Financial highlights(1)
| | Euro million |
| |
31 Dec. 25 |
31 Dec. 24 (restated 2) |
Chg. 25/24 |
| | | | |
Balance sheet | | | |
| Total assets | 109,333 | 102,144 | 7.0% |
| Equity | 9,061 | 8,193 | 10.6% |
| Loans to customers (net) | 61,240 | 56,850 | 7.7% |
| Total customer funds | 111,782 | 102,938 | 8.6% |
| Balance sheet customer funds | 91,287 | 85,334 | 7.0% |
| Deposits and other resources from customers | 89,749 | 84,042 | 6.8% |
| Loans to customers (net) / Deposits and other resources from customers | 68.2 % | 67.6% | |
| Loans to customers (net) / Balance sheet customer funds | 67.1 % | 66.6% | |
| | | | |
Results | | | |
| Net interest income | 2,898.1 | 2,830.9 | 2.4% |
| Net operating revenues | 3,815.2 | 3,573.5 | 6.8% |
| Operating costs | 1,415.1 | 1,306.1 | 8.3% |
| Operating costs excluding specific items (3) | 1,391.8 | 1,293.5 | 7.6 % |
| Results on modification | (5.3) | (68.5) | 92.2% |
| Loan impairment charges (net of recoveries) | 199.5 | 183.3 | 8.8% |
| Other impairment and provisions | 625.9 | 674.2 | (7.2%) |
| Income tax | 408.7 | 341.3 | 19.8% |
| Net income | 1,018.6 | 906.4 | 12.4% |
| | | | |
Profitability and Efficiency | | | |
| Return on average assets (ROA) | 1.1% | 1.0 % | |
| Return on equity (ROE) | 14.1% | 13.8 % | |
| Return on tangible equity (ROTE) | 14.7% | 14.4% | |
| Net interest margin | 2.89% | 3.04% | |
| Cost-to-core income (3) | 37.2% | 35.5% | |
| Cost-to-income | 37.1% | 36.5% | |
| Cost-to-income (3) | 36.5% | 36.2% | |
| Cost-to-income - Activity in Portugal (3) | 34.2% | 33.6% | |
| Staff costs / Net operating revenues (3) | 20.2 % | 19.9% | |
| | | | |
Credit quality | | | |
| Cost of risk (net of recoveries. in b.p.)(4) | 32 | 31 | |
| Non-Performing Exposures / Loans to Customers | 2.4% | 3.1% | |
| Total impairment (balance sheet) / NPE (loans to Customers) | 90.9% | 82.2% | |
| Restructured loans / Loans to Customers | 1.8% | 2.6% | |
| | | | |
Liquidity | | | |
| Liquidity Coverage Ratio (LCR) | 334% | 342% | |
| Net Stable Funding Ratio (NSFR) | 180% | 181% | |
| | | | |
Capital (5) | | | |
| Common equity tier I phased-in ratio | 16.1% | 16.4 % | |
| Common equity tier I fully implemented ratio | 15.9% | 16.3 % | |
| Total ratio fully implemented | 19.9% | 20.6 % | |
| | | | |
Branches | | | |
| Activity in Portugal | 389 | 398 | (2.3%) |
| International activity | 781 | 801 | (2.5%) |
| | | | |
Employees | | | |
| Activity in Portugal | 6,046 | 6,203 | (2.5%) |
| International activity(6) | 9,701 | 9,461 | 2.5% |
(1) Some indicators are presented according to management criteria of the Group, with concepts described and detailed in the Glossary.
(2) In the first quarter of 2025, the Bank recognised as other net operating income the costs associated with property valuation related to mortgage loans, recognised as credit and guarantees commissions and as other administrative costs in previous periods. The historical amounts of such items considered for the purposes of this analysis have been reclassified with the purpose of ensuring their comparability, differing, therefore, from the disclosed accounting amounts. In 2024, the impact of these reclassifications was EUR -5.3 million in other net operating income, offset by net commissions (EUR +4.2 million) and other administrative costs (EUR -1.1 million).
Additionally, in the second quarter of 2025, some amounts booked in commissions were reclassified, in order to improve the quality of the information reported. The historical amounts of such items are presented considering these reclassifications with the purpose of ensuring their comparability. The impact in 2024 was EUR +1.3 million in commissions associated with cards and transfers, offset by EUR -1.6 million in commissions related to management and maintenance of accounts and EUR +0.4 million in other banking commissions. The overall amount of net commissions disclosed in previous periods remains unchanged compared to that published in previous periods.
In the second quarter of 2025, the Bank reclassified a portfolio of debt instruments associated to credit operations, previously included in the Securities Portfolio (Debt securities held not associated with credit operations), now recognising them as Loans to Customers (Debt securities held associated with credit operations). The historical amounts considered for the purposes of this analysis are presented according to this reclassification, aiming to ensure their comparability, thus differing from the disclosed accounting amounts (impact of EUR 1,147 million before impairment in December 2024). The balance sheet impairment associated with these operations amounted EUR 4 million in December 2024. Consequently, the impact net of impairment on Loans to Customers portfolio and on Securities portfolio was EUR 1,143 million on 31 December 2024. This accounting reclassification also led to the reclassification of the respective results, namely from other impairment and provisions to loan impairment (EUR 0.9 million in December 2024). The results arising from these operations, associated with both net interest income and net trading income, were also reclassified, although the total amount of each item presented in this analysis did not change compared to the amounts disclosed in previous periods.
All indicators associated with the aforementioned reclassifications have been restated accordingly.
(3) Excludes the impact of specific items: negative impacts of EUR 23.3 million in 2025 and EUR 12.6 million in 2024. In both years, specific items were recognised in staff costs in the activity in Portugal including costs with employment terminations, namely early retirements and indemnifications and the reversal of costs with mortgage financing to former employees. In 2024, specific items also include income recognised after an agreement related to liabilities with former directors of the Bank.
(4) Includes the impact of certain impairments reversal occurred in the activity in Portugal in the second quarter of 2024. Excluding this impact, the Group 's cost of risk in 2024 was 39 b.p.
(5) The capital ratios as at 31 December 2025 are estimated, including 25% of the unaudited net income of the year 2025.
(6) Of which, in Poland: 7,023 employees as at 31 December 2025 (corresponding to 6,906 FTE - full-time equivalent) and 6,836 employees as at 31 December 2024 (corresponding to 6,714 FTE - full-time equivalent).
