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Financial highlights(1)



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

Balance sheet

     
   Total assets 81,359 73,745 10.3%
   Loans to customers (net) 52,123 47,944 8.7%
   Total customer funds 80,166 72,786 10.1%
   Balance sheet total customer funds 61,296 54,922 11.6%
   Deposits and other resources from customers 59,559 53,624 11.1%
   Loans to customers (net) / Deposits and other resources from customers (2) 87.5% 89.4%  
   Loans to customers (net) / Balance sheet customer funds 85.0% 87.3%  
       

Results

     
   Net interest income 1,153.0 1,052.8 9.5%
   Net operating revenues 1,743.0 1,636.5 6.5%
   Operating costs 847.3 754.2 12.3%
   Operating costs excluding specific items(3) 808.0 742.2 8.9%
   Loan impairment charges (net of recoveries) 299.0 336.7 -11.2%
   Other impairment and provisions 78.1 92.2 -15.4%
   Income taxes 174.0 109.5 58.9%
   Net income 270.3 257.5 5.0%
       

Profitability and Efficiency

     
   Net operating revenues / Average net assets (2) 3.0% 3.0%  
   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) 6.0% 6.0%  
   Income before tax and non-controlling interests / Average equity (2) 9.9% 8.9%  
   Net interest margin 2.2% 2.2%  
   Cost to income (2)(3) 46.4% 45.4%  
   Cost to income (Portugal activity) (2)(3) 47.2% 46.2%  
   Staff costs / Net operating revenues (2)(3) 26.6% 25.9%  
       

Credit quality

     
   Cost of risk (net of recoveries, in b.p.) 73 88  
   Non-Performing Exposures / Loans to customers 8.4% 12.3%  
   Total impairment (balance sheet) / NPE 55.1% 50.8%  
   Restructured loans / Loans to customers 5.9% 7.7%  
       

Liquidity

     
   Liquidity Coverage Ratio (LCR) 223% 182%  
   Net Stable Funding Ratio (NSFR) 138% 128%  
       

Capital (4)

     
   Common equity tier I phased-in ratio 12.3% 11.8%  
   Common equity tier I fully implemented ratio 12.3% 11.8%  
       

Branches

     
   Portugal activity 526 568 -7.4%
   Foreign activity 1,029 548 87.8%
       

Employees

     
   Portugal activity 7,259 7,130 1.8%
   Foreign activity(5) 11,464 8,786 30.5%


(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 39.3 million euros in the first nine months of 2019, of which 24.4 million euros related to restructuring costs and compensation for temporary salary cuts recognized as staff costs in the activity in Portugal and 14.9 million euros related to acquisition, merger and integration of Euro Bank S.A., recognized as other administrative costs in the Polish subsidiary. In the same period of 2018, there was a negative impact of 12.0 million euros, related to restructuring costs, recognized as staff costs in the activity in Portugal.
(4) As of 30 September 2019 and 30 September 2018, ratios include the positive cumulative net income, non-audited, of each period. Ratios as of 30 September 2019 are estimated.
(5) Of which, in Poland: 8,710 employees as at 30 September 2019 (corresponding to 8,564 FTE - Full-time equivalent) and 6,080 employees as at 30 September 2018 (corresponding to 5,950 FTE - Full-time equivalent).