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Banco Comercial Portugues

Investor Presentation • May 4, 2020

1913_iss_2020-05-04_d52e5d81-7f44-4c56-b319-e0366999ec8a.pdf

Investor Presentation

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1Q20

Banco BPI

Consolidated results

4 May 2020

"Disclaimer"

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 or financial accretion are not intended to mean that future performance 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, BPI does not guarantee that these contents are exact, accurate, comprehensive or complete, nor it is obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, BPI may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, BPI assumes no liability for any discrepancy.

In relation to Alternative Performance Measures (APMs) as defined in the guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415), this report uses certain APMs, which have not been audited, for a better understanding of the company's financial performance. These measures are considered additional disclosures and in no case replace the financial information prepared under the International Financial Reporting Standards (IFRS). Moreover, the way the Group defines and calculates these measures may differ to the way similar measures are calculated by other companies. Accordingly, they may not be comparable. Please refer to the Glossary section for a list of the APMs used along with the relevant reconciliation between certain indicators.

This document has not been submitted to the Comissão do Mercado of Valores Mobiliários (CMVM) (Autoridade Portuguesa do Mercado of Capitais) for review or for approval. Its content is regulated by the Portuguese law applicable at the date hereto, and it is not addressed to any person or any legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions.

Notwithstanding any legal requirements, or any limitations imposed by BPI which may be applicable, permission is hereby expressly refused for any type of use or exploitation of the content of this presentation, and for any use of the signs, trademarks and logotypes contained herein. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion by any other mean, for commercial purposes, without the previous express consent of BPI and/or other respective proprietary title holders. Any failure to observe this restriction may constitute a legal offence which may be sanctioned by the prevailing laws in such cases.

BPI consolidated results in the 1st quarter 2020

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Consolidated net profit of 6.3 M.€ in the 1st quarter 2020

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6

2) In 2019, the banking sector contribution was accrued over the 12 months of the year (4.0 M € in the 1st quarter 2019); in 2020 it was accounted for in the 1st quarter in full (15.5 M €).

Commercial banking gross income increased 2.6% yoy in the 1st Q 2020

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Note: in 2020 BPI changed the segmentation of the loan portfolio. The figures in Dec19 have been restated to ensure comparability.

1) Loans to resident non‐financial corporations. Source: BPI and Bank of Portugal.

8

Individual loans origination and market shares

14

15 16 17 18 19 Jan.

20

Customer deposits increased 3.4% YtD

Customer resources

In
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  • Customer deposits increased by 0.8 Bi.€ YtD to 23.5 Bi.€
  • Decrease in assets under management largely explained by the devaluation of the portfolios
  • Stable total customer resources (vs. Dec.19)
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1) In January 2020.

10

2) Retirement savings plans ("Planos poupança reforma"‐PPR) include retirement savings plans in the form of mutual funds and capitalisation insurance. For this reason, the retirement savings plans are excluded in the calculation of the mutual funds and capitalisation insurance market shares.

Operating expenses increased 0.8% yoy

Core cost‐to‐income of 60% in March 2020

1) Recurrent operating expenses deducted of revenues from services rendered to CaixaBank.

12

Loan impairments net of recoveries of 32 M.€ (1st quarter 2020)

1) Impairments after deducting recoveries of loans previously written off.

13 2) Non annualised. In the last 12 months up to Mar.20, the cost of credit risk was ‐0.04% of the gross loans and guarantees portfolio.

NPE ratio of 2.3% in March 2020

1) NPE ratio considering the prudential supervision perimeter.

142) Coverage by impairments accumulated in the balance sheet for loans and guarantees; does not consider collaterals.

Employees pension liabilities

Employees pension liabilities

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1) Non‐annualised ytd return.

15 2) Recognised directly in shareholders, in accordance with IAS19.

Solid capital position

16 1) Includes the net income for the 1st quarter 2020. The capital ratios in March 20 calculated for the purposes of prudential reporting COREP (excluding the net income for the quarter) are: CET1 13.6%, Tier 1 15.2% and total capital 16.9%.

Balanced funding structure and comfortable liquidity position

Customer resources constitute the main source of financing of the balance sheet (69% of assets)

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1) Includes short‐term public debt of 0.2 Bi.€ (Portugal), with a residual average maturity of 0.1 years, and medium and long‐term debt of 4.4 Bi.€ (Portugal 55%, Spain 30% and Italy 15%) with an average residual maturity of 2.9 years.

17

2) Average 12 months, according to EBA guidance. Average amount (last 12 months) of LCR components calculation: Liquidity Reserves (4 550 M.€); Total net outflows (2 516 M.€). 3) Regulatory minimum from June 2021.

I

III

COVID‐19: Support for companies, families, employees and society

Social responsibility, rating and highlights

Annex

Protection of CLIENTS and EMPLOYEES

PHYSICAL DISTRIBUTION NETWORK

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EASE IN REMOTE EXECUTION OF TRANSACTIONS

PROCESS REVIEW AND SIMPLIFICATION

24H HEALTH PHONE LINE

  • Since the 16th March, BPI's commercial networks have been operating "behind closed doors", with restricted client access to the branches. 89% of the branches and 100% of corporate centres are operating.
  • More than 150 self‐service machines that enable a wide range of transactions (cheques or cash deposits, account balances, cheque requests and exchange of notes / coins, ...).
  • Simplification of the subscription of BPI Depósitos Card for Companies (free, annual fee exempt) that allows deposits in automated zones, at any time of the day.
    • Simplifying the subscription of home banking services and extending the array of services available on these channels.
    • Online contact with the respective account manager made available.
  • Free six‐month offer for new subscriptions of basic services package (Conta Valor, Conta Premier, Conta Commerce) that include basic online transactions.
  • Review of the main processes within the scope of the digital channels, means of payment, credit and financial instruments, using digital documentation and remote validation and authorisation protocols.
    • Linha Allianz Saúde: medical team available 24h for all BPI Clients.

