Banco Comercial Portugues

Earnings Release • Nov 2, 2015

EARNINGS PRESENTATION 9M 2015

NOVEMBER 2015

The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ('IFRS') of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002

The figures presented do not constitute any form of commitment by BCP in regard to future earnings

First 9 months figures for 2014 and 2015 not audited

Agenda

• Highlights
• Group
• Profitability
• Liquidity
• Capital
• Portugal
• International Operations
• Conclusions

Highlights

Profitability Profits reinforced	• Net profit of €264.5 million in the first 9 months of 2015, compared to a loss of €109.5 million in the same period of 2014. Net profit of €23.8 million in the 3rd quarter of 2015. • Core net incomeup 48.2% to €651.6 million in the first 9 months of 2015 from €439.6 million in the same period of 2014, reflecting a 20.9% increase in net interest income and lower operating costs (-3.8%, including an 8.1% reduction in Portugal). Operating efficiency improved further, as cost to core income* decreased to 55.9%. Core net income of €228.2 million in the 3rd quarter of 2015, the highest quarterly amount since 2012. • Provision charges still sizable, but trending downwards: €745.4 million in the first 9 months of 2015 (€1,017.5 million in the same period of the previous year), benefitting from lower past due loans in the 3rd quarter of 2015.
Liquidity Healthy balance sheet	• Customer deposits up by 2.0% to €50.6 billion at September 30, 2015, with total Customers funds standing at €65.2 billion (€64.9 billion at September 30, 2014). • Commercial gap improved further, with net loans as a percentage of on-balance sheet Customer funds now standing at 99%. As a percentage of deposits (BoP criteria), net loans improved to 104% (111% at September 30, 2014, 120% maximum recommended). • ECB funding usage at €5.9 billion (€1.5 billion of which TLTRO-related), down from €6.7 billion at September 30, 2014.
Capital On course to reach European benchmark levels, reflecting profitability and specific measures	Common equity tier 1 ratio at 13.2% according to phased-in criteria, compared to 12.8% at • September 30, 2014. This figure stood at 10.0% on a fully implemented basis (not applying the criteria of Notice 3/95).*** • Capital figures do not include the impact of the agreement to merge Millennium Angola and Banco Privado Atlântico, S.A., estimated at +0.4 percentage points.

* Following the first application of IFRIC 21 in June 2015, whose impacts at Group level are related with the recognition of the contributions from the banking sector, for the deposits guarantee fund and for the resolution fund, it was also necessary to restate the consolidated financial statements as at 30 September 2014. | ** Core net income = net interest income + net fees and commission income – operating costs, core income = net interest income + net fees and commission income. | *** Includes earnings for the first 9 months of the year and the impact of the minimum capital requirements that ECB intends to establish in 2016. Phased-in ratio at 13.1% excluding these impacts.

Highlights

* Following the first application of IFRIC 21 in June 2015, whose impacts at Group level are related with the recognition of the contributions from the banking sector, for the deposits guarantee fund and for the resolution fund, it was also necessary to restate the consolidated financial statements as at 30 September 2014. | ** Assuming 9M14 shareholding in Bank Millennium to be the same as 9M15 (65.5% in 1Q, 50.1% in 2Q and 3Q). | *** Includes earnings for the first 9 months of the year and the impact of the minimum capital requirements that ECB intends to establish in 2016. Phased-in ratio at 13.1% excluding these impacts.

Highlights

* Following the first application of IFRIC 21 in June 2015, whose impacts at Group level are related with the recognition of the contributions from the banking sector, for the deposits guarantee fund and for the resolution fund, it was also necessary to restate the consolidated financial statements as at 30 September 2014. | ** According to the instruction nr. 16/2004 of Bank of Portugal.

