de in he ia d l la l, d % Cr 3. 6 8 3 1 4 9 t a t r t ts t t c t te te e a o an co ve ra g e p a en o w u on s r g a ss oc co ra an , de he d l la l. i in ia t te te co ns r g a ss oc co ra 5) f d ho de he d l la l, f io 8 % im irm i i in ia 8 % N P L 5. 4 t ts t t c t te te ra o an p a en co ve ra g e, w u on s r g a ss oc co ra o d de he d l la l. 1 1 5 % i in ia t te te an co ns r g a ss oc co ra f Lo De i io 1 0 6 % to t r t an p os a o f f ha in in i l r io % d l r io % P C E T 1 o 1 1. 9 1 3. 3 ta t to ta t s g ca p a s: an a o l ly de d l r f d l r f Fu Lo i io C E T 1 1 0. 9 % io 1 2. 7 % ta t to ta t a ca p a s: o an a o |
Note: yoy changes calculated in relation to June 2016 proforma.
1) Does not include Project Finance and Madrid branch loans portfolio.
2) Costs from voluntary terminations and early retirements.
3) In annualized terms. 4) Recoveries from loans previously written off 5) According to CaixaBank criteria.
Annexes
| In € M. |
Ju 1 7 n‐ |
1 6 De c‐ |
Y D t |
q oq |
|---|---|---|---|---|
| ‐ba lan he I. On t r ce s e es ou rce s |
2 4 1 2 2 |
2 4 0 0 3 |
0. 5 % |
0. 8 % ‐ |
| 1 De i ts p os |
2 0 0 6 9 |
1 9 7 5 4 |
1. 6 % |
0. 2 % |
| 2 l d o he Ca i i sa io i n ta t t p n s u ra nc e a n r |
4 0 5 3 |
4 2 5 0 |
4. 6 % ‐ |
5. 3 % ‐ |
| de I I. As ts t se un r m an ag em en |
8 9 0 7 |
7 6 6 2 |
1 6. 2 % |
7. 4 % |
| 2 l fu ds Mu tu a n |
6 2 8 6 |
5 2 4 4 |
1 9. 9 % |
9. 5 % |
| 3 i o la Pe ns n p ns |
2 6 2 1 |
2 4 1 8 |
8. 4 % |
2. 6 % |
| b l f fe I I I. Pu ic ing o r s |
1 4 9 4 |
1 3 0 4 |
1 4. 6 % |
1 3. 8 % |
| l To ta |
3 4 5 2 3 |
3 2 9 7 0 |
4. 7 % |
1. 8 % |
1) Includes bonds placed with customers of 95 M.€ in Dec.16 and 56 M.€ in Jun.17.
2) BPI Alternative Fund ceased to be consolidated from March 2017 onwards and started being consolidated off balance sheet. In Dec. 16 and Mar. 17 the caption "capitalisation insurance and others" included 250 M.€ and 268 M.€, respectively, relative to that fund. Adjusted by the deconsolidation of the fund, the caption "capitalisation insurance and others" increased by 1.3% ytd and 1.1% qoq and "Mutual Funds" increase by 14.4% ytd and 4.7% qoq.
3) Includes BPI Group employee pension funds of 1 397 in Dec.16 and 1 556 in Jun.17.
| ke ha M t s ar re s |
3 0 Ap 1 7 r. |
|---|---|
| 4 l de To i ta ts p os |
9. 6 % |
| 5 l fu ds M tu u a n |
2 3. 9 % |
| 6 's P P R |
2. 2 % 1 |
| 7 l Ca i isa io ins ta t p n ur an ce |
1 4. 0 % |
| 8 lan Pe io ns n p s |
3. 6 % 1 |
4) Does not include the effect of the securitization 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 30%.
6) PPR's in the form of mutual funds and capitalisation insurance.
7) Excludes PPR in the form of capitalisation insurance.
8) In 31 Mar. 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).
Deposits grew 315 M.€ (+1.6%)
Strong growth in mutual funds +1.0 Bi.€; +19.9% (+ 0.8 Bi.€; + 14.4% adjusted by the deconsolidation of BPI Alternative Fund).
Note: the format used for presenting customer resources 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 io in Gr M € t os s p or , |
Ju 1 7 n. |
De 1 6 c. |
Y D t |
q oq |
|---|---|---|---|---|
| in d iv i du ls I. Lo to an s a |
1 2 1 4 6 |
1 2 1 0 7 |
0. 3 % |
0. 2 % |
| lo M tg or ag e an s |
1 1 0 6 9 |
1 1 0 8 4 |
( ) % 0. 1 |
( ) % 0. 1 |
| he lo d du ls O in iv i t to r an s a |
1 0 7 7 |
1 0 2 3 |
5. 3 % |
3. 6 % |
| ies I I. Lo Co to an s m p an |
8 3 3 3 |
8 2 3 2 |
2 % 1. |
( ) 0. % 4 |
| 1 d m d iu ize d c La tes rg e a n e m s or p or a |
6 3 5 0 |
6 3 1 5 |
0. 5 % |
( ) 1. 0 % |
| Sm l l bu in a s es se s |
9 8 3 1 |
9 6 1 1 |
3. % 5 |
% 1. 7 |
| 2 da fo l I I I. B P I V i Pe õe io t e ns s p or |
1 2 4 8 |
1 3 0 3 |
( ) 4. 2 % |
4. 9 % |
| b l ic I V. Pu to se c r |
1 4 4 0 |
1 4 1 7 |
1. 6 % |
3. 8 % |
| he V. O t r |
3 2 7 |
3 7 2 |
( ) 1 2. 3 % |
( ) 6. 5 % |
| l To ta |
2 3 4 9 4 |
2 3 4 3 1 |
0. 3 % |
0. 4 % |
| No te : |
0 | 0 | 0. 0 % |
0. 0 % |
| fo l Lo io t t an p or ne |
2 2 8 2 0 |
2 2 7 3 6 |
% 0. 4 |
% 0. 4 |
1) Includes loans to large and medium‐sized companies in Portugal (4 701 M.€ in June 2017 and 4 535 M.€ in December 2016), project finance (995 M.€ in June 2017, 996 M.€ in December 2016) and the Madrid branch loan portfolio (654 M.€ in June 2017, 785 M. € in December 2016).
