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Financial highlights(1)



  Euro million
  31 Mar. 20 31 Mar. 19 Change 20/19
       

Balance sheet

     
   Total assets 81,499 77,118 5.7%
   Loans to customers (net) 52,507 48,561 8.1%
   Total customer funds 79,955 75,286 6.2%
   Balance sheet total customer funds 62,306 57,235 8.9%
   Deposits and other resources from customers 60,815 55,758 9.1%
   Loans to customers (net) / Deposits and other resources from customers (2) 86.3% 87.1%  
   Loans to customers (net) / Balance sheet customer funds 84.3% 84.8%  
       

Results

     
   Net interest income 385.5 362.7 6.3%
   Net operating revenues 597.8 597.7 0.0%
   Operating costs 286.4 259.5 10.3%
   Operating costs excluding specific items(3) 276.9 253.1 9.4%
   Loan impairment charges (net of recoveries) 86.1 86.5 -0.4%
   Other impairment and provisions 115.7 17.4 >200%
   Income taxes 65.6 65.4 0.3%
   Net income 35.3 153.8 -77.1%
       

Profitability and Efficiency

     
   Net operating revenues / Average net assets (2) 2.9% 3.2%  
   Return on average assets (ROA) 0.2% 1.0%  
   Income before tax and non-controlling interests / Average net assets (2) 0.5% 1.3%  
   Return on average equity (ROE) 2.4% 10.6%  
   Income before tax and non-controlling interests / Average equity (2) 6.3% 14.2%  
   Net interest margin 2.1% 2.2%  
   Cost to income (2) 47.9% 43.4%  
   Cost to income (2)(3) 46.3% 42.3%  
   Cost to income (Portugal activity) (2)(3) 42.8% 40.2%  
   Staff costs / Net operating revenues (2)(3) 26.2% 24.5%  
       

Credit quality

     
   Cost of risk (net of recoveries, in b.p.) 63 68  
   Non-Performing Exposures / Loans to customers 7.2% 10.1%  
   Total impairment (balance sheet) / NPE 55.5% 54.6%  
   Restructured loans / Loans to customers 5.0% 6.9%  
       

Liquidity

     
   Liquidity Coverage Ratio (LCR) 218% 253%  
   Net Stable Funding Ratio (NSFR) 132% 134%  
       

Capital (4)

     
   Common equity tier I phased-in ratio 11.9% 12.7%  
   Common equity tier I fully implemented ratio 12.0% 12.7%  
   Total fully implemented ratio 15.4% 15.2%  
       

Branches

     
   Portugal activity 501 539 -7.1%
   Foreign activity 1,000 562 77.9%
       

Employees

     
   Portugal activity 7,193 7,262 -1.0%
   Foreign activity(5) 11,303 9,023 25.3%


(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 Euro Bank 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 9.5 million euros in the first quarter of 2020, of which 2.6 million euros related to restructuring costs recognized as staff costs in the activity in Portugal and 6.9 million euros related to acquisition, merger and integration of Euro Bank S.A., recognized by the Polish subsidiary, mainly as staff costs (5.5 million euros) and as other administrative costs (1.3 million euros). In the first quarter of 2019, the impact was also negative, in the amount of 6.5 million euros, mainly related to restructuring costs, recognized as staff costs in the activity in Portugal. In the profitability and efficiency indicators of the first quarter of 2020, the specific items included in the net operating revenues, of non-material amount, 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 of 31 March 2020 and 31 March 2019, ratios include the positive cumulative net income of each period. Ratios as of 31 March 2020 are estimated and non-audited.
(5) Of which, in Poland: 8,556 employees as at 31 March 2020 (corresponding to 8,412 FTE - Full-time equivalent) and 6,319 employees as at 31 March 2019 (corresponding to 6,183 FTE - Full-time equivalent).