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Financial highlights(1)



  Euro million
  31 Mar. 19 31 Mar. 18 Change 19/18
       

Balance sheet

     
   Total assets 77,118 72,674 6.1%
   Loans to customers (net) 48,561 47,512 2.2%
   Total customer funds (2) 75,286 71,606 5.1%
   Balance sheet total customer funds 57,235 53,792 6.4%
   Deposits and other resources from customers 55,758 52,390 6.4%
   Loans to customers (net) / Deposits and other resources from customers (3) 87.1% 90.7%  
   Loans to customers (net) / Balance sheet customer funds 84.8% 88.3%  
       

Results

     
   Net interest income 362.7 344.8 5.2%
   Net operating revenues 597.7 537.8 11.1%
   Operating costs 259.5 246.0 5.5%
   Operating costs excluding specific items(4) 253.5 242.6 4.5%
   Loan impairment charges (net of recoveries) 86.5 106.0 -18.4%
   Other impairment and provisions 17.4 23.9 -27.1%
   Income taxes 65.4 49.3  
   Net income 153.8 85.6 79.7%
       

Profitability and Efficiency

     
   Net operating revenues / Average net assets (3) 3.2% 3.0%  
   Return on average assets (ROA) 1.0% 0.6%  
   Income before tax and non-controlling interests / Average net assets (3) 1.3% 0.9%  
   Return on average equity (ROE) 10.6% 6.1%  
   Income before tax and non-controlling interests / Average equity (3) 14.2% 9.7%  
   Net interest margin 2.2% 2.2%  
   Cost to income (3)(4) 42.4% 45.1%  
   Cost to income (Portugal activity) (3)(4) 40.2% 45.0%  
   Staff costs / Net operating revenues (3)(4) 24.5% 25.8%  
       

Credit quality

     
   Cost of risk (net of recoveries, in b.p.) 68 85  
   Non-Performing Exposures / Loans to customers 10.1% 14.0%  
   Total impairment (balance sheet) / NPE 54.6% 48.4%  
   Restructured loans / Loans to customers 6.9% 8.1%  
       

Liquidity

     
   Liquidity Coverage Ratio (LCR) 253% 180%  
   Net Stable Funding Ratio (NSFR) 134% 126%  
       

Capital (5)

     
   Common equity tier I phased-in ratio 12.7% 12.0%  
   Common equity tier I fully implemented ratio 12.7% 11.8%  
       

Branches

     
   Portugal activity 539 578 -6.7%
   Foreign activity 562 547 2.7%
       

Employees

     
   Portugal activity 7,262 7,155 1.5%
   Foreign activity(6) 9,023 8,672 4.0%


(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.
(2) As at 30 June 2018, the concepts underlying the determination of off-balance sheet customer funds were adjusted to reflect the new legal and regulatory framework imposed by the Financial Instruments Markets Directive II (MiFID II), as well as changes implemented regarding the perimeter considered and the criteria adopted, namely with regard to the inclusion of amounts held by customers in the context of the placement of third-party products that contribute to the recognition of commissions ("assets placed with customers"). The information with reference to 31 March 2018 is presented according to the new criteria.
(3) According to Instruction from the Bank of Portugal no. 16/2004, as 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).