• Highlights
• Group
• Profitability
• Liquidity
• Capital
• Portugal
• International Operations
• Conclusions

9M2015 earnings: profitability affirmed…

(million euros)	* 9M14	9M15	YoY	Impact on earnings
Net interest income	791.0	956.7	20.9%	+165.7
Of which: costs related with hybrids instruments (CoCos)	-162.8	-48.7	-70.1%	+114.0
Net fees and commissions	506.2	520.3	2.8%	+14.1
Other operating income	412.8	529.4	28.2%	+116.6
Banking income	1,709.9	2,006.4	17.3%	+296.4
Staff costs	-478.0	-461.1	-3.5%	+17.0
Other administrative costs and depreciation	-379.5	-364.3	-4.0%	+15.2
Operating costs	-857.6	-825.4	-3.8%	+32.2
Operating net income (before impairment and provisions)	852.4	1,181.0	38.6%	+328.6
Loans impairment (net of recoveries)	-874.5	-628.0	-28.2%	+246.5
Other impairment and provisions	-143.0	-117.4	-17.9%	+25.6
Net income before income tax	-165.1	435.6	--	+600.7
Income taxes	171.6	-80.9	--	-252.5
Non-controlling interests	-81.9	-105.0	28.2%	-23.1
Net income from discontinued or to be discontinued operations	-34.1	14.8	--	+48.8
Net income	-109.5	264.5	--	+374.0

* Following the first application of IFRIC 21 in June 2015, whose impacts at Group level are related with the recognition of the contributions from the banking sector, for the deposits guarantee fund and for the resolution fund, it was also necessary to restate the consolidated financial statements as at 30 September 2014.

… after 4 years of losses

* Following the first application of IFRIC 21 in June 2015, whose impacts at Group level are related with the recognition of the contributions from the banking sector, for the deposits guarantee fund and for the resolution fund, it was also necessary to restate the consolidated financial statements as at 30 September 2014.

Core net income* improves in Portugal

Net interest income increases, particularly in Portugal

(Million euros)

Stable commissions, despite demanding regulatory environment

(Million euros)

Fees and commissions
Consolidated
	9M14	9M15	YoY
Banking fees and commissions	402.5	424.9	+5.6%
Cards and transfers	144.5	129.6	-10.3%
Loans and guarantees	116.9	133.6	+14.3%
Bancassurance	54.7	56.5	+3.3%
Current account related	57.6	62.2	+8.0%
State guarantee	-22.7	0.0	--
Other fees and commissions	51.5	43.0	-16.5%
Market related fees and commissions	103.7	95.4	-8.0%
Securities operations	74.8	65.5	-12.5%
Asset management	28.9	29.9	+3.6%
Total fees and commissions	506.2	520.3	+2.8%

Net trading income in 2015 boosted by gains on the sale of sovereign debt in the 1st half

Cost reduction proceeds in Portugal

Millennium bcp is one of the most efficient banks in Portugal and in the Eurozone

• Millennium bcp is the most efficient bank in Portugal, with a cost to core income* of 56% in the first 9 months of 2015, and is among the most efficient in the Eurozone
• Millennium bcp is also the most improved bank in Portugal in terms of cost to core income* in recent years: 30pp down from 2013

Impairment slowing down in Portugal…

… with lower delinquency and increased coverage

Diversified and collateralised portfolio

• Loans to Companies accounted for 48% of the loan portfolio at end–September 2015, including 11% to construction and real estate sectors
• 92% of loan portfolio is collateralised

• Mortgages accounted for 45% of the loan portfolio, with low delinquency levels and a 66% average LTV

• Highlights

• Group
• Profitability
• Liquidity
• Capital
• Portugal
• International Operations
• Conclusions

Deposits increase, with individuals in Portugal and international operations standing out

Credit increases in international operations

(Million euros)

On a comparable basis: excludes Romania and Millennium bcp Gestão de Activos, following the discontinuation processes. * Excludes public sector and credit recovery areas.

Continued improvement of the liquidity position, current ratios exceed future requirements

** According to the current version of Notice 16/2004 of the Bank of Portugal.

*** Estimated in accordance with CRD IV current interpretation.

Lower refinancing needs in the medium to long term, Customer deposits are the main funding source

• Lower funding needs, reflecting a lower commercial gap

• Customer deposits are the main funding source

• Highlights

• Group
• Profitability
• Liquidity
• Capital
• Portugal
• International Operations
• Conclusions

Capital strengthened to European benchmarks, supported by profitability and specific measures

• Highlights
• Group
• Profitability
• Liquidity
• Capital
• Portugal
• International Operations
• Conclusions

Portugal: deleveraging effort improves liquidity position

On a comparable basis: excludes Millennium bcp Gestão de Activos (following the process of discontinuation).