Support for CLIENTS Digital transformation

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Support for FAMILIES

Permanent residence mortgage loans ‐ Capital or capital and interest moratoria, until 30 September (DL 10‐J / 2020 moratoria).

Loan moratoria for individuals1)

  • Mortgage loans ‐ other purposes – Capital or capital and interest moratoria, until 30 September (protocol APB).
  • Personal loans and car finance up to 75 thousand euros ‐ Capital or capital and interest moratoria, for 12 months (protocol APB).]

Customers with their salaries affected by the crisis COVID‐19

  • BPI maintained the conditions of its basic service packages (Conta Valor)
  • Maintenance of prevailing spread discounts in mortgage loans, regardless of changes in clients' activities / products

Support for COMPANIES

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Support for EMPLOYEES

90% IN CENTRAL SERVICES

53% IN THE COMMERCIAL NETWORKS

  • Employees on leave to assist their children due to school closure: 100% of the salary + food allowance
  • Possibility to reschedule Easter holidays
  • Weekly rotation in commercial teams
  • Reinforced cleaning process and protective materials distributed
  • Workers commission and unions involved
  • Internal communication

Training: actions directed to specific current needs and accelerated certain programmed training courses

COVID‐19: Support for companies, families, employees and society

Social responsibility, rating and highlights

Annex

III

II

I

"la Caixa" Foundation and BPI support new initiatives in response to the emergency caused by Covid‐19

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Social responsibility

Implementation of programs of "la Caixa" Foundation in Portugal

"la Caixa" Foundation budget for 2020: 30 M.€ (19.3 M.€ in 2019)

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2020 BPI "la Caixa" awards

Since 2010, more than 15 M.€ were granted to support projects of social solidarity institutions

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s

Public recognition in 2020

BPI ranking #1st place in the "Large Banks" category of the "Consumer Choice Awards" and "Five Stars Awards". BPI was recognised, for the seventh consecutive year, as the Portuguese Most Trusted Banking Brand.

This is the first time BPI earns the three awards simultaneously, which value BPI's dedication to its Customers, offering them the best service and products.

BPI has investment grade ratings for LT debt and deposits

/
(
bt
Lon
Ter
De
g
m
)
r C
d
it R
ing
Iss
at
ue
re		 /
(
bt
Lon
Ter
De
g
m
ing
)
Iss
rat
ue
r		 (
fa
lt
)
Iss
De
Ra
ing
t
ue
r
u		 (
Lon
Ter
g‐		 /
bt
ing
)
De
Iss
Ra
t
m
ue
r
… A
a2,
Aa
1 e
Aa
a		 A (
hig
h),
… A
A, A
AA
A
… A
A‐,
AA
AA
AA
A
+ e
,		 Aa
3		 bo
ds
Mo
rtg
ag
e
n		 … A
A‐,
AA
AA
AA
A
+ e
,		 (
low
)
A
A		 bo
ds
Mo
rtg
ag
e
n
A+ A
1		 A+ (
h
h
)
A
ig
A 2
A		 A k
Ba
1
n
A‐ A
3		 A‐ (
)
low
A
B
B
B+		 1
Ba
a		 ós
De
ito
L
P
p
s		 k
1
Ba
n
B
B
B+		 de
L
T
its
p
os
ior
de
b
L
T s
t
en		 (
h
h
)
Po
B
B
B
ig		 l
rtu
g
a
l
Po
B
B
B
rtu
g
a		 k
Ba
1
n		 Ba
2
a		 B
B
B
l
Po
rtu
g
a		 B
B
B		 k
Ba
3
n
B
B
B‐		 l
Po
3
rtu
Ba
a
g
a		 k
Ba
1
n		 B
B
B‐		 (
low
)
B
B
B		 k
Ba
2
n
B
B+		 Ba
1		 k
k
2
Ba
3
Ba
n
n		 B
B+		 k
Ba
3
n		 (
h
h
)
B
B
ig
B
B		 k
Ba
2
n		 Ba
2		 B
B		 k
Ba
2
n		 B
B		 k
Ba
4
n
B
B‐		 Ba
3		 B
B‐		 (
low
)
B
B
B+ B
1		 B+ k
Ba
4
n		 (
h
h
)
B
ig		 k
Ba
5
n
B
B‐
C
C
C+		 B
2		 B B
B
3		 B‐ (
low
)
B
Ca
1
a		 k
Ba
4
n		 C
C
C+		 (
)
C
C
C
h
ig
h
… C
CC,
CC
C‐,
CC,
C e
D		 k
Ba
5
Ca
2
n
a		 … C
CC,
CC
C‐,
CC,
C e
D		 C (
low
),
(
hig
h),
(
low
),
… C
CC,
CC
CC
CC,
CC
C
(
hig
h),
C,
C (
low
),
D
Caa
3,
Ca
e C
…

S&P (17 Sep.19) reaffirmed BPI and its long term senior debt rating of BBB, with Stable outlook.

