ANNOUNCEMENT Reuters>bcp.Is Exchange>BCP Bloomberg>bcp pl ISIN PTBCP0AM0015
March 3, 2017 Banco Comercial Português, S.A. informs about Bank Millennium (Poland) results in 2016
Banco Comercial Português, S.A. hereby informs that Bank Millennium in Poland, in which it has a 50.1% holding and whose accounts are fully consolidated at BCP group level, released today its results for the full year 2016. Main highlights are as follows:
"Record net profit and cost efficiency
- Net profit in 2016 at PLN 701 million (€160.3 million), +28.3% y/y, the highest level in the Bank's history
- New banking tax cost a significant amount of PLN 174.1 million (€39.8 million) in 2016 year (not tax-deductible)
- Net profit without new tax and one-offs (VISA and provisions booked in 2Q) at PLN 695 million (€158.8 million); +4.1% versus recurrent net profit in 2015: PLN 667.4 million (€152.5 million) without one-off charges booked in 4Q 2015
- ROE (Return on average equity) at 10.4% (7.8% without one-off items) versus 9% in 2015
- ROA (Return on average assets) at 1.05%
- Cost to Income at 45% the lowest yearly level (49.6% without one-offs in line with strategic target of Bank Millennium Group)
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BANCO COMERCIAL PORTUGUÊS, S.A., a public company (sociedade aberta) having its registered office at Praça D. João I, 28, Oporto, registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the share capital of EUR 5,600,738,053.72
INVESTOR RELATIONS Rui Coimbra Phone +351 211 131 084 [email protected] [email protected] [email protected]
MEDIA CONTACT Erik T. Burns Phone +351 211 131 242 Mobile +351 917 265 020 [email protected] [email protected]
ANNOUNCEMENT Reuters>bcp.Is Exchange>BCP Bloomberg>bcp pl ISIN PTBCP0AM0015
Continued growth of operating income
- Operating income grew by 23% yearly
- Core income higher by 6% yearly
- Net interest income up by 10% yearly
- Net commission income fell by 2.5% yearly but showed consequent growth since 2Q 2016
Good and stable asset quality and cost of risk
- Impaired loans ratio at low 4.5% and in case of mortgage at 2.5%
- Cost of risk at 49 bps
Strong capital and liquidity ratios
- Consolidated Total Capital Ratio at 17.4% and Common Equity Tier 1 at 17.3%
- Comfortable fulfillment of regulatory capital adequacy requirements
- Very strong liquidity: loans-to-deposits ratio at low 84% level"
End of announcement Banco Comercial Português, S.A.