2) Debt securities portfolio, mainly from large companies.
3) Large and medium‐sized companies and small business in Portugal. Excludes project finance and Madrid branch loan portfolio.
Annexes
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.
| ha l f 1s 2 0 1 7 t |
|||||
|---|---|---|---|---|---|
| In M € |
As d te re p or |
No n 1) re cu rr. |
lu d Ex ing c n on 1) ing re cu rr |
2) fo Pr o rm a |
|
| l m F in ia in R C L an c ar g ‐ |
2 0 0 |
2 0 0 |
2 0 3 |
||
| fro i in C In R L 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 ‐ |
1 3 8 |
1 3 8 |
1 3 2 |
||
| d r l Eq i R C L ty te ts u ac co un es u ‐ |
1 2 1 |
1 2 1 |
2 1 |
||
| f l o Ne in in ia io t t co me o n an c p er a ns |
1 5 |
1 5 |
2 5 |
||
| in in Ne t o t p er a g co me |
( ) 9 1 1 |
( ) 6 1 7 |
( ) 6 1 |
( ) 2 0 |
|
| ing inc fro ba k ing iv i Op R C L t t ty er a om e m n ac ‐ |
2 8 9 |
( ) 1 7 6 |
4 6 5 |
3 6 6 |
|
| he d c Ov ts er a os |
( ) 3 3 9 |
( ) 1 0 6 |
( ) 2 3 2 |
( ) 2 5 7 |
|
| f be fo d p Op ing i im irm is ion t t ts er a p ro re p a en an ro v s |
( ) 4 9 |
( ) 2 8 2 |
2 3 2 |
1 0 9 |
|
| f in d e Re Lo te t a co ve ry o an s, re s n xp en se s |
9 | 9 | 7 | ||
| 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 |
( ) 1 7 |
( ) 1 7 |
( ) 3 6 |
||
| lo d o he Im irm is io t t p a en ss es a n r p ro v ns |
3 | 3 | ( ) 3 4 |
||
| be fo Ne inc inc t ta om e re om e x |
( ) 4 5 |
( ) 2 8 2 |
2 2 8 |
4 7 |
|
| In ta co me x |
( ) 4 8 |
( ) 8 |
( ) 4 0 |
( ) 2 2 |
|
| inc fro inu ing ion Ne t t t om e m co n o p er a s |
( ) 1 0 2 |
( ) 2 9 0 |
1 8 8 |
2 4 |
|
| fro d d o Ne in isc in io t t t co me m on ue p er a ns |
1 6 4 |
||||
| 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 |
( ) 8 2 |
||
| inc Ne t om e |
( ) 1 0 2 |
( ) 2 9 0 |
1 8 8 |
1 0 6 |
Recurring net profit increases by +82 M.€:
1)Includes:
RETURN ON TANGIBLE EQUITY (ROTE) IN JUN. 2017 (last 12 months)
Excluding impact of the sale of 2% of BFA and costs from early retirements and voluntary terminations
| Co l i da d, Ju 1 7 te ns o n. ( ) la 2 m hs 1 t t s on |
|
|---|---|
| Re ing R O T E cu rr |
|
| 2) d d a l lo d c l ( ) A j i M € te te ta us ca ap |
2 4 0 7 |
| ing O Re R T E cu rr |
6. 8 % 1 |
| fro ing O lu d ing i bu ion Re R T E, tr t cu rr ex c co n m ke fr ba ks in ica A ta s s n n |
|
| 2) d d a l lo d c l ( ) A j i M € te te ta us ca ap |
9 3 6 1 |
| ing lu d ing i bu ion fro Re R O T E, tr t cu rr ex c co n m ke in fr ica ba ks A ta s s n n |
1 1. 4 % |
2) The average capital considered in the calculation of ROTE excludes the average balance of intangible assets (average balance of last 12 months: 26.8 M.€.)
Recurring ROTE excluding the contribution of shareholdings in African banks of 11.4% in June 2017.
Stabilisation of the credit portfolio
Minimal contribution from the securities portfolio
Cost of 4 M.€ in the first half 2017 related to the subordinated Tier II debt issued on 24 Mar.17 (remuneration Euribor 6M + 5.74%)
... has been the main driver behind the improvement in intermediation margin
| In M € |
1 H 1 7 |
1 H 1 6 |
Yo Y |
2 Q 1 7 |
q oq |
|---|---|---|---|---|---|
| k Ba in iss io n g co mm ns |
8 6 |
8 3 |
3. 2 % |
4 4 |
5. 6 % |
| 1) d In in ia io te t su ra nc e rm e n |
2 9 |
2 9 |
% 1. 8 ‐ |
1 5 |
% 2. 8 |
| 2) As t m t se an ag em en |
2 4 |
2 0 |
2 1. 1 % |
1 4 |
3 2. 6 % |
| l To ta |
3 8 1 |
3 2 1 |
4. 8 % |
2 7 |
9. 2 % |
| No te : |
0 | 0 | 0. 0 % |
0 | 0. 0 % |
| l ks Un i in in t g ro ss m ar g |
6 | 7 | 8. % 7 ‐ |
3 | 6. 4 % |
1)Includes unit links gross margin.
2) BPI Alternative Fund ceased to be consolidated from March 2017 onwards. In the consolidation of that fund in the 1st half 2016 and 1st quarter 2017, net commissions of 3.6 M.€ and 2.2 M.€ were annulled, respectively. Adjusting the variations by the deconsolidation of BPI Alternative Fund, asset management fees increased 11.7% yoy in the first half 2017 and 9.5% qoq in the 2nd quarter 2017.
Agreement for the departure of 617 employees representing 11% of total staff
544people leaving the Bank in 2017 and 73 in 2018
The decrease of 8.5% in overhead costs (excluding non‐recurring items) in 1H17, does not reflect the departures agreed in 2017.