  • Moody's (11 Mar.20) upgraded BPI and its long term senior debt rating from Ba1 to Baa3 and reaffirmed its LT deposits rating at Baa1. The ratings outlook is Stable.
  • Fitch (3 Apr.20) upgraded BPI's LT senior debt rating from BBB to BBB+, rated for the 1st time its LT deposits with a BBB+ rating and reaffirmed BPI rating of BBB, with Negative outlook.

Results in the 1st quarter 2020 ‐ Highlights

Results in the 1st Q. 2020

(unaudited accounts)

  • Income Statements and Balance sheet in accordance with IAS / IFRS
  • Profitability and efficiency as in the Bank of Portugal's Instruction no. 16/2004
  • Reconciliation between BPI reported figures and BPI Segment contribution to CaixaBank Group
  • Alternative performance measures

Income Statement of activity in Portugal

(unaudited)

M
1
9
ar		 M
2
0
ar
%
In
M
€		 1)
d
tat
res
e
Ne
in
inc
t
te
t
re
s
om
e		 1
0
6.
8		 1
0
9.
9		 2.
9
%
iv
i
de
d
inc
D
n
om
e		 0.
1		 0.
0		 %
‐5
6.
7
i
d
inc
Eq
ty
te
u
ac
co
un
om
e		 8
4.		 8
5.		 2
0.
%
4
fe
d c
Ne
iss
io
inc
t
e a
n
om
m
n
om
e		 6
0.
4		 6
0.
8		 0.
7
%
/
(
los
)
f
l a
d
l
b
l
d o
he
Ga
ins
ina
ia
ia
i
i
ies
ts
t
t
se
s
on
nc
ss
e
an
a
n
r		 (
)
0.
8		 (
)
1
4.
4		 ‐
he
d e
O
ing
inc
t
t
r o
p
er
a
om
e a
n
xp
en
se
s		 (
)
1.
1		 (
)
1
0.
7		 ‐
inc
Gr
os
s
om
e		 1
7
0.
1		 1
5
1.
4		 %
‐1
1.
0
f
f e
S
ta
xp
en
se
s		 (
)
6
0.
9		 (
)
6
1.
4		 0.
8
%
he
dm
O
in
is
ive
t
tra
t
r a
ex
p
en
se
s		 (
)
3
7.
0		 (
)
3
5.
2		 ‐5
0
%
d a
De
ia
io
isa
io
t
t
t
p
re
c
n a
n
mo
r
n		 (
)
1
3.
1		 (
)
1
5.
3		 1
6.
8
%
ing
Op
t
er
a
ex
p
en
se
s		 (
)
1
1
1.
1		 (
)
1
1
1.
9		 0.
8
%
ing
inc
Ne
t o
t
p
er
a
om
e		 5
9.
0		 3
9.
4		 %
‐3
3.
2
irm
los
d o
he
is
io
Im
t
t
p
a
en
se
s a
n
r p
ro
v
ns		 2
1.		 (
)
3
2.
0		 ‐
d
los
he
Ga
ins
in
t
ts
a
n
se
s
o
r a
ss
e		 1.
3		 0.
3		 ‐7
7.
5
%
be
fo
Ne
inc
inc
t
ta
om
e
re
om
e
x		 6
1.
6		 7.
8		 ‐8
7.
4
%
Inc
ta
om
e
x		 (
)
1
6.
1		 (
)
3.
4		 ‐7
9.
1
%
inc
Ne
t
om
e		 4
5.
5		 4.
4		 %
‐9
0.
3

1) At 2019 year end, the Banking sector contribution was reclassified from "Income tax" to "Other operating income and expenses".The profit and loss account for the 1st quarter 2019 was restated to consider this reclassification.

Consolidated income statement

(unaudited)

In
M
€		 M
1
9
ar
1)
d
tat
res
e		 M
2
0
ar
Ne
in
inc
t
te
t
re
s
om
e		 1
0
6.
8		 1
0
9.
9
iv
i
de
d
inc
D
n
om
e		 0.
1		 0.
0
i
d
inc
Eq
ty
te
ac
co
un
om
e
u		 9.
1		 9.
1
fe
d c
Ne
iss
io
inc
t
e a
n
om
m
n
om
e		 6
0.
4		 6
0.
8
/
(
los
)
f
l a
d
l
b
l
d o
he
Ga
ins
ina
ia
ia
i
i
ies
ts
t
t
se
s
on
nc
ss
e
an
a
n
r		 (
)
1.
1		 (
)
1
6.
0
O
he
ing
inc
d e
t
t
r o
p
er
a
om
e a
n
xp
en
se
s		 (
)
1.
1		 (
)
0.
1
7
inc
Gr
os
s
om
e		 1
7
4.
1		 1
5
3.
1
f
f e
S
ta
xp
en
se
s		 (
)
6
0.
9		 (
)
6
1.
4
he
O
dm
in
is
ive
t
tra
t
r a
ex
p
en
se
s		 (
)
3
0
7.		 (
)
3
2
5.
d
De
ia
io
isa
io
t
t
t
p
re
c
n a
n
am
or
n		 (
)
1
3.
1		 (
)
1
5.
3
Op
ing
t
er
a
ex
p
en
se
s		 (
)
1
1
1.
1		 (
)
1
1
1.
9
ing
inc
Ne
t o
t
p
er
a
om
e		 6
3.
0		 4
1.
1
irm
los
d o
he
is
io
Im
t
t
p
a
en
se
s a
n
r p
ro
ns
v		 1.
2		 (
)
3
2.
0
d
los
he
Ga
ins
in
t
ts
a
n
se
s
o
r a
ss
e		 1.
3		 0.
3
be
fo
Ne
inc
inc
t
ta
om
e
re
om
e
x		 6
6
5.		 9.
5
Inc
ta
om
e
x		 (
)
1
6.
4		 (
)
3.
2
inc
Ne
t
om
e		 4
9.
2		 6.
3

