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Financial highlights(1)



  Euro million
  31 Mar. 21 31 Mar. 20 Change 21/20
       

Balance sheet

     
   Total assets 88,566 81,499 8.7%
   Loans to customers (net) 54,344 52,507 3.5%
   Total customer funds 87,042 79,955 8.9%
   Balance sheet total customer funds 66,888 62,306 7.4%
   Deposits and other resources from customers 65,373 60,815 7.5%
   Loans to customers (net) / Deposits and other resources from customers (2) 83.1% 86.3%  
   Loans to customers (net) / Balance sheet customer funds 81.2% 84.3%  
       

Results

     
   Net interest income 376.0 385.5 -2.5%
   Net operating revenues 588.8 597.2 -1.4%
   Operating costs 259.3 285.7 -9.2%
   Operating costs excluding specific items(3) 258.6 276.3 -6.4%
   Loan impairment charges (net of recoveries) 111.0 86.1 28.8%
   Other impairment and provisions 131.8 115.7 14.0%
   Income taxes 57.6 65.6 -12.2%
   Net income 57.8 35.3 63.8%
       

Profitability and Efficiency

     
   Net operating revenues / Average net assets (2) 2.7% 2.9%  
   Return on average assets (ROA) 0.1% 0.2%  
   Income before tax and non-controlling interests / Average net assets (2) 0.4% 0.5%  
   Return on average equity (ROE) 4.0% 2.4%  
   Income before tax and non-controlling interests / Average equity (2) 5.1% 6.3%  
   Net interest margin 1.9% 2.1%  
   Cost to core income (2)(3) 46.7% 48.9%  
   Cost to income (2) 44.0% 47.8%  
   Cost to income (2)(3) 43.9% 46.3%  
   Cost to income (Portugal activity) (2)(3) 40.1% 42.7%  
   Staff costs / Net operating revenues (2)(3) 24.8% 26.2%  
       

Credit quality

     
   Cost of risk (net of recoveries, in b.p.) 79 63  
   Non-Performing Exposures / Loans to customers 5.5% 7.2%  
   Total impairment (balance sheet) / NPE 64.7% 55.5%  
   Restructured loans / Loans to customers 4.5% 5.0%  
       

Liquidity

     
   Liquidity Coverage Ratio (LCR) 270% 218%  
   Net Stable Funding Ratio (NSFR) 144% 132%  
       

Capital (4)

     
   Common equity tier I phased-in ratio 12.2% 11.9%  
   Common equity tier I fully implemented ratio 12.2% 12.0%  
   Total fully implemented ratio 15.5% 15.4%  
       

Branches

     
   Portugal activity 476 501 -5.0%
   Foreign activity 878 1,000 -12.2%
       

Employees

     
   Portugal activity 7,004 7,193 -2.6%
   Foreign activity(5) 10,064 11,303 -11.0%


(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.
(2) According to Instruction from the Bank of Portugal no. 16/2004, as the currently existing version.
(3) Excludes specific items: negative impact of 0.7 million euros in the first quarter of 2021, related to restructuring costs, recognized as staff costs in the activity in Portugal. In the first quarter of 2020, the impact was also negative, in the amount of 9.5 million euros, 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 (5.5 million euros as staff costs, 1.3 million euros as other administrative costs and 0.1 million euros as depreciations). In the profitability and efficiency indicators, the specific items included in the net operating revenues, recognized by the Polish subsidiary, in the amount of 0.1 million euros, in the first quarter of 2020, related to costs with the acquisition, merger and integration of Euro Bank S.A., are also not considered.
(4) As at 31 March 2021 and 31 March 2020, capital ratios include the positive cumulative net income of each period. Ratios as of 31 March 2021 are estimated and non-audited.
(5) Of which, in Poland: 7,392 employees as at 31 March 2021 (corresponding to 7,238 FTE - Full-time equivalent) and 8,556 employees as at 31 March 2020 (corresponding to 8,412 FTE - Full-time equivalent).​