1) Excluding non recurring items.
| M. € |
3 1 De 1 6 c. |
3 0 Ju 1 7 n. |
|---|---|---|
| l p ice l ia b i l i To ta t s ty a s er v |
1 4 6 3 |
1 5 4 1 |
| 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 0 4 |
| 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. |
9 6 % 7. |
| D i s c nt te ou ra |
2. 0 0 % |
2. 0 8 % |
| 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 ia l de iat ion 3 1 1 6 To De ta ctu t ar v s a c. |
( ) 2 4 4. 1 |
| 4) ha f a io C t ng e o s s um p ns |
( ) 4 0. 7 |
| fu ds de Pe io in ia io t ns n n co me v n |
7 8. 5 |
| he Ot r |
( ) 3. 1 |
| l a ia l de iat ion To 3 0 Ju 1 7 ta ctu t ar v s a n. |
( ) 2 0 9. 4 |
| ) d dir ly ha ho l de da h IA 3 Re nis in s in a it S1 9. ect cog e re rs, cco r nce w ) lu he ha lity b les 4 Inc de in d dis s t ort ta t ra te. c nge m a an co un |
Pension fund return of 6.8% ytd with a positive impact of 78.5 M.€ in actuarial deviations.
BPI adopted a more conservative mortality table for men (TV 88/90).
Amount of liabilities at 30 June 2017 already includes the increase from the programme of early retirements and voluntary terminations.
Annexes
Note: amounts from Dec.12 to Dec.15 relate to the domestic activity.
Coverage ratio 47% 48%
Sale of 280 properties in the first half for 40 M.€. Positive impact in profits before taxes of 7.9 M.€.
ASSETS ELIGIBLE FOR ECB FUNDING
| 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 |
|---|---|---|---|
| 3) ho b l de b S ic t‐ te t r rm p u |
2 9 0 4 |
1 | 0. 4 |
| 4) b l de b M L T ic t p u |
5 1 9 |
0 | 1. 8 |
| bo ds Eq i ty, te u co rp or a n d he t an o r |
3 6 5 |
2 2 |
|
| l To ta |
3 7 7 9 |
2 4 |
3) Portugal (67%), Italy (17%) and Spain (16%). 4) Portugal (63%), Italy (37%).
utilisation.
Annexes
Consolidated net income, excluding non‐recurring items, increases by 77%, from 106 M.€ in the 1st half 2016 to 188 M.€ in the 1st half 2017.
Positive commercial results in the semester: 4.7% ytd growth in customer resources, 3.6% ytd growth in corporate loans in Portugal, with market share gains in mortgage loans (+10bps) and corporate loans (+20bps).
Voluntary terminations and early retirements: reduction of 617 employees (11% total staff in 31.12.16) with a total cost of 106 M.€ which will allow for annual savings of 36 M.€ from 2019 onwards.
Strong liquidity position: Client Resources represent 73% of assets, Loan to Deposit ratio of 106% and Liquidity Coverage Ratio of 179%.
Quality of the loan portfolio allowed for a decrease in the cost of credit risk to 0.07% in the first half 2017; Portuguese economy improving.
1st half 2017 results
| 3 0 Ju 1 6 n. d te as re p or |
3 0 Ju 1 6 n. fo p ro rm a |
3 0 Ju 1 7 n. d te as re p or |
l. he 3 0 Ju 1 7 e t n. xc im f he le f t o t p ac sa o d 2 % B F A an de l i da ion t co ns o |
|
|---|---|---|---|---|
| / fro ba k d r l f e d bs d Op ing inc ing iv i i i iar ies A T A t t ty ts ty te er a om e m n ac an es u o q u ac co un su |
3. 2 % |
1. 9 % |
1. 7 % |
2. 8 % |
| / f be fo d bu b le l l Pr i io inc i ing in A T A t tax t t tr ta to tro te ts o re a n a n om e a no n‐ co n re s |
1. 1 % |
1. 1 % |
‐0 3 % |
0. 7 % |
| / f i be fo io d inc i bu b le l l ing in ha ho l de ' Pr t tax t t tr ta to tro te ts o re a n a n om e a no n‐ co n re s av er ag e s re rs ( lu d l l ) i inc ing ing in ty tro te ts eq u no n‐ co n re s |
1 5. 3 % |
1 5. 4 % |
‐4 3 % |
9. 6 % |
| 1 l c / fro ba k d r l f e d s bs d Op ing inc ing iv i i i iar ies Pe ts t t ty ts ty te rso nn e os er a om e m n ac an es u o q u ac co un u |
3 0. 8 % |
4 0. 8 % |
4 6. 9 % |
2 9. 2 % |
| 1 / fro f e Ov he d c Op ing inc ba k ing iv i d r l i d s bs i d iar ies ts t t ty ts ty te er a os er a om e m n ac an es u o q u ac co un u |
5 4. 0 % |
6 9. 4 % |
8 0. 3 % |
5 0. 0 % |
| / fo ha da do b fu l loa loa fo l ( ) Lo in 9 0 io t t t s + an s ar re ars r m or e n y u ns n p or g ro ss |
4. 0 % |
3. 1 % |
||
| / fo ha da do b fu l loa f a la d loa loa Lo in 9 0 im irm t t t o te ts s + an s ar re ars r m or e n y u ns ne cc um u n p a en n , fo l ( ) io t t p or ne |
0. 0 % |
0. 1 % |
||
| 2 ( ) d i is k a % f l loa Cr t a t r to ta e s o ns g ro ss |
5. 0 % |
3. 8 % |
||
| 2, ( ) d i is k f a la d loa im irm % f l loa Cr t a t r t o te ts to ta t e ne cc um n p a en as o ns ne u |
% 0. 9 |
% 0. 8 |
||
| 3 ( ) d loa % f l loa Re tru tu to ta s c re ns as o ns g ro ss |
% 6. 5 |
% 6. 3 |
||
| 3 d loa lu de d d k a f l loa ( ) Re inc in i is % tru tu t t a t r to ta s c re ns no cre s o ns g ro ss |
4. 5 % |
4. 6 % |
||
| l c l ra To i io ta ta t ap |
4) 1 1. 0 % |
5) 1 3. 3 % |
||
| T ier I ra io t |
4) 1 1. 0 % |
5) 1 1. 9 % |
||
| Co T ie I ra io t re r |
4) 1 1. 0 % |
5) 1 1. 9 % |
||
| ( ) de Lo i io t to ts t an s ne p os ra |
8 8 % |
1 0 6 % |
1)Excluding early‐retirement costs and changes to the plan (personnel costs).