EARNINGS PER SHARE

M
1
9
ar		 M
2
0
ar
ha
(
)
Ea
ing
€
rn
s p
er
s
re		 0.
0
3		 0.
0
0
h
d
f s
ha
(
l
l
)
Av
ig
in
i
io
te
er
ag
e w
e
nr
. o
re
s
m
ns		 1
4
5
7		 1
4
5
7

33 1) At 2019 year end, the Banking sector contribution was reclassified from "Income tax" to "Other operating income and expenses". The profit and loss account for the 1st quarter 2019 was restated to consider this reclassification.

Consolidated balance sheet

.€
In M		 De
c 1
9		 Ma
r 20
AS
SET
S
h a
nd
h b
ala
al b
ks
and
he
r d
and
de
Cas
sits
t ce
ntr
ot
cas
nce
s a
an
em
po		 1 0
68.
3		 2 3
24.
2
Fin
ial
he
ld f
din
t fa
ir v
alu
hro
h p
rof
it o
r lo
nd
at f
air
ets
tra
e t
anc
ass
or
g, a
ug
ss a
val
thr
h o
the
reh
siv
e i
ue
ou
g
r co
mp
en
nco
me		 2 3
26.
8		 2 2
85.
0
ial
d c
Fin
ise
ets
at
ort
ost
anc
ass
am		 27
439
.3		 29
476
.8
Of
wh
ich
:
Loa
Cu
to
sto
ns
me
rs		 23
987
.4		 24
103
.3
d a
Inv
in
jo
int
cia
est
nts
ntu
tes
me
ve
res
an
sso		 247
.2		 249
.6
ibl
Tan
ts
g
e a
sse		 169
.6		 161
.8
ibl
Int
ts
ang
e a
sse		 65.
8		 61.
5
Tax
set
as
s		 272
.5		 264
.8
nd
dis
sal
cla
ssi
fie
d a
s h
eld
fo
le
No
t a
ts a
n‐c
urr
en
sse
po
gr
ou
ps
r sa		 14.
6		 11.
3
he
Ot
set
r as
s		 207
.6		 240
.6
al a
Tot
ts
sse		 31
811
.6		 35
075
.8
LIA
BIL
ITIE
S
ial
liab
ilit
he
ld f
din
Fin
ies
tra
anc
or
g		 146
.2		 171
.2
Fin
ial
liab
ilit
ies
ise
d c
at
ort
ost
anc
am		 27
640
.2		 30
897
.8
De
sits
‐ C
l Ba
nks
d C
red
it I
itu
tio
tra
nst
po
en
an
ns		 2 7
77.
1		 3 7
68.
5
De
sits
‐ C
ust
po
om
ers		 23
231
.4		 24
921
.2
chn
ica
l pr
isio
Te
ov
ns
bt
d
De
uri
tie
s is
sec
sue		 1 3
58.
7		 1 8
00.
0
du
ub
ord
ted
lia
bil
Me
m i
ina
itie
tem
mo
ran
s: s
s		 304
.4		 300
.4
Ot
he
r fi
cia
l lia
bil
itie
nan
s		 273
.0		 408
.1
Pro
vis
ion
s		 44.
4		 43.
8
lia
bil
itie
Tax
s		 17.
2		 16.
1
he
r li
ab
ilit
Ot
ies		 527
.4		 686
.7
al L
iab
ilit
Tot
ies		 28
375
.4		 31
815
.5
Sha
reh
old
' eq
uit
ibu
tab
le t
he
sha
reh
old
of
ttr
o t
BP
I
ers
y a
ers		 3 4
36.
1		 3 2
60.
2
llin
No
int
tro
sts
n c
on
g
ere		 0.0 0.0
al S
har
eh
old
' e
Tot
ity
ers
qu		 3 4
36.
1		 3 2
60.
2
al l
iab
ilit
ies
d S
har
eh
old
' eq
uit
Tot
an
ers
y		 31
811
.6		 35
075
.8

Consolidated profitability and efficiency metrics

(unaudited)

Annexes

According to Bank of Portugal Instruction no. 16/2004 with the amendments of Instruction 6/2018