Net income improves as banking income increases and operating costs decrease

(Million euros)

* Following the first application of IFRIC 21 in June 2015, whose impact at Group level are related to the recognition of the contributions of the banking sector to the Deposit Guarantee Fund and the resolution fund, it was also necessary to restate the consolidated financial statements as at September 30, 2014.

Improvement trend on core income and operating costs in Portugal proceed

• Core income increases to €847 million in the first 9 months of 2015
• Operating costs down to €475 million in the same period
• Continuation of the core net income** expansion trend begun 2 years ago: €372 million from January to September 2015

* Excludes non recurring specific items.

** Core net income = net interest income + net fees and commission income – operating costs. Excludes non recurring specific items.

Increase on net interest income in Portugal reflects lower cost of deposits, in spite of the impact of lower loan volumes

Breakdown of net interest income growth
(Million euros)
		3Q15 vs.	9M15 vs.
		2Q15	9M14
Effect of cost of time deposits		+14.5	+130.9
Performing loans volume effect		-5.8	-70.7
NPL effect (non recurring)		+20.8	+15.2
CoCos effect		--	+114.0
Other		+1.1	-27.0
	Total	+30.6	+162.4

• Net interest income increased versus 2Q2015, driven by:
• Consistent reduction of the cost of time deposits
• Non-recurring interest recovery from NPLs
• These effects were partially offset by the continued reduction in loan volumes
• Year-on-year increase of net interest income from commercial business, as the impact of the continued decline of the cost of term deposits, the reduction of NPL and the early repayment of CoCos more than compensated for the unfavourable impact of lower loan volumes

Continued effort to reduce the cost of deposits

• Continued reduction of the cost of the portfolio of term deposits, down to 131bp in the first 9 months of 2015 from 173pb in 2014; September's front book priced at an average spread of -55pb, substantially below the cost recorded in the past
• The slight decrease in the average spread on loans to companies was compensated by an equivalent improvement in mortgage loans, resulting in a flat spread on the total loan book
• The combination of a stable spread on loans with a steep improvement on deposits has resulted in a significant increase to the Customer spread, which stood at 196 basis points in the first 9 months of 2015 (165 bp in 2014)

Increased commissions, benefiting from early repayment of State-guarantees

(Million euros)

	9M14	9M15	YoY
Banking fees and commissions	269.8	293.1	+8.6%
Cards and transfers	76.8	73.9	-3.9%
Loans and guarantees	88.8	90.7	+2.1%
Bancassurance	54.7	56.5	+3.3%
Current account related	57.5	62.2	+8.1%
State guarantee	-22.7	0.0	--
Other fees and commissions	14.7	9.9	-32.7%
Market related fees and commissions	50.6	40.6	-19.8%
Securities operations	45.2	35.6	-21.1%
Asset management	5.5	5.0	-8.8%
Total fees and commissions	320.5	333.7	+4.1%

The implementation of the plan proceeded, on target with strategic goals

Reinforced coverage of delinquent loans

Foreclosed assets sold above book value, confirming appropriate coverage

• Highlights
• Group
• Profitability
• Liquidity
• Capital
• Portugal
• International Operations
• Conclusions

Significant net income growth in international operations

(Million euros)
	9M14	9M15	Δ % local currency	Δ % euros	ROE
International operations*
Poland	118.7	118.8	+0.0%	+0.8%	11.1%
Mozambique	66.2	67.6	+2.0%	+4.6%	20.2%
Angola	38.6	57.4	+48.7%	+54.2%	23.0%
Net income	223.6	243.8	+9.0%	+11.0%
Other and non-controlling interests	-71.9	-94.5
Total contribution int. operations	151.7	149.3		-1.6%
On a comparable basis**	139.3	149.3		+7.2%

Note: subsidiaries' net income presented for the first 9 months of 2014 at the same exchange rate as for the first nine months of 2015 for comparison purposes. | * Excludes Banca Millennium (Romania). | ** Assuming 9M14 shareholding in Bank Millennium to be the same as 9M15 (65.5% in 1Q, 50.1% in 2Q and 3Q).