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.
3) According to Bank of Portugal Instruction 32/2013.
4) According to CRD IV/CRR phasing in rules for 2016.
5) According to CRD IV/CRR phasing in rules for 2017.
32
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.
| 1st half 2017 | 2Q17 | 1Q17 | 2016 | 4Q16 | 3Q16 | 1st half 16 | 2Q16 | 1Q16 | |
|---|---|---|---|---|---|---|---|---|---|
| proforma 1) | proforma 1) | proforma 1) | proforma 1 | ||||||
| Financial margin narrow sense | 182.3 | 90.1 | 92.3 | 364.2 | 94.2 | 91.1 | 178.9 | 92.8 | 86.1 |
| Technical result of insurance contracts | 7.4 | 3.8 | 3.6 | 24.6 | 5.7 | 5.4 | 13.5 | 5.6 | 7.9 |
| Net commisions relating to amortised cost | 10.3 | 4.6 | 5.8 | 21.2 | 5.4 | 5.3 | 10.6 | 5.1 | 5.4 |
| Financial margin - RCL | 200.1 | 98.5 | 101.6 | 410.0 | 105.3 | 101.8 | 203.0 | 103.6 | 99.4 |
| Income from equity instruments - RCL | 6.4 | 6.3 | 0.1 | 8.5 | 4.6 | 0.0 | 3.9 | 3.9 | $0.0\,$ |
| Net commission income - RCL | 138.3 | 72.2 | 66.1 | 272.8 | 74.5 | 66.3 | 132.0 | 67.4 | 64.6 |
| Equity accounted results (earnings associated companies) - RCL | 120.7 | 64.6 | 56.1 | 26.2 | 0.8 | 4.0 | 21.4 | 15.8 | 5.6 |
| Net income on financial operations | 14.7 | 7.1 | 7.7 | 48.9 | 17.7 | 6.1 | 25.2 | 28.7 | (3.6) |
| Net operating income | (191.0) | (15.0) | (176.0) | (23.8) | (3.2) | (1.0) | (19.6) | (18.3) | (1.2) |
| Operating income from banking activity - RCL | 289.3 | 233.6 | 55.6 | 742.7 | 199.6 | 177.3 | 365.9 | 201.1 | 164.8 |
| Personnel costs | (242.0) | (164.1) | (77.9) | (308.0) | (79.8) | (76.0) | (152.3) | (78.3) | (74.0) |
| Of which: Non-recurring personnal costs 2) | (106.4) | (95.6) | (10.7) | (16.8) | (9.3) | (4.7) | (2.9) | (2.3) | (0.6) |
| General administrative costs | (85.7) | (44.3) | (41.4) | (168.6) | (29.7) | (45.2) | (93.7) | (48.9) | (44.8) |
| Depreciation and amortisation | (11.0) | (5.5) | (5.5) | (21.4) | (5.4) | (5.2) | (10.8) | (5.3) | (5.5) |
| Overhead costs | (338.7) | (213.9) | (124.7) | (497.9) | (114.8) | (126.3) | (256.8) | (132.5) | (124.2) |
| Operating profit before impairments and provisions | (49.4) | 19.7 | (69.1) | 244.8 | 84.8 | 50.9 | 109.1 | 68.6 | 40.5 |
| Recovery of loans, interest and expenses | 9.1 | 2.9 | $6.2$ | 13.7 | 3.1 | 3.4 | 7.2 | 3.3 | 3.9 |
| Impairment losses and provisions for loans and guarantees, net | (16.6) | (16.7) | 0.1 | (33.0) | 3.9 | (1.1) | (35.8) | (15.6) | (20.1) |
| Impairment losses and other provisions, net | 3.0 | (0.6) | 3.5 | (36.5) | 2.5 | (5.1) | (33.9) | (30.6) | (3.3) |
| Net income before income tax | (54.0) | 5.3 | (59.3) | 189.0 | 94.3 | 48.2 | 46.6 | 25.6 | 21.0 |
| Income tax | (47.7) | 15.3 | (63.1) | (44.7) | (6.5) | (15.8) | (22.5) | (9.0) | (13.4) |
| Net income from continuing operations | (101.7) | 20.6 | (122.3) | 144.4 | 87.8 | 32.4 | 24.1 | 16.6 | 7.6 |
| Net income from discontinued operations | 337.7 | 84.8 | 89.0 | 163.9 | 87.2 | 76.6 | |||
| Income attributable to non-controlling interests from continuing | |||||||||
| operations | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) |
| Income attributable to non-controlling interests from | |||||||||
| discontinued operations | (168.8) | (42.3) | (44.4) | (82.0) | (43.6) | (38.4) | |||
| Net income | (101.7) | 20.6 | (122.3) | 313.2 | 130.3 | 77.0 | 105.9 | 60.2 | 45.8 |
1) The designation "proforma" reflects the reclassification (RCL) of the contribution of BFA for consolidated results according to 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).