M
1
9
ar		 M
2
0
ar
/
Gr
inc
A
T
A
os
s
om
e		 2.
2
%		 1.
8
%
/
be
fo
d
bu
b
le
l
l
Ne
inc
inc
inc
i
ing
in
A
T
A
t
ta
t
tr
ta
to
tro
te
ts
om
e
re
om
e
x a
n
om
e a
n
on
‐co
n
re
s		 0.
8
%		 0.
1
%
be
fo
d
bu
b
le
l
l
/
ha
ho
l
de
'
inc
inc
inc
i
ing
in
Ne
t
ta
t
tr
ta
to
tro
te
ts
om
e
re
om
e
x a
n
om
e a
n
on
‐co
n
re
s
av
er
ag
e s
re
rs
(
)
i
inc
lu
d
ing
l
l
ing
in
ty
tro
te
ts
eq
u
n
on
‐co
n
re
s		 8.
1
%		 1.
3
%
/
1
f
f e
inc
S
Gr
ta
xp
en
se
s
os
s
om
e		 %
3
5.
0		 %
3
9.
7
/
1
Op
ing
Gr
inc
t
er
a
ex
p
en
se
s
os
s
om
e		 6
3.
6
%		 7
2.
3
%
(
)
de
Lo
i
io
t
to
ts
t
an
s
ne
p
os
ra		 1
0
3
%		 1
0
1
%

1) Excluding early‐retirement costs.

NPE ratio and forborne (prudential perimeter; according to the EBA criteria)

M
1
9
ar		 M
2
0
ar
fo
(
)
ing
io
No
N
P
E
t
n‐
p
er
rm
ex
p
os
ur
es
ra		 3.
3
%		 2.
3
%
by
d
l
la
ls
N
P
E c
im
irm
ts
te
ov
er
p
a
en
an
co
ra		 1
2
7
%		 1
2
5
%
2)
f
fo
bo
lu
de
d
Ra
io
inc
in
N
P
E
t
t
o
r
rn
e n
o		 %
0.
7		 %
0.
5

2) Forborne according to EBA criteria and considering the scope of prudential supervision. On 31 Mar. 2020, the forborne was 546 M.€ (forborne ratio of 1.5%), of which 179 M.€ was performing loans (0.5% of the gross credit exposure) and 367 M.€ was included in NPE (1.0% of the gross credit exposure).

Reconciliation between BPI reported figures and BPI Segment contribution to CaixaBank Group

Profit & loss account (Mar. 20)

In
i
l
l
ion
f e
(
M.
€
)
m
s o
uro		 Ma
r20
ort
ed
by
rep
BP
I		 Con
sol
ida
tion
and
ard
isa
tion
, st
and
t ch
e in
FV
ne
ang
adj
ust
nts
de
rive
d fr
the
me
om
bin
atio
f bu
sin
com
n o
ess
es		 Ma
r20
BP
I
ntr
ibu
tio
n t
co
o
CA
BK
G
rou
p		 BP
I
t
se
gm
en		 Eq
uit
y
inv
tm
ts
es
en
d o
the
an
r
t
se
gm
en
int
inc
Ne
t
st
ere
om
e		 0
11		 (
)
3		 10
7		 10
8		 (
)
1
de
ds
Div
i
n
d i
Eq
uit
te
y a
cco
un
nco
me		 9 (
)
1		 8 5 3
fee
d c
mi
ssi
Ne
t
s a
n
om
on
s		 61 61 61
din
Tra
inc
g
om
e		 (
)
16		 (
)
2		 (
)
18		 (
)
14		 (
)
4
he
Ot
ing
in
&
rat
r o
pe
co
me
exp
en
ses		 (
)
11		 2 (
)
9		 (
)
9
Gr
in
oss
co
me		 3
15		 (
)
4		 9
14		 15
1		 (
)
2
Rec
ing
t o
rat
urr
en
pe
ex
pe
nse
s		 (
)
11
2		 (
)
4		 (
)
11
6		 (
)
11
6
din
Ext
tin
rao
r
ary
op
era
g e
xp
en
ses
‐im
irm
inc
Pre
t
pa
en
om
e		 41 (
)
8		 33 35 (
)
2
‐im
irm
inc
it
ho
d
ina
Pre
t
ut
tra
pa
en
om
e w
ex
or
ry
ex
pe
nse
s		 41 (
)
8		 33 35 (
)
2
los
fin
l as
Im
irm
cia
t
set
pa
en
ses
on
an
s		 (
)
32		 45 13 13
Ot
he
r im
irm
d p
isio
ts
pa
en
an
rov
ns
/
ins
los
dis
ls
&
he
Ga
ot
ses
on
po
sa
rs
x i
Pre
‐ta
nco
me		 9 37 46 48 (
)
2
Inc
e t
om
ax		 (
)
3		 (
)
11		 (
)
14		 (
)
16		 2
fit
for
he
rio
d
Pro
t
pe		 6 26 32 32
&
he
Mi
rity
in
ter
est
ot
no
s
r
Ne
inc
t
om
e		 6 26 32 32

The difference between the earnings released by BPI and the earnings attributable to CaixaBank Group is largely a result of consolidation adjustments, standardisation adjustments and the net change in the fair value adjustments generated from the business combination.

Additionally, the BPI contribution to CaixaBank Group results is broken down into BPI segment and Investments segment contributions, the latter including the contributions from BFA and BCI.

Loan portfolio & customer funds(Mar. 20)

The difference between BPI reported figures and those reported by CaixaBank for the BPI segment can largely be explained:

in Loans and advances to customers (net), by the associated fair value adjustments generated by the business combination at 31 March 2020 and consolidation adjustments (elimination of intra‐group balances: BPI credit to CaixaBank Payments);

in Customer funds, by the liabilities under insurance contracts and their fair value adjustments at 31 March 2020, as generated by the business combination, which have been reported in the banking and insurance business segment of CaixaBank following the sale of BPI Vida to VidaCaixa de Seguros y Reaseguros.