Poland: growing Customer funds and loans to Customers

Stable net income, despite difficult environment

FX effect excluded. €/Zloty constant in September 2015: Income Statement 4.15441667; Balance Sheet 4.2448.

Reduction of income, resulting from a challenging environment, compensated by lower costs

(Million euros)

* Pro forma data. Margin from derivative products, including those from hedging FX denominated loan portfolio, is included in net interest income, whereas in accounting terms, part of this margin (1.3M€ in 9M14 and 9.9M€ in 9M15) is presented in net trading income.

FX effect excluded. €/Zloty constant in September 2015: Income Statement 4.15441667; Balance Sheet 4.2448.

Stable credit quality, with high levels of coverage

Poland: resilient business model

Figures for the Polish banking system as of August 31, 2015, except NPLs at June 30 (latest data available). Sources: Polish Financial Supervision Authority and National Bank of Poland.

* Core income = net interest income + net fees and commission income.

Mozambique: strong volume growth

FX effect excluded. €/Metical constant as at September 2015: Income Statement 41.19027778; Balance Sheet 47.5150.

Net income boosted by increased banking income

Growth in core income and operating costs driven by network expansion

Credit quality and coverage

Angola: strong performance despite lower commodity prices

Millennium Angola + ATLANTICO: merger creates the 2nd largest private sector bank in Angola...

Main indicators
(June 2015, million euros, local GAAP)
Total assets	2,083.1	3,305.2
Equity	295.3	365.3
Customer funds	1,497.1	2,598.0
Loans to Customers, net	858.0	1,580.5
Branches	89	60
Headcount	1,191	841

Market share

• Merger creates the 2nd largest private sector bank in terms of loans to the economy, with a market share of 10% by business volume;
• Millennium Angola and ATLANTICO have complementary capacities: while Millennium Angola's main source of business is mass market, small businesses and companies, ATLANTICO is focused on large Customers in the private, upper-affluent and corporate segments.

... making it possible to maintain the contribution from activities in the country at levels in line with Millennium bcp's ambitions

Merger makes it possible to maintain contribution in line with ambitions	• Merger strengthens capacity to grow in Angola, creating conditions for growth in adverse environment and simultaneously adapting the bank to the implications of recent changes in supervisory equivalence; • Joining the complementary capacities of BMA and ATLANTICO maximizes the ability to create value in Angola, making it possible to maintain the contribution from activities in the country at levels in line with Millennium bcp's ambitions, and allowing returns on invested capital around 20%, compensating for the slowing-down of the Angolan economy compared to initial plans; • Average synergies at €20 million per annum for 2016-2020.
Transaction details	• The valuation of the stakes of the two merged banks will be calculated based on their respective book values, subject to due diligence by an independent auditor. Millennium bcp is expected to hold a ≈20% in the new entity (adjustment to Millennium bcp's stake valued at 1.6x book value); • Dividend distribution policy at 50% to 70% of net income; • Board with 15 members, of which 5 to be named by Millennium bcp, which is to hold responsibility for the Risk Office and for Credit; Executive Committee with 7 members, 2 of which to be named by Millennium bcp. Millennium bcp will also name one of the Vice-Chairmen of the Board, who will preside over the Audit Committee, as well as one of the Vice-Chairmen of the Executive Committee. • Transaction subject to regulatory and supervisory approval, expected to complete in 1Q2016.
Capital impacts	Positive impact, estimated at 0.4 percentage points, on Milllenium bcp's common equity tier I capital • ratio on a phased-in basis (negligible positive impact on fully loaded ratio).