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
| ha lf 2 1st |
01 7 |
ha lf 2 1st 01 6 |
|||
|---|---|---|---|---|---|
| In M .€ |
As ed ort rep |
No n rec urr |
lud Exc ing no n ing ite rec urr ms |
1) for Pro ma |
|
| l m Fi n cia i n ‐ R CL a n a rg |
20 0 |
20 0 |
20 3 |
lu de s in f 4 .€ w it h s bo din d T ier de bt iss d by he d o f M 17 Inc ter est st o M ate II t co u r ue en ar. ( ) 30 0 M .€, tio uri bo 6M 4% n E 5.7 + rem un era r |
|
| fro Inc ui i ns ‐ R CL ty tru nts om e m eq me |
6 | 6 | 4 | ||
| mi i on in Ne ‐ R CL t c om s s co me |
13 8 |
13 8 |
13 2 |
ha l f 1 he ha ho l din in ( .1% ) is 1st 7: BFA 48 t s re g d by he ho d. uit nte t et acc ou eq y m |
|
| ui d r l CL Eq ty te ts ‐ R ac co un es u |
12 1 |
12 1 |
21 | ||
| fi n l o Ne t i cia ti o nc om e o n a n pe ra ns |
15 | 15 | 25 | lu de ain f 2 it h t he le o f t he ke in Inc 3 M .€ w sta s g o sa Vis a E uro pe |
|
| Ne tin i nc t o pe ra g om e |
( ) 19 1 |
( ) 17 6 |
( ) 16 |
( ) 20 |
|
| fro Op ing inc ba k ing iv ity ‐ R CL t t era om e m n ac |
28 9 |
( ) 17 6 |
46 5 |
36 6 |
bu for li da d Co i tio 1H 17 ntr te n co nso lu de l co bu for he l an d Inc i tio ion ntr t nat s a nn ua ns a |
| he d c Ov ost er a s |
( ) 33 9 |
( ) 10 6 |
( ) 23 2 |
( ) 25 7 |
fit: pro lut fun ds ( d 1 Eu ion 15 M. € i n 1 H1 7 a 8 M .€ rop ea n r eso n ) in 1H 16 |
| ing f it be for im irm d p is ion Op t ts era pr o e pa en an rov s |
( ) 49 |
( ) 28 2 |
23 2 |
10 9 |
l. im f sa le a d BFA 96 M. € e t o xc pac n , (+ ) de li dat ion 16 .9 M .€ y co nso oy |
| f loa int d e Re t a co ve ry o ns e re s n xp en se s , |
9 | 9 | 7 | (+ ) BC 4.6 M .€ 1.3 M |
|
| l os d p fo l oa d Im i rm i s ion t pa en se s a n rov s r ns a n te t gu a ra n es , n e |
( ) 17 |
( ) 17 |
( ) 36 |
I, .€ y oy |
|
| Im i rm l os d o he i s ion t t t pa en se s a n r p rov s, ne |
3 | 3 | ( ) 34 |
lu de d 2 f im l Inc 0 M .€ o irm PT Int ati ts pa en ern on a bo Fin ds OI Gr |
|
| inc be for inc Ne t e t om e e om ax |
( ) 54 |
( ) 28 2 |
22 8 |
47 | ( ) an ce n ou p |
| Inc e t om ax |
( ) 48 |
( ) 8 |
( ) 40 |
( ) 22 |
lu de din bu he ba kin Inc i tio tra ntr t ex or ary co ns ov er n g ( d 1 ) 7 M .€ i n 1 H1 7 a 1 M .€ i n 1 H1 6 tor sec n |
| inc fro inu ing ion Ne t nt t om e m co op era s |
( ) 10 2 |
( ) 29 0 |
18 8 |
24 | |
| fro di s d o Ne t i nti tio nc om e m co nu e pe ra ns |
164 | f p for f B 1st ha l he i bu tio FA : t ntr ro ma co n o wa s fro de d i inc dis nti d et rec or n n om e m co nu e |
|||
| bu b le l lin Inc i i n ttr ta to tro te ts om e a no n‐c on g res |
( ) 0 |
( ) 0 |
( ) 82 |
tio op era ns. |
|
| inc Ne t om e |
( ) 10 2 |
( ) 29 0 |
18 8 |
10 6 |
1)The designation "proforma" reflects the restatement of the contribution of BFA for consolidated results according to IFRS 5 accounting standards, that is recorded in the net income from discontinued operations. 2)Impact from the sale of 2% of BFA and deconsolidation in shareholders equity: capital gain of 6.6 M.€ and, with a negative sign, deferred tax liabilities of 36.8 M.€.
333)Impact from the sale of 2% of BFA and deconsolidation in consolidated net profit: negative by 212.3 M.€, as, in addition to the negative impact in shareholders equity (‐30.2 M.€), there was a transfer of 182.1 M.€ of negative foreign exchange reserves to net profit in the period.
| Y D t |
La 1 2 t s |
|
|---|---|---|
| ( l d ) i a n nu a s e |
h t m o n s |
|
| l f 1st Ha 1 7 ( ) Ja Ju 1 7 n. n. ‐ |
l. Ju 1 6 ‐ Ju 1 7 n. |
|
| ing O Re R E cu rr |
||
| [ ] ha ho l de 'Eq bu d t ha ho l de A. S ity i B P I S at tr te re rs u o re rs ( ba lan ) M. € av era g e ce , |
2 4 9 4 |
2 4 3 4 |
| [ ] ir v lue f t he f ina ia l a i la b le B. Fa ts a re se rve o nc sse av a fo le fo l ( ba lan ) io M. € ort r s a p av era g e ce , |
2 0 |
1 6 |
| [ ] d d a l loc d c l ( ) [= ] C. A j ita M. € A.‐ B. ust ate e ap |
2 4 7 4 |
2 4 1 8 |
| [ ] ( ) D. Ne ing inc M. € t r ec urr om e |
1 8 8 |
4 0 5 |
| [ ] [ / ] ing O C. E. Re R E D. cu rr |
2 % 1 5. |
6. 8 % 1 |
| ing lu d ing i bu ion f s ke in Re R O E, nt t ta cu rr ex c co r o s fr ica ks A Ba n n |
||
| [ ] 'Eq S ha ho l de ity i bu d t I S ha ho l de F. at tr te B P re rs u o re rs ( ) ba lan € M. av era g e ce , |
1 9 9 9 |
1 9 6 0 |
| [ ] lue f t he f l a la b le G. Fa ir v ina ia i ts a re se rve o nc sse av a fo le fo l ( ba lan ) io M. € ort r s a p av era e ce g , |
2 0 |
6 1 |
| ( ) [ ] d j d a l loc d c ita l € [= G. ] H. A M. F.‐ ust ate e ap |
9 8 1 7 |
9 1 4 4 |
| [ ] ( ) I. ing inc € Ne M. t r ec urr om e |
8 9 |
2 2 1 |
| [ ] ing lu d ing i bu ion f s ke in J. Re R O E, nt t ta cu rr ex c co r o s / fr ica ks [ ] A Ba I. H. n n |