Ma
2
0
r.
In m
illio
of e
(
M.€
)
ns
uro		 Re
d b
rte
po
y
Adj
ust
me
BP
I		 BP
I co
ntr
ibu
tio
n t
o
CA
G
BK
rou
p
(
)
BP
I se
ent
gm
d a
dv
Loa
to
sto
t
ns
an
an
ces
cu
me
rs,
ne		 24
10
3		 (
)
14
3		 23
96
0
l cu
fun
ds
To
ta
sto
me
r		 34
38
0		 (
)
4 4
59		 29
92
1

Alternative Performance Measures – reconciliation of the income statement

The European Securities and Markets Authority (ESMA) published on 5 October 2015 a set of guidelines relating to the disclosure of Alternative Performance Measures by entities (ESMA / 2015 / 1415). These guidelines are to be obligatorily applied with effect from 3 July 2016.

In addition to the financial information prepared in accordance with the International Financial Reporting Standards (IFRS), BPI uses a set of indicators for the analysis of performance and financial position, which are classified as Alternative Performance Measures, in accordance with the abovementioned ESMA guidelines. The information relating to those indicators has already been the object of disclosure, as required by the ESMA guidelines.

In the current presentation, the information previously disclosed is inserted by way of cross‐reference. A summarized list of the Alternative Performance Measures is presented next.

Ac
ron
ym		 d
de
ign
ion
do
d
at
te
s a
n
s
s a
p
td
y		 ‐da
Yea
r‐to
te		 €,
Eur
EU
R
os,		 eur
os
yoy Yea
r‐o
n‐y
ear		 M.
€,
M.
eu
ros		 mil
lion
eu
ros
qo
q		 rte
ter
qua
r‐o
n‐q
uar		 th.
h. e
€, t
uro
s		 tho
nd
usa
eur
os
RC
L		 las
sifi
ed
Rec		 cha
nge
n.a ilab
le
not
ava
ECB l Ba
nk
Eur
Cen
tra
ope
an		 0, – nul
l or
ele
irr
t
van
Bo
P		 Ban
k o
f P
l
ort
uga		 Liq liqu
id
CM
VM		 issã
o d
ado
of
Val
obi
liár
ios
(
urit
ies
rke
mis
sio
n)
Com
o M
s M
Sec
Ma
t C
erc
ore
om		 vs. ver
sus
AP
M		 Alt
erf
ativ
e P
e M
ern
orm
anc
eas
ure
s		 b.p bas
is p
oin
ts
IM
M		 erb
ank
rke
Int
M
Ma
t
one
y		 p.p oin
tag
t
per
cen
e p
T1 Tie
r 1		 E Est
ima
te
CET
1		 Co
Equ
ity
Tie
r 1
mm
on		 F For
st
eca
RW
A		 k w
hte
d a
Ris
eig
ts
sse
TLT
RO		 fin
Tar
ted
lon
ing
tio
‐te
ge
ger
rm
re
anc
op
era
ns
LCR Liq
uid
ity
io
rat
cov
era
ge

Units, conventional signs and abbreviations

* BPI Grupo > CaixaBar

Alternative Performance Measures – reconciliation of the income statement

Reconciliation of the income statement

The following table presents, for the consolidated income statement, the reconciliation of the structure used in the current document (Banco BPI Consolidated results in the 1st quarter 2020) with the structure used in the financial statements and respective notes of the 2019 Annual Report.

