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Financial highlights(1)

  Euro million
  30 Jun. 21 30 Jun. 20 Change 21/20

Balance sheet

   Total assets 91,365 86,519 5.6%
   Loans to customers (net) 55,885 53,687 4.1%
   Total customer funds 90,351 83,163 8.6%
   Balance sheet total customer funds 69,621 65,009 7.1%
   Deposits and other resources from customers 68,101 63,464 7.3%
   Loans to customers (net) / Deposits and other resources from customers (2) 82.1% 84.6%  
   Loans to customers (net) / Balance sheet customer funds 80.3% 82.6%  


   Net interest income 768.2 762.9 0.7%
   Net operating revenues 1,122.6 1,053.4 6.6%
   Operating costs 591.8 548.6 7.9%
   Operating costs excluding specific items(3) 504.6 527.4 -4.3%
   Loan impairment charges (net of recoveries) 156.9 237.3 -33.9%
   Other impairment and provisions 304.9 114.0 167.4%
   Income taxes 103.0 58.3 76.7%
   Net income 12.3 76.0 -83.9%

Profitability and Efficiency

   Net operating revenues / Average net assets (2) 2.5% 2.5%  
   Return on average assets (ROA) -0.1% 0.2%  
   Income before tax and non-controlling interests / Average net assets (2) 0.2% 0.4%  
   Return on average equity (ROE) 0.4% 2.6%  
   Income before tax and non-controlling interests / Average equity (2) 2.1% 4.5%  
   Net interest margin 1.92% 2.05%  
   Cost to core income (2)(3) 45.0% 48.2%  
   Cost to income (2) 52.7% 52.1%  
   Cost to income (2)(3) 44.9% 50.1%  
   Cost to income (Portugal activity) (2)(3) 44.1% 51.6%  
   Staff costs / Net operating revenues (2)(3) 25.6% 28.4%  

Credit quality

   Cost of risk (net of recoveries, in b.p.) 55 85  
   Non-Performing Exposures / Loans to customers 5.2% 7.0%  
   Total impairment (balance sheet) / NPE 66.6% 57.8%  
   Restructured loans / Loans to customers 4.3% 5.5%  


   Liquidity Coverage Ratio (LCR) 270% 249%  
   Net Stable Funding Ratio (NSFR) 148% 137%  

Capital (4)

   Common equity tier I phased-in ratio 11.7% 12.1%  
   Common equity tier I fully implemented ratio 11.6% 12.1%  
   Total fully implemented ratio 14.9% 15.6%  


   Portugal activity 458 493 -7.1%
   Foreign activity 876 967 -9.4%


   Portugal activity 6,937 7,154 -3.0%
   Foreign activity(5) 9,984 11,016 -9.4%

(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. Following the agreement concluded on 29 June 2021 with Union Bancaire Privée, UBP SA regarding the sale of the entire share capital of Banque Privée BCP (Suisse) SA (“Banque Privée”), the contribution of this subsidiary to the consolidated results of the Group is reflected as income from discontinued operations in the international activity and the historical information has been restated in order to ensure its comparability, as defined in the IFRS5. The accounting of assets and liabilities of Banque Privée BCP (Suisse) S.A. was not changed compared to the criteria considered in the financial statements published in previous periods. In this context, and taking into account the immateriality of the balance sheet balances of the Swiss subsidiary in the Group, the calculation of the indicators relating the performance of the profit and loss account to the balance sheet items was not adjusted, with the exception of net interest margin, that reflects the fact that the assets of that subsidiary were no longer considered interest earning assets in the current period or in historical information.
(2) According to Instruction from the Bank of Portugal no. 16/2004, as the currently existing version.
(3) Excludes specific items: negative impact of 87.2 million euros in the first half of 2021, mainly related to restructuring costs, recognized as staff costs in the activity in Portugal, including a provision to cover the costs related to the current adjustment of headcount in the amount of 81.4 million euros. In the first half of 2020, the impact was also negative, in the amount of 21.2 million euros, of which 13.2 million euros related to restructuring costs and compensation for temporary remuneration of employees cuts, both recognized as staff costs in the activity in Portugal and 7.9 million euros related to acquisition, merger and integration of Euro Bank S.A., recognized by the Polish subsidiary (5.4 million euros as staff costs, 2.3 million euros as other administrative costs and an 0.2 million euros as depreciation). In the efficiency indicators, the specific items included in the net operating revenues in the first half of 2020, in the amount of 0.1 million euros, related to costs with the acquisition, merger and integration of Euro Bank S.A., recognized in the Polish subsidiary are also not considered.
(4) As at 30 June 2021 and 30 June 2020, capital ratios include the positive cumulative net income of each period. Ratios as of 30 June 2021 are estimated and non-audited.
(5) Of which, in Poland: 7,286 employees as at 30 June 2021 (corresponding to 7,148 FTE - Full-time equivalent) and 8,283 employees as at 30 June 2020 (corresponding to 8,141 FTE - Full-time equivalent).​