• Highlights
• Group
• Profitability
• Liquidity
• Capital
• Portugal
• International Operations
• Conclusions

Progress on 2012 strategic plan metrics

		Actual		Strategic plan
Phases	Priorities		9M14	9M15		2015
Demanding economic environment 2012-2013	Stronger balance sheet	CET1 (phased-in) (fully implemented)*	12.8% 9.2%	13.2% 10.0%	…	>10%	
	Recovery of profitability in	LtD***	103%	99%	…	<110%	
Creating growth and profitability conditions	Portugal	C/I	52%	41%	…	≈50%	
2014-2015	Continued development	Oper. costs****	€689M	€634M	…	≈€660M	
	of business in Poland, Mozambique and Angola	Cost of risk (bp)	201	149	…	≈100	
Sustained growth 2016-2017	Sustained net income growth, greater balance between domestic and international operations	ROE	-4%	8%	…	≈7%	

* Includes earnings for the first 9 months of the year and the impact of the minimum capital requirements that ECB intends to establish in 2016. Phased-in ratio at 13.1% excluding these impacts. | ** Revocation of Bank of Portugal's Notice 3/95, currently under discussion, would lead to deferred tax assets no longer being calculated based on it for capital purposes. | *** LtD ratio (Loans to deposits) calculated based on net loans and balance sheet customer funds. | **** Annualised.

Appendix

Sovereign debt portfolio

Total sovereign debt at €7.8 billion, of which €1.2 billion maturing up to one year

Portuguese sovereign debt decreased, whereas exposure to Polish, Mozambican and Angolan have increased from September 2014

(Million euros, as at September 2015)

	Portugal	Poland	Mozambique	Angola	Other	Total
Trading book	183	160	0	0	38	381
≤ 1 year	4	80	0	0	0	84
> 1 year and ≤ 2 years	0	68	0	0	38	106
> 2 year and ≤ 5 years	174	8	0	0.454	0	183
> 5 year and ≤ 10 years	3	4	0	0	0.0038	7
> 10 years	1	0	0	0	0.0000	1
Banking book*	4,866	1,563	499	468	54	7,449
≤ 1 year	202	478	327	78	0	1,085
> 1 year and ≤ 2 years	2	288	158	165	0	613
> 2 year and ≤ 5 years	1,569	794	13	213	51	2,640
> 5 year and ≤ 10 years	2,738	3	0	12	3	2,756
> 10 years	355	0	0	0	0	356
Total	5,049	1,722	499	468	92	7,830
≤ 1 year	206	558	327	78	0	1,169
> 1 year and ≤ 2 years	2	355	158	165	38	719
> 2 year and ≤ 5 years	1,744	802	13	213	51	2,823
> 5 year and ≤ 10 years	2,741	7	0	12	3	2,763
> 10 years	356	0	0	0	0	356

Financial Statements

Consolidated Balance Sheet*

(Million euros)

30 September 30 September 2015 2014 Liabilities Assets Amounts owed to credit institutions Cash and deposits at central banks 1,514.5 1,757.2	30 September 2015 10,288.9	30 September 2014
		10,639.0
Amounts owed to customers Loans and advances to credit institutions	50,643.8	49,956.8
Debt securities Repayable on demand 984.0 722.8	4,909.7	7,769.2
Financial liabilities held for trading Other loans and advances 976.1 912.0	828.4	986.9
Hedging derivatives Loans and advances to customers 52,478.2 54,808.4	549.0	263.6
Provisions for liabilities and charges Financial assets held for trading 1,481.1 1,663.2	300.8	448.5
Subordinated debt Financial assets available for sale 11,556.6 9,573.6	1,683.8	2,064.1
Assets with repurchase agreement 10.5 91.4 Current income tax liabilities	7.3	9.4
Hedging derivatives 85.1 72.4 Deferred income tax liabilities	16.7	7.4
Financial assets held to maturity 432.9 2,724.2 Other liabilities	1,020.1	1,068.1
Investments in associated companies 313.9 457.4 Total Liabilities	70,248.5	73,213.1
Non current assets held for sale 1,674.5 1,590.7
Equity Investment property 147.6 179.3	-	-
Property and equipment 673.5 774.9 Share capital	4,094.2	3,706.7
Goodwill and intangible assets 206.3 248.1 Treasury stock	(1.1)	(33.3)
Current tax assets 39.9 38.8 Share premium	16.5	-
Deferred tax assets 2,505.4 2,410.5 Preference shares	59.9	171.2
Other assets 904.9 761.6 Other capital instruments	2.9	9.9
Fair value reserves 75,985.0 78,786.4	9.0	159.3
Reserves and retained earnings	274.1	904.5
Net income for the period attrib. to Shareholders	264.5	(109.5)
Equity attrib. to Shareholders of the Bank	4,720.0	4,808.7
Non-controlling interests	1,016.5	764.7
Total Equity	5,736.5	5,573.4
	75,985.0	78,786.4