Consolidated income statement

d in
the
sul
ts'
ion
Str
Re
Pre
uct
tat
ure
use
sen		 Ma
r 20		 Ma
r 20		 ted
in
the
fin
ial
d re
ctiv
Str
uct
sta
tem
ent
ote
ure
pre
sen
anc
s an
spe
e n
s
int
st i
Net
ere
nco
me		 109
.9		 109
.9		 int
st i
Net
ere
nco
me
ide
nd
Div
inc
om
e		 0.0 0.0 ide
nd
Div
inc
om
e
ity
ted
inc
Equ
acc
oun
om
e		 9.1 9.1 /
Sha
f pr
ofit
(
loss
) o
f en
titi
ed
for
ing
the
uity
tho
d
unt
re o
es a
cco
us
eq
me
fee
Net
d co
issi
inc
an
mm
on
om
e		 60.
8		 66.
2		 Fee
d co
issi
inc
an
mm
on
om
e
(5.5
)		 d co
Fee
issi
an
mm
on
exp
ens
es
ns/
(
) on
Gai
los
fin
ial
d li
abi
litie
d o
the
ets
ses
anc
ass
an
s an
r		 (16
.0)		 0.0 ns/
(
) on
Gai
los
de
itio
f fi
cial
d li
abi
litie
d at
fai
lue
thr
h p
rof
it o
r lo
ets
t m
net
ses
rec
ogn
n o
nan
ass
an
s no
eas
ure
r va
oug
ss,
(8.0
)		 ns/
(
los
) on
fin
ial
d li
abi
litie
s he
ld f
rad
Gai
ing
ets
or t
t
ses
anc
ass
an
, ne
(9.3
)		 ns/
Gai
(
los
) on
fin
ial
t de
sign
d fo
adi
lso
rily
red
fair
lue
thr
h p
rof
it o
r lo
ets
ate
r tr
at
net
ses
anc
ass
no
ng c
om
pu
me
asu
va
oug
ss,
(0.1
)		 ns/
(
los
)
fro
m h
edg
Gai
ing
unt
t
ses
e a
cco
, ne
1.4 /
han
diff
s (g
ain
loss
), n
Exc
et
ge
ere
nce
Oth
nd
atin
inc
er o
per
g
om
e a
exp
ens
es		 (10
.7)		 8.5 Oth
atin
inc
er o
per
g
om
e
(19
.3)		 Oth
atin
er o
per
g e
xpe
nse
s
Gro
ss i
nco
me		 153
.1		 153
.1		 GR
OSS
IN
CO
ME
ff e
Sta
xpe
nse
s		 (61
.4)		 (61
.4)		 ff e
Sta
xpe
nse
s
Oth
dm
inis
ive
trat
er a
ex
pen
ses		 (35
.2)		 (35
.2)		 Oth
dm
inis
ive
trat
er a
ex
pen
ses
and
Dep
iati
isat
ion
ort
rec
on
am		 (15
.3)		 (15
.3)		 and
Dep
iati
isat
ion
ort
rec
on
am
Op
ting
era
ex
pen
ses		 (11
1.9
)		 (11
1.9
)		 Ad
min
istr
ativ
dep
iati
and
isat
ion
ort
e e
xpe
nse
s,
rec
on
am
Net
ting
inc
op
era
om
e		 41.
1		 41.
1
airm
los
d o
the
ovi
sio
Imp
ent
ses
an
r pr
ns		 (32
.0)		 (0.3
)		 vis
ion
sal
of p
isio
Pro
s o
r re
ver
rov
ns
(31
.7)		 /
(rev
al)
Imp
airm
of i
airm
los
fin
ial
d at
fai
lue
thr
h p
rof
it o
r lo
ent
ent
ets
t m
ers
mp
ses
on
anc
ass
no
eas
ure
r va
oug
ss
nd
loss
the
Gai
es i
set
ns a
n o
r as
s		 0.3 (re
sal)
of
sub
sid
d a
Imp
airm
imp
airm
in
iari
es j
oin
ciat
ent
ent
t ve
ntu
ver
res
an
sso
es
/
(rev
al)
Imp
airm
of i
airm
n‐f
ina
nci
al a
ent
ent
ts
ers
mp
on
no
sse
0.0 ns/
(
los
) on
de
f no
n‐f
al a
Gai
itio
ina
nci
ts,
net
ses
rec
ogn
n o
sse
0.3 fit/
(
los
s)
fro
d d
isp
l gr
s cl
ifie
d a
s he
ld f
ale
alif
ing
dis
tin
ued
tio
Pro
t as
set
t qu
m n
on‐
cur
ren
s an
osa
oup
ass
or s
no
y
as
con
op
era
ns
e b
efo
Net
inc
re i
tax
om
nco
me		 9.5 9.5 FIT/
(L
) BE
PRO
OSS
FOR
E TA
X F
RO
M C
ON
TIN
UIN
G O
PER
ATI
ON
S
Inco
tax
me		 (3.2
)		 (3.2
)		 r in
late
d to
fit o
r lo
ss f
ntin
uin
atio
Tax
ex
pen
se o
com
e re
pro
rom
co
g o
per
ns
Net
inc
e fr
ntin
uin
atio
om
om
co
g o
per
ns		 6.3 6.3 FIT/
(L
) AF
PRO
OSS
TER
TA
X F
RO
M C
ON
TIN
UIN
G O
PER
ATI
ON
S
e fr
dis
ued
Net
inc
tin
tio
om
om
con
op
era
ns		 fit/
(
los
s) a
fte
x fr
dis
ued
Pro
tin
tio
r ta
om
con
op
era
ns
Inco
ribu
tab
le t
llin
inte
att
tro
ts
me
o n
on‐
con
g
res		 fit/
(
s)
Pro
los
for
the
riod
ribu
tab
le t
llin
inte
att
tro
ts
pe
o n
on‐
con
g
res
inc
Net
om
e		 6.3 6.3 FIT/
(L
) F
PRO
OSS
OR
THE
PE
RIO
D A
TTR
IBU
TAB
LE T
O O
WN
ERS
OF
TH
E PA
REN
T

Alternative Performance Measures

EARNINGS, EFFICIENCY AND PROFITABILITY INDICATORS

The following earnings, efficiency and profitability indicators are defined by reference to the above structure of the profit and loss account used in this document.