9. 0 % |
1 1. 4 % |
| [ ] "as d " ( ) K. Ne inc M. € t ort om e re p e |
( ) 1 0 2 |
1 0 6 |
| 1) / [ ] "as d " [ ] L. R O E K. C. ort re p e |
3. 5 % |
4. 4 % |
| Y D t |
La 1 2 t s |
|
|---|---|---|
| ( ) l i d a n nu a s e |
h t m o n s |
|
| l f 1st Ha 1 7 ( ) Ja Ju 1 7 |
l. 6 ‐ Ju 1 Ju 1 7 n. |
|
| Re ing R O T E cu rr |
n. n. ‐ |
|
| [ ] S ha ho l de 'Eq ity i bu d t S ha ho l de A. B P I at tr te re rs u o re rs ( ) ba lan M. € av era g e ce , |
2 4 9 4 |
2 4 3 4 |
| [ ] b le ( ba lan ) B. Int i M. € ets an g ass av era g e ce , |
2 5 |
2 7 |
| [ ] d d a l loc d c l ( ) [= ] C. A j ita M. € A.‐ B. ust ate e ap |
2 4 6 9 |
2 4 0 7 |
| ( ) [ ] ing inc € D. Ne M. t r ec urr om e |
8 8 1 |
0 4 5 |
| / [ ] [ ] E. Re ing R O T E D. C. cu rr |
1 5. 2 % |
1 6. 8 % |
| lu d bu f s ke Re ing R O T E, ing i ion in nt t ta cu rr ex c co r o s fr A ica ks Ba n n |
||
| [ ] ha ho l de 'Eq bu d t ha ho l de F. S ity i B P I S at tr te re rs o re rs u ( ba lan ) M. € av era g e ce , |
1 9 9 9 |
1 9 6 0 |
| [ ] b le ( ba lan ) G. Int i M. € ets an g ass av era g e ce , |
2 5 |
2 4 |
| [ ] d d a l loc d c l ( ) [= ] H. A j ita M. € F.‐ G. ust ate e ap |
1 9 7 4 |
1 9 3 6 |
| [ ] ( ) I. Ne ing inc M. € t r ec urr om e |
8 9 |
2 2 1 |
| [ ] lu d bu f s ke J. Re ing R O T E, ing i ion nt t ta cu rr ex c co r o s [ / ] in fr ica ks A Ba I. H. n n |
9. 0 % |
1 1. 4 % |
| [ ] inc "as d " ( ) K. Ne M. € t ort om e re p e |
( ) 1 0 2 |
1 0 6 |
| 1) / [ ] "as d " [ ] L. R O T E K. C. ort re p e |
3. % 5 |
4. 4 % |
1) In the annualization of the ROE and ROTE "as reported" in the 1st half 2017 the non recurring impacts (negative by 290 M.€) were not annualised.
| In M. € |
30 Ju 17 n. |
31 M 17 ar. |
31 De 16 c. |
|---|---|---|---|
| As set s |
|||
| h a d de l ba ks Ca sit t c tra s n po s a en n |
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 |
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 |
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 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 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 79 .3 |
3 8 16 .9 |
3 8 76 .4 |
| l d t rit inv He atu tm ts o m y es en |
14 .4 |
16 .3 |
16 .3 |
| He dg ing de riv ati ve s |
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 |
67 5.0 |
68 1.6 |
17 5.7 |
| Inv ies tm t p ert es en rop |
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 | 6 2 95 .9 |
| he b le Ot i r ta ts ng as se |
43 .7 |
48 .0 |
51 .0 |
| b le Int i ts an g as se |
24 .7 |
24 .6 |
25 .6 |
| Ta ts x a sse |
47 2.8 |
44 7.5 |
47 1.8 |
| he Ot ts r a sse |
46 3.5 |
42 6.8 |
59 8.0 |
| l as To ta set s |
32 75 1.4 |
32 97 6.7 |
38 28 4.7 |
| ia b i l it ies d s ha ho l de ' e ity L an re rs qu |
|||
| f ce l ba ks Re ntr so urc es o a n |
2 1 45 .4 |
1 9 99 .5 |
2 0 00 .0 |
| for Fin cia l lia bi liti he l d din tr an es a g |
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 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 33 5.5 |
22 41 3.5 |
21 96 7.7 |
| bts De rit ies se cu |
26 8.9 |
28 8.6 |
50 6.8 |
| hn l p Te ica isi c rov on s |
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 |
51 1.4 |
52 5.6 |
55 5.4 |
| dg de He ing riv ati ve s |
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 | 5 9 51 .4 |
| vis ion Pro s |
68 .8 |
69 .3 |
70 .2 |
| lia bi liti Ta x es |
67 .1 |
66 .5 |
22 .0 |
| Ot he bo din d de bt d p ici tin bo ds ate art r s r an pa n u g |
37 3.8 |
36 9.9 |
69 .5 |
| Ot he lia bi liti r es |
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 5 60 .6 |
2 5 33 .0 |
2 4 40 .5 |
| l lin No int tro sts n‐c on g ere |
1.8 | 1.8 | 46 8.0 |
| ha ho l de ' e S ity re rs qu |
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 |
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 m (na ) Fin cia in an rro w s en se |
||
|---|---|---|
| arg | 1 8 2. 3 |
|
| Gr in it lin ks os s m arg on un |
6. 4 |
|
| fro Inc uit ins tru nts om e m eq y me |
6. 4 |
|
| mi ssi lat ing ise d c Ne t c to ort t om on s r e am os |
1 0. 3 |
|
| Fin cia l m in an arg |
2 0 5. 5 |
|
| hn l re lt o f in Te ica ntr ts c su su ran ce co ac |
7. 4 |
|
| mi ssi in Ne t c om on co me |
1 3 1. 9 |
|
| fin l o Ne t in cia ion rat co me on an pe s |
1 4. 7 |
|
| Ne ing in t o rat pe co me |
( ) 9 0 1 1. |
|
| Op ing inc fro ba k ing iv ity t t era om e m n ac |
1 6 8. 5 |
|
| l co Pe sts rso nn e |
( ) 2 4 2. 0 |
|
| 1) f w hic h: l co O ing sts no n‐r ec urr pe rso nn e |
( ) 1 0 6. 4 |
|
| Ge l a dm ini ati str sts ne ra ve co |
( ) 8 5. 7 |
|
| d a De cia tio rti tio pre n a n mo sa n |
( ) 1 1. 0 |
|
| he d c Ov ost er a s |
( ) 3 3 8. 7 |
|
| f be for d p Op ing it im irm is ion t ts a era pr o e pa en n rov s |