Consolidated Income Statement* Per quarter

(Million euros)			Quarterly
	3Q 14	4Q 14	1Q 15	2Q 15	3Q 15
Net interest income	295.0	325.2	328.4	299.6	328.7
Dividends from equity instruments	0.1	0.1	2.0	3.8	0.1
Net fees and commission income	165.0	174.7	169.9	180.7	169.7
Other operating income	-1.7	-10.1	-18.0	-23.9	-13.7
Net trading income	182.0	85.0	200.1	308.1	45.8
Equity accounted earnings	5.2	7.7	6.1	14.6	4.5
Banking income	645.6	582.5	688.4	782.9	535.1
Staff costs	154.6	157.6	153.3	155.7	152.1
Other administrative costs	109.7	117.3	106.7	106.4	102.3
Depreciation	16.5	17.2	16.7	16.6	15.7
Operating costs	280.9	292.0	276.6	278.6	270.2
Operating net income bef. imp.	364.8	290.5	411.8	504.3	264.9
Loans impairment (net of recoveries)	502.9	232.5	205.6	269.4	153.0
Other impairm. and provisions	29.0	66.3	70.1	21.7	25.5
Net income before income tax	-167.1	-8.3	136.1	213.2	86.3
Income tax	-172.1	73.9	36.3	18.1	26.4
Non-controlling interests	29.3	28.2	30.1	38.7	36.1
Net income (before disc. oper.)	-24.3	-110.4	69.6	156.3	23.8
Net income arising from discont. operations	-0.5	-6.8	0.8	14.0	0.0
Net income	-24.8	-117.1	70.4	170.3	23.8

* Following the first application of IFRIC 21 in June 2015, whose impacts at Group level are related with the recognition of the contributions from the banking sector, for the deposits guarantee fund and for the resolution fund, it was also necessary to restate the consolidated financial statements as at 30 September 2014.

Consolidated Income Statement (Portugal* and International Operations)

