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Financial highlights(1)



 Euro million
 31 Dec. 2331 Dec. 22 (restated)Chg. 23/22
23/22
    

Balance sheet

   
   Total assets94,380 89,877 5.0%
   Equity7,299 5,937 23. %
   Loans to Customers (net)55,218 56,198 (1.7 %)
   Total customer funds95,295 92,8082.7%
   Balance sheet total customer funds79,215 77,250 2.5%
   Deposits and other resources from Customers77,928 75,907 2.7%
   Loans to Customers (net) / Deposits and other resources from Customers (2)70.9% 74.0%  
   Loans to Customers (net) / Balance sheet customer funds69.7% 72.7%  
    

Results

   
   Net interest income2,825.7 2,149.8 31.4%
   Net operating revenues3,769.7 2,857.4 31.9%
   Operating costs1,162.61,073.0 8.3%
   Operating costs excluding specific items(3)1,147.3 1,056.5 8.6%
   Results on modification(19.4) (309.9) 93.7%
   Loan impairment charges (net of recoveries)240.0 300.6 (20.2 %)
   Other impairment and provisions859.8755.6 13.8%
   Income taxes537.4 304.3 76.6%
   Net income856.0 197.4 >200%
    

Profitability and Efficiency

   
   Net operating revenues / Average net assets (2)4.1% 3.0%  
   Return on average assets (ROA)1.0% 0.1%  
   Income before tax and non-controlling interests / Average net assets (2)1.6% 0.4%  
   Return on average equity (ROE)16.0% 3.9%  
   Income before tax and non-controlling interests / Average equity (2)23.8% 7.2% 
   Net interest margin3.36% 2.46%  
   Cost to core income (2)(3)31.9% 36.2%  
   Cost to income (2)30.8 % 37.6%  
   Cost to income (2)(3)31.6% 37.0%  
   Cost to income (Activity in Portugal) (2)(3)29.5% 37.2%  
   Staff costs / Net operating revenues (2)(3)17.0 % 19.7%  
    

Credit quality

   
   Cost of risk (net of recoveries. in b.p.)42 52  
   Non-Performing Exposures / Loans to Customers3.4% 3.8% 
   Total impairment (balance sheet) / NPE (loans to Customers)81.8% 68.3%  
   Restructured loans / Loans to Customers3.0% 3.2%  
    

Liquidity

   
   Liquidity Coverage Ratio (LCR)276% 212 %  
   Net Stable Funding Ratio (NSFR)167% 154%  
    

Capital (4)

   
   Common equity tier I phased-in ratio15.5 %12.6% 
   Common equity tier I fully implemented ratio15.4%12.5% 
   Total ratio fully implemented19.9% 16.8%  
    

Branches

   
   Activity in Portugal399408 (2.2%)
   International activity807 832(3.0%)
    

Employees

   
   Activity in Portugal6,242 6,252 (0.2%)
   International activity(5)9,446 9,491 (0.5%)


(1) Some indicators are presented according to management criteria of the Group, with concepts being described and detailed at the glossary.
(2) According to Instruction from the Bank of Portugal no. 16/2004, as the currently existing version.
(3) Excludes the impact of specific items: positive impact of 123.9 million euros in 2023 and negative impact in the amount of 16.5 million euros in 2022. In 2023, specific items include: income of 139.1 million euros recognised in the international activity, related to the sale of 80% of the shares in Millennium Financial Services sp. z o.o. and costs of 15.3 million euros recognised as staff costs in the activity in Portugal [(i) costs related to the compensation for the temporary reduction in employee remunerations during 2014-2017, as distribution of part of the Bank's results obtained in 2022; (ii) costs with employees terminations, namely early retirements; (iii) costs with mortgage financing to former employees and (iv) income recognised after an agreement related to liabilities with former directors of the Bank]. In 2022, specific items, recognised in staff costs in the activity in Portugal, include: (i) distribution of part of the Bank's results obtained in 2021 by the employees of the Bank; (ii) costs with mortgage financing to former employees; (iii) discretionary remuneration paid to employees as a measure to offset the impacts of inflation; and iv) the recognition of a provision for other structure adaptation measures.
(4) The capital ratios as at 31 December 2023 are estimated, including the positive cumulative net income.
(5) Of which, in Poland: 6,872 employees as at 31 December 2023 (corresponding to 6,747 FTE - Full-time equivalent) and 6,987 employees as at 31 December 2022 (corresponding to 6,860 FTE - Full-time equivalent). ​
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