( ) 1 7 0. 1 |
|
| f loa d e Re int st co ve ry o ns ere an xp en se s , |
9. 1 |
|
| irm los d p isi for loa d g Im t tee et pa en se s a n rov on s ns an ua ran s, n |
( ) 1 6. 6 |
|
| los d o he Im irm isi t t et pa en se s a n r p rov on s, n |
3. 0 |
|
| inc be for inc Ne t e t om e e om ax |
( ) 1 4. 7 7 |
|
| Inc e t om ax |
( ) 4 7. 7 |
|
| f a d c (eq ho d ) Ea rni cia nie uit te et ng s o sso om pa s y m |
1 2 0. 7 |
|
| inc fro inu ing ion Ne t nt t om e m co op era s |
( ) 1 0 1. 7 |
|
| fro Ne t in dis nti d o ion rat co me m co nu e pe s |
0. 0 |
|
| bu l lin fro Inc i int nti ing tio ttr t. t ntr sts om e a o n on ‐co o g ere m co nu op era ns |
( ) 0. 0 |
|
| i bu l lin int fro dis nti d o ion Inc ttr t. t ntr sts rat om e a o n on ‐co o g ere m co nu e pe s |
0. 0 |
|
| Ne t In co me |
( ) 1 0 1. 7 |
6.4131.9
| ha l f 2 1st 01 7 |
In M. € |
|---|---|
| 1 8 2. 3 |
(na ) Fin cia l m in an arg rro w s en se |
| 7. 4 |
hn l re lt o f in Te ica ntr ts c su su ran ce co ac |
| 1 0. 3 |
mi ssi lat ing ise d c Ne t c to ort t om on s r e am os |
| 2 0 0. 1 |
l m Fin cia in ‐ R CL an arg |
| 6. 4 |
fro Inc uit ins ‐ R CL tru nts om e m eq y me |
| 1 3 8. 3 |
mi ssi in CL Ne ‐ R t c om on co me |
| 1 2 0. 7 |
d r lts Eq uit ‐ R CL te y a cco un es u |
| 1 4. 7 |
fin l o Ne t in cia ion rat co me on an pe s |
| ( ) 1 9 1. 0 |
ing in Ne t o rat pe co me |
| 2 8 9. 3 |
ing inc fro ba k ing iv ity Op ‐ R CL t t era om e m n ac |
| ( ) 2 4 2. 0 |
l co Pe sts rso nn e |
| ( ) 1 0 6. 4 |
1) f w hic h: l co O ing sts no n‐r ec urr pe rso nn e |
| ( ) 8 5. 7 |
l a dm Ge ini ati str sts ne ra ve co |
| ( ) 1 1. 0 |
cia tio d a rti tio De pre n a n mo sa n |
| ( ) 3 3 8. 7 |
he d c Ov ost er a s |
| ( ) 4 9. 4 |
ing f it be for im irm d p is ion Op t ts a era pr o e pa en n rov s |
| 9. 1 |
f loa int d e Re st co ve ry o ns ere an xp en se s , |
| ( ) 1 6. 6 |
los d p for loa d g Im irm isi t tee et pa en se s a n rov on s ns an ua ran s, n |
| 3. 0 |
los d o he Im irm isi t t et pa en se s a n r p rov on s, n |
| ( ) 5 4. 0 |
Ne inc be for inc t e t om e e om ax |
| ( ) 4 7. 7 |
Inc e t om ax |
| ( ) 1 0 1. 7 |
inc fro inu ing ion Ne t nt t om e m co op era s |
| 0. 0 |
fro dis d o Ne t in nti ion rat co me m co nu e pe s |
| ( ) 0. 0 |
bu l lin fro Inc i int nti ing tio ttr t. t ntr sts om e a o n on ‐co o g ere m co nu op era ns |
| 0. 0 |
i bu l lin int fro dis nti d o ion Inc ttr t. t ntr sts rat om e a o n on ‐co o g ere m co nu e pe s |
| ( ) 1 0 1. 7 |
Ne t In co me |
Calculated according to the structure of the income statement previously used (until 1st quarter 2017 earnings release)
Calculated according to the structure of the income statement adopted in the 1st half 2017 (according to the format used by CaixaBank, BPI's consolidating entity)
| ha l f 1s 1 7 t ( ) Ja Ju 1 7 n. n. ‐ |
l. Ju 1 6 ‐ Ju 1 7 n. ( la 1 2 t s hs ) t mo n |
|
|---|---|---|
| l m ( ) F in ia in an c ar g na rro w se ns e |
1 8 2. 3 |
3 6 7. 6 |
| l ks Gr in i in t os s m ar g on u n |
6. 4 |
1 2. 8 |
| fro In i in ty tru ts co me m eq u s me n |
6. 4 |
1 1. 0 |
| la d c Ne is io in ise t c t to t t om m ns re g a mo r os |
1 0. 3 |
2 1. 0 |
| l m F in ia in an c ar g |
2 0 5. 5 |
4 1 2. 5 |
| hn l r l f Te ica in t o tra ts c es u su ra nc e c on c |
7. 4 |
1 8. 6 |
| d o he ( ) Co iss io in t t mm ns a n r co me ne |
1 3 1. 9 |
2 6 6. 3 |
| ia l ba k ing inc Co m m er c n om e |
34 4.8 |
6 9 7. 4 |
| 1) d d o he d c A j te ts us ve r a os |
2 3 2. 3 |
4 5 9. 5 |
| d d o he d c f c l A j % ia te ts us ve r a os as a o om m er c ba k ing inc n om e |
6 7 % |
6 6 % |
| ha l f 1s 1 7 t |
l. 6 ‐ Ju 1 Ju 1 7 n. |
|
|---|---|---|
| ( ) Ja Ju 1 7 n. n. |
( la 1 2 t s |
|
| ‐ | hs ) t mo n |
|
| l m ( ) F in ia in an c ar g na rro w se ns e |
1 8 2. 3 |
3 6 7. 6 |
| hn l r l f Te ica in R C L t o tra ts c es u su ra nc e c on c ‐ |
7. 4 |
1 8. 6 |
| la d c Ne is io in ise t c t to t t om m ns re g a mo r os |
1 0. 3 |
2 1. 0 |
| in ia l m in F R C L an c ar g ‐ |
2 0 0. 1 |
4 0 7. 2 |
| ( ) ‐ iss io d o he in Co R C L t t mm ns a n r co me ne |
1 3 8. 3 |
2 7 9. 2 |
| d r l lu d bu fro i in i io Eq ty te ts, tr t u ac co un es u ex c g co n n m |
9. 0 |
1 1. 6 |
| fr ke in ica ba ks C A R L ta s s n n ‐ fro In i in R C L ty tru ts co me m eq u s me n ‐ |
6. 4 |
1 1. 0 |
| Co ia l ba k ing inc C R L m m er c n om e ‐ |
3 3. 8 5 |
0 8. 9 7 |
| 1) he d j d o d c A te ts us ve r a os |
2 3 2. 3 |
4 5 9. 5 |
| d j d o he d c % f c ia l ba k ing A te ts us ve r a os as a o om m er c n inc om e |
6 6 % |
6 % 5 |
1) Excluding costs from voluntary terminations and early retirements.