For the 9-month periods ended 30th September, 2014 and 2015

							International operations
	Portugal Group					Total			Bank Millennium (Poland)			Millennium bim (Moz.)		Millennium Angola			Other int. operations
	sep 14	sep 15	Δ%	sep 14	sep 15	Δ%	sep 14	sep 15	Δ%	sep 14	sep 15	Δ%	sep 14	sep 15	Δ%	sep 14	sep 15	Δ%	sep 14	sep 15	Δ%
Interest income	2.013	1.745	$-13.3%$	1,301	1,034	$-20.5%$	712	711	$-0.2%$	469	418	$-10.8%$	150	172	15.0%	89	117	30.5%	5	4	$-8.8%$
Interest expense	1,222	788	$-35.5%$	950	520	$-45.2%$	273	268	$-1.8%$	205	173	$-15.3%$	47	63	33.9%	27	36	36.9%	-6	-5	13.5%
Net interest income	791	957	20.9%	351	514	46,2%	440	443	0.8%	264	244	$-7.4%$	10 3	109	6.4%	63	80	27.8%	10	9	$-11.4%$
Dividends from equity instruments	6	6	0.7%	$\overline{2}$	3	27.9%	$\overline{4}$	3	$-16.6%$	$\mathbf{0}$		23.7%	0	0	$-14.1%$	3	2	$-22.5%$	0	0	26.1%
Intermediation margin	797	963	20.8%	354	517	46.1%	443	446	0.6%	264	$\overline{245}$	$-7.3%$	103	109	6.4%	66	82	25.4%	10	9	$-11.4%$
Net fees and commission income	506	520	2.8%	320	334	4.1%	186	187	0.5%	112	110	$-2.2%$	32	36	11.2%	23	22	$-1.5%$	19	19	$-0.1%$
Other operating income	22	$-56$	$-100%$	25	$-54$	$\frac{3.100}{6}$	$-3$	$-2$	37.2%	$-12$	$-11$	7.8%	10	10	6.5%	$\mathbf{0}$	$-1$	$\frac{3}{2}$ - 100%	$\mathbf 0$	$-1$	$-9.0%$
Basic income	1,325	1,427	7.7%	699	797	14.0%	626	631	0.8%	364	343	$-5.7%$	145	156	7.5%	88	104	18.0%	28	$\overline{27}$	$-4.3%$
Net trading income	357	554	55.1%	288	432	49.7%	69	122	77.8%	35	40	14.7%	13	31	>100%	19	48	>100%	$\overline{2}$	3	96.8%
Equity accounted eamings	28	25	$-11.1%$	28	25	$-9.9%$	$\mathbf 0$	0	$\overline{\phantom{a}}$	$\mathbf 0$	$\Omega$	$\sim$	$\mathbf 0$	$\Omega$	$\overline{\phantom{a}}$	$\Omega$	$\Omega$	$\sim$ $\sim$	$\mathbf 0$	$\mathbf 0$	$\sim$ $\sim$
Banking income	1,710	2,006	17.3%	1.015	1.254	23.5%	695	753	8.3%	399	383	$-4.0%$	159	187	18.1%	108	152	41.7%	30	30	1.5%
Staff costs	478	461	$-3.5%$	312	280	$-10.2%$	166	181	8.9%	98	99	1.1%	34	38	10.6%	23	31	34.2%	12	14	19.7%
Other administrative costs	331	315	$-4.8%$	181	173	$-4.6%$	150	143	$-5.0%$	90	74	$-17.5%$	30	36	20.8%	26	28	6.6%	5	5	8.3%
Depreciation	48	49	1.3%	25	23	$-6.8%$	24	26	9.7%	10	9	$-6.2%$	8	9	15.0%	6	8	28.1%	$\Omega$	$\Omega$	$-11.4%$
Operating costs	858	825	$-3.8%$	517	475	$-8.1%$	341	350	2.8%	198	182	$-7.7%$	71	82	15.3%	55	66	20.5%	16	19	16.2%
Operating net income bef. imp.	852	1,181	38.6%	498	778	56.3%	354	403	13.7%	201	200	$-0.4%$	87	105	20.5%	52	86	64.1%	14	11	$-16.2%$
Loans impairment (net of recoveries)	875	628	$-28.2%$	813	545	$-32.9%$	61	83	35.0%	50	49	$-2.3%$	6	20	>100%	$\overline{7}$	14	>100%	$-1$	$\Omega$	>100%
Other impairm. and provisions	143	117	$-17.9%$	142 $-457$	114	$-19.8%$	-1	3 317	>100% 8.3%	$-2$		>100%	$\overline{2}$		$-61.8%$		$\Omega$ $\overline{71}$	$-43.3%$ 58.0%	$\Omega$	$\Omega$	$-75.8%$
Net income before income tax	$-165$	436	>100%		119	>100%	292			153	149	$-2.4%$	80	85	6.3%	45			14	11	$-21.8%$
Income tax	$-172$	81	>100%	$-231$	19	>100%	59	62	5.0%	35	31	$-13.1%$	14	16	13.2%	8	14	76.3%	$\overline{2}$		$-16.3%$
Non-controlling interests	82	105	28.2%	$\mathbf 0$	$\Omega$	$\frac{3}{2}$ - 100%	81	105	29.3%	$\Omega$	$\Omega$	- 1			22.3%	$\Omega$	$\Omega$	$\sim$	81	104	29.4%
Net income (before disc. oper.)	$-75$	250	>100%	$-227$	101	>100%	152	149	$-1.6%$	118	119	0.8%	65	68	4.6%	$\overline{37}$	57	54.2%	$-68$	$-95$	$-39.1%$
Net income arising from discont. operatio	$-34$	15	>100%
Net income	$-109$	265	>100%