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Financial highlights(1)



  Euro million
  30 Jun. 19 30 Jun. 18 Change 19/18
       

Balance sheet

     
   Total assets 80,873 73,100 10.6%
   Loans to customers (net) 52,035 47,141 10.4%
   Total customer funds 79,224 72,458 9.3%
   Balance sheet total customer funds 60,698 54,674 11.0%
   Deposits and other resources from customers 59,020 53,455 10.4%
   Loans to customers (net) / Deposits and other resources from customers (2) 88.2% 88.2%  
   Loans to customers (net) / Balance sheet customer funds 85.7% 86.2%  
       

Results

     
   Net interest income 740.1 687.7 7.6%
   Net operating revenues 1,124.2 1,056.8 6.4%
   Operating costs 548.2 500.8 9.5%
   Operating costs excluding specific items(3) 525.8 492.8 6.7%
   Loan impairment charges (net of recoveries) 200.3 220.6 -9.2%
   Other impairment and provisions 42.8 59.2 -27.7%
   Income taxes 121.1 71.9 68.4%
   Net income 169.8 150.6 12.7%
       

Profitability and Efficiency

     
   Net operating revenues / Average net assets (2) 2.9% 2.9%  
   Return on average assets (ROA) 0.6% 0.6%  
   Income before tax and non-controlling interests / Average net assets (2) 0.9% 0.8%  
   Return on average equity (ROE) 5.7% 5.3%  
   Income before tax and non-controlling interests / Average equity (2) 9.7% 8.3%  
   Net interest margin 2.1% 2.2%  
   Cost to income (2)(3) 46.8% 46.6%  
   Cost to income (Portugal activity) (2)(3) 47.1% 48.1%  
   Staff costs / Net operating revenues (2)(3) 26.8% 26.7%  
       

Credit quality

     
   Cost of risk (net of recoveries, in b.p.) 74 88  
   Non-Performing Exposures / Loans to customers 9.1% 13.2%  
   Total impairment (balance sheet) / NPE 53.6% 49.9%  
   Restructured loans / Loans to customers 6.3% 8.0%  
       

Liquidity

     
   Liquidity Coverage Ratio (LCR) 214% 176%  
   Net Stable Funding Ratio (NSFR) 135% 129%  
       

Capital (4)

     
   Common equity tier I phased-in ratio 12.2% 11.7%  
   Common equity tier I fully implemented ratio 12.2% 11.7%  
       

Branches

     
   Portugal activity 532 573 -7.2%
   Foreign activity 1,033 550 87.8%
       

Employees

     
   Portugal activity 7,264 7,151 1.6%
   Foreign activity(5) 11,406 8,689 31.3%


(1) Some indicators are presented according to management criteria of the Group, which concepts are described and detailed at the glossary and at "Alternative Performance Measures" chapter, being reconciled with the accounting values published in the consolidated financial statements. From 31 May 2019, financial statements of the Group reflect the consolidation of Eurobank S.A., the entity acquired by Bank Millennium S.A..
(2) According to Instruction from the Bank of Portugal no. 16/2004, as the currently existing version.
(3) Excludes specific items: negative impact of 22.4 million euros in the first half of 2019 related to restructuring costs and compensation for temporary salary cuts and also negative impact of 8.0 million euros in the first half of 2018, related to restructuring costs, in both periods recognized as staff costs in the activity in Portugal. (4) As of 30 June 2019 and 30 June 2018, ratios include the positive cumulative net income of each period.
(5) Of which, in Poland: 8,700 employees as at 30 June 2019 (corresponding to 8,550 FTE - Full-time equivalent) and 5,973 employees as at 30 June 2018 (corresponding to 5,846 FTE - Full-time equivalent).
the currently existing version.
(4) Excludes specific items: negative impact of Euro 6.0 million in the first quarter of 2019 and also negative impact of Euro 3.5 million in the first quarter of 2018, both related to restructuring costs recognized as staff costs, in the activity in Portugal.
(5) As of 31 March 2019 and 31 March 2018, ratios include the positive cumulative net income of each period, not audited. Ratios as of 31 March 2019 are estimated.
(6) Of which, in Poland: 6,319 employees as at 31 March 2019 (corresponding to 6,183 FTE - Full-time equivalent) and 5,965 employees as at 31 March 2018 (corresponding to 5,848 FTE - Full-time equivalent).