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.
| iss io in he ha l f Ne 1s 1 7– t c t t tr tu om ns s uc re |
( io ly d l i 1s t t p re v us us e un |
iss io in he Ne t c t om ns |
f f ha l do d in he º ha l 2 0 1s 1 7 ‐ 1 t tr tu te t s uc re a p |
||
|---|---|---|---|---|---|
| ing 2 0 1 7 te q ua r r ea rn s re |
( los he d by k, 's l da Ca ixa Ba B P I i ing to t tru tu t c e s c re us e n co ns o en |
||||
| N t i i e c o m m s s o n s |
|||||
| In € M |
ha l f 1s 1 7 t |
N t i e c o m m s |
C i R L s o n s - |
||
| l c is io To t a o m m s ns |
1 3 1. 9 |
ha l f 1s 1 7 t |
In M € |
||
| f w h h: O ic |
0. 0 |
8 5. 7 |
k Ba in iss io n g co m m ns |
||
| d In in ia io te t su ra nc e rm e n |
2 2. 2 |
2 8. 6 |
d In in ia io te t su ra nc e rm e n |
||
| As t m t se an ag em en |
2 4. 0 |
2 4. 0 |
As t m t se an ag em en |
||
| he iss io O t r c om m ns |
8 5. 7 |
1 3 8. 3 |
l To t a |
||
| l k G i i i t r o s s m a r g n o n u n n s |
|||||
| € In M |
ha l f 1s 1 7 t |
||||
| l ks G in i in t ro s s m a rg o n u n |
6. 4 |
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.
| Customer Resources at 30 Jun.17 - structure previously used (until 1st quarter 2017 earnings release) |
Customer Resources at 30 Jun.17 - structure adopted in 1st half 2017 |
||||||
|---|---|---|---|---|---|---|---|
| [A] Customer resources (corrected by duplications and |
tion of | [B] Duplica- [C] Placement of BPI pension funds under |
[D] Customer resources $[=A+B+C]$ |
(close to the format used by CaixaBank, BPI's consolidating entity) |
|||
| 30 Jun. 17, in M.€ | deducted of placements of pension fund under mgt.) |
balances 1) | mgt. in balance sheet resources |
Other | Jun. 17 | In M. $\epsilon$ | |
| On-balance sheet resources | 27 $ $ esources |
24 122 | I. On balance sheet resources | ||||
| Customers' deposits | 19 0 30 | 636 | 304 | 19 971 | |||
| Bonds placed with Customers and other | 56 | 56 | 20 069 | Deposits | |||
| Deposits and Bonds | 19 087 | 636 | 304 | 20 027 | |||
| Insurance capitalisation and other | 4 0 5 3 | 4 0 5 3 | 19 998 | Sight and term-deposits | |||
| Unit links insurance capitalisation | 2 1 1 1 | 2 1 1 1 | |||||
| "Aforro" insurance capitalis. products and other | 1943 | 1943 | 56 | Retail bonds | |||
| Participating units in consolidated trust funds | 15 | Interests from deposits | |||||
| On-balance sheet resources | 23 140 | 636 | 304 | 24 080 | |||
| Off-balance sheet resources | 4 0 5 3 | Capitalisation insurance and | |||||
| Unit trust funds, PPR and PPA | 4 1 9 4 | 4 1 9 4 | other | ||||
| BPI Suisse | 1419 | 1419 | 8 9 0 7 | II. Assets under management | |||
| Off-balance sheet resources | 5 6 1 3 | 5 6 13 | $5613 +$ | ||||
| Total Customer resources | 28752 | 636 | 304 | 29 693 | 673 | 6 2 8 6 | Mutual funds |
| Other customer resources | |||||||
| Public offerings | 1494 | 1 4 9 4 | 2 6 2 1 | Pension plans | |||
| Third-party funds placed with customers | 673 | 673 | |||||
| Other customer securities 2) | 2 4 2 0 | 2 4 2 0 | 1494 | III. Public offerings | |||
| Other customer resources | 4 5 8 7 | 4587 | |||||
| Total | 33 339 | 636 | 304 | 34 280 | 34523 | Total | |
| Pension Funds | 2621 | 2621 | |||||
| BPI Group | 1556 | 1556 | |||||
| Other | 1 0 6 5 | 1 0 6 5 |
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.
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 amortization
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 amortization
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
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 + Capitalization 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)
Capitalization insurance and others = Unit links insurance capitalisation + "Aforro" capitalization 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 – Loan impairments)
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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