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Financial highlights(1)



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

Balance sheet

     
   Total assets 85,813 81,643 5.1%
   Loans to customers (net) 54,073 52,275 3.4%
   Total customer funds 84,492 81,675 3.4%
   Balance sheet total customer funds 64,764 62,607 3.4%
   Deposits and other resources from customers 63,259 60,847 4.0%
   Loans to customers (net) / Deposits and other resources from customers (2) 85.5% 85.9%  
   Loans to customers (net) / Balance sheet customer funds 83.5% 83.5%  
       

Results

     
   Net interest income 1,533.2 1,548.5 -1.0%
   Net operating revenues 2,305.6 2,335.0 -1.3%
   Operating costs 1,119.3 1,166.1 -4.0%
   Operating costs excluding specific items(3) 1,072.9 1,099.8 -2.4%
   Loan impairment charges (net of recoveries) 509.9 390.2 30.7%
   Other impairment and provisions 331.4 151.4 118.8%
   Income taxes 136.6 239.3 -42.9%
   Net income 183.0 302.0 -39.4%
       

Profitability and Efficiency

     
   Net operating revenues / Average net assets (2) 2.7% 2.9%  
   Return on average assets (ROA) 0.2% 0.5%  
   Income before tax and non-controlling interests / Average net assets (2) 0.4% 0.8%  
   Return on average equity (ROE) 3.1% 5.1%  
   Income before tax and non-controlling interests / Average equity (2) 4.9% 8.9%  
   Net interest margin 2.0% 2.2%  
   Cost to core income (2)(3) 48.0% 48.8%  
   Cost to income (2) 48.5% 49.9%  
   Cost to income (2)(3) 46.5% 47.1%  
   Cost to income (Portugal activity) (2)(3) 46.2% 47.4%  
   Staff costs / Net operating revenues (2)(3) 26.3% 26.9%  
       

Credit quality

     
   Cost of risk (net of recoveries, in b.p.) 91 72  
   Non-Performing Exposures / Loans to customers 5.9% 7.7%  
   Total impairment (balance sheet) / NPE 62.9% 58.2%  
   Restructured loans / Loans to customers 4.7% 5.7%  
       

Liquidity

     
   Liquidity Coverage Ratio (LCR) 230% 216%  
   Net Stable Funding Ratio (NSFR) 140% 135%  
       

Capital (4)

     
   Common equity tier I phased-in ratio 12.2% 12.2%  
   Common equity tier I fully implemented ratio 12.2% 12.2%  
   Total fully implemented ratio 15.6% 15.6%  
       

Branches

     
   Portugal activity 478 505 -5.3%
   Foreign activity 902 1,031 -12.5%
       

Employees

     
   Portugal activity 7,013 7,204 -2.7%
   Foreign activity(5) 10,322 11,381 -9.3%


(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 46.5 million euros in 2020, of which 31.6 million euros recognized as staff costs in the activity in Portugal (restructuring costs, compensation costs for temporary salary cuts and income arising from the agreement with a former director of the Bank), and 14.8 million euros related to acquisition, merger and integration of Euro Bank S.A., recognized by the Polish subsidiary (9.3 million euros as staff costs, 5.0 million euros as other administrative costs and 0.5 million euros as depreciation). In 2019, the impact was also negative, in the amount of 66.4 million euros, of which 40.1 million euros related to restructuring costs and compensation for temporary salary cuts, both recognized as staff costs in the activity in Portugal and 26.3 million euros related to acquisition, merger and integration of Euro Bank S.A., recognized by the Polish subsidiary (0.1 million euros as staff costs, 26.0 million euros as other administrative costs and 0.2 million euros as depreciations). In the profitability and efficiency indicators, the specific items included in the net operating revenues, related to costs with the acquisition, merger and integration of Euro Bank S.A., recognized by the Polish subsidiary in the amount of 0.2 million euros in 2020 and 0.8 million euros in 2019 are also not considered.
(4) As of 31 December 2020 and 31 December 2019, capital ratios include the positive cumulative net income of each period. Ratios as of 31 December 2020 are estimated and non-audited.
(5) Of which, in Poland: 7,645 employees as at 31 December 2020 (corresponding to 7,493 FTE - Full-time equivalent) and 8,615 employees as at 31 December 2019 (corresponding to 8,464 FTE - Full-time equivalent).​