Gross income = Net interest income + Dividend income + Net fee and commission income + Equity accounted income + Gains/(losses) on financial assets and liabilities and other + Other operating income and expenses

Commercial banking gross income = Net interest income + Dividend income + Net fee and commission income + Equity accounted income excluding the contribution of stakes in African banks

Operating expenses = Staff expenses + Other administrative expenses + Depreciation and amortisation

Net operating income = Gross income ‐ Operating expenses

Net income before income tax = Net operating income – Impairment losses and other provisions + Gains and losses in other assets

Cost‐to‐income ratio (efficiency ratio) 1)= Operating expenses / Gross income

Core cost‐to‐income ratio (core efficiency ratio) 1) = (Operating expenses, excluding costs with early‐retirements and voluntary terminations and (only in 2016) gains with the revision of the Collective Labour Agreement (ACT) ‐ Income from services rendered to CaixaBank Group) / Commercial banking gross income

Return on Equity (ROE) 1) = Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders, excluding AT1 capital instruments

Return on Tangible Equity (ROTE) 1) = Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders (excl. AT1 capital instruments) after deduction of intangible net assets and goodwill of equity holdings

Return on Assets (ROA) 1) = (Net income attributable to BPI shareholders + Income attributable to non‐controlling interests ‐ preference shares dividends paid) / Average value in the period of net total assets

Unitary intermediation margin = Loan portfolio (excluding loans to employees) average interest rate ‐ Deposits average interest rate

Gross income = Net interest income + Dividend income + Net fee and commission income + Equity accounted income + Gains/(losses) on financial assets and liabilities and other + Other operating income and expenses

BALANCE SHEET AND FUNDING INDICATORS

39

On‐balance sheet Customer resources2) = Deposits + Capitalisation insurance of fully consolidated subsidiaries + Participating units in consolidated mutual funds

  • Deposits = Demand deposits and other + Term and savings deposits + Interest payable + Retail bonds (Fixed rate bonds placed with Customers: 6.5 M.€ in Dec.2019 and 4.0 M.€ in Mar.2020))
  • Capitalisation insurance of fully consolidated subsidiaries (BPI Vida e Pensões sold on Dec.17) = Unit links capitalisation insurance and "Aforro" capitalisation insurance and others (Technical provisions + Guaranteed rate and guaranteed retirement capitalisation insurance)

Assets under management3) = Mutual funds + Capitalisation insurance + Pension plans

  • Mutual funds = Unit trust funds + Real estate investment funds + Retirement‐savings and equity‐savings plans (PPR and PPA) + Hedge funds + Assets from the funds under BPI Suisse management + Third‐party unit trust funds placed with Customers
  • Capitalisation Insurance4) = Third‐party capitalisation insurance placed with Customers
  • Pension plans4) = pension plans under BPI management (includes pension plans of BPI Group)

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. 2) 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.

3) 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.

4) Following the sale of BPI Vida e Pensões in Dec.17, the capitalisation insurance placed with BPI's Customers are recorded off balance sheet, as "third‐party capitalisation insurance placed with Customers", and pension funds management is excluded from BPI's consolidation perimeter.

Alternative Performance Measures

BALANCE SHEET AND FUNDING INDICATORS (continuation)

Subscriptions in public offerings = Customers subscriptions in third parties' public offerings

Total Customer Resources = On‐balance sheet Customer Resources + Assets under management + Subscriptions in public offerings

Gross loans to customers = Gross loans and advances to customers (financial assets at amortised cost), excluding other assets (guarantee accounts and others) and reverse repos + Gross debt securities issued by Customers (financial assets at amortised cost)

Note: gross loans = performing loans + loans in arrears + receivable interests

Net loans to Customers = Gross loans to customers – Impairments for loans to customers

Loan‐to‐deposit ratio (CaixaBank criteria) = (Net loans to Customers ‐ Funding obtained from the EIB, which is used to provide credit) / Deposits and retail bonds

ASSET QUALITY INDICATORS

40

Impairments and provisions for loans and guarantees (in income statement) = Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss relative to loans and advances to Customers and to debt securities issued by Customers (financial assets at amortised cost), before deduction of recoveries of loans previously written off from assets, interest and others + Provisions or reversal of provisions for commitments and guarantees

Cost of credit risk = Impairments and provisions for loans and guarantees (in income statement) ‐ Recoveries of loans previously written off from assets, interest and other (in income statement)

Cost of credit risk as % of loan portfolio 1) = [Impairments and provisions for loans and guarantees (in income statement) ‐ Recoveries of loans previously written off from assets, interest and other] / Average value in the period of the gross loans and guarantees portfolio.

Performing loans portfolio = Gross customer loans ‐ (Overdue loans and interest + Receivable interests and other)

NPE Ratio = Ratio of non‐performing exposures (NPE) in accordance with the EBA criteria (prudential perimeter)

Coverage of NPE = [Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / Non‐performing exposures (NPE)

Coverage of NPE by impairments and associated collaterals = [Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collaterals associated to NPE] / Non‐performing exposures (NPE)

Non‐performing loans ratio ("credito dudoso", Bank of Spain criteria) = Non performing loans (Bank of Spain criteria) / (Gross customer loans + guarantees)

Non‐performing loans (Bank of Spain criteria) coverage ratio = [Impairments for loans and advances to customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / Non performing loans (Bank of Spain criteria)

Coverage of non‐performing loans (Bank of Spain criteria) by impairments and associated collaterals = [Impairments for loans and advances to customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collateral associated to credit] / Non performing loans (Bank of Spain criteria)

Impairments cover of foreclosed properties = Impairments coverage of foreclosed properties = Impairments for real estate received in settlement of defaulting loans / Gross value of real estate received in settlement of defaulting loans

1) Ratio referring to the last 12 months, except when indicated otherwise. The ratio can be computed for the cumulative period since the beginning of the year, in annualised terms.

BANCO BPI, S.A. Registered office: Rua Tenente Valadim, 284, Porto Share capital: € 1 293 063 324.98

Registered at Commercial Registry of Porto under registration number PTIRNMJ 501 214 534 and tax identification number 501 214 534

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