Financial highlights(1)
| | Euro million |
| |
31 Mar. 25 |
31 Mar. 24 (restated
2) |
Chg. 25/24 |
| | | | |
Balance sheet | | | |
| Total assets | 104,294 | 97,797 | 6.6 % |
| Equity | 8,549 | 7,572 | 12.9 % |
| Loans to Customers (net) | 56,680 | 55,229 | 2.6 % |
| Total customer funds | 104,562 | 98,555 | 6.1 % |
| Balance sheet total customer funds | 86,415 | 82,147 | 5.2 % |
| Deposits and other resources from Customers | 85,096 | 80,809 | 5.3 % |
| Loans to Customers (net) / Deposits and other resources from Customers
(3) | 66.6 % | 68.3 % | |
| Loans to Customers (net) / Balance sheet customer funds | 65.6 % | 67.2 % | |
| | | | |
Results | | | |
| Net interest income | 721.1 | 696.2 | 3.6 % |
| Net operating revenues | 909.1 | 868.5 | 4.7 % |
| Operating costs | 339.7 | 307.8 | 10.4 % |
| Operating costs excluding specific items(4) | 339.6 | 308.7 | 10.0 % |
| Results on modification | (4.2) | (7.2) | 42.3 % |
| Loan impairment charges (net of recoveries) | 55.8 | 73.5 | (24.1 %) |
| Other impairment and provisions | 131.2 | 145.2 | (9.6 %) |
| Income taxes | 112.2 | 78.1 | 43.7 % |
| Net income | 243.5 | 234.3 | 3.9 % |
| | | | |
Profitability and Efficiency | | | |
| Net operating revenues / Average net assets
(3) | 3.6 % | 3.6 % | |
| Return on average assets (ROA) | 1.0% | 1.1% | |
| Income before tax and non-controlling interests / Average net assets
(3) | 1.5 % | 1.4 % | |
| Return on average equity (ROE) | 13.9 % | 15.0 % | |
| Return on tangible equity (ROTE) | 14.5 % | 15.6 % | |
| Income before tax and non-controlling interests / Average equity
(3) | 19.2 % | 19.1% | |
| Net interest margin | 3.00 % | 3.12 % | |
| Cost to core income
(4) | 36.8 % | 34.6 % | |
| Cost to income
(3) | 37.4 % | 35.4 % | |
| Cost to income
(3)(4) | 37.4 % | 35.5 % | |
| Cost to income (Activity in Portugal)
(3)(4) | 33.9 % | 31.6 % | |
| Staff costs / Net operating revenues(3)(4) | 20.7% | 19.2 % | |
| | | | |
Credit quality | | | |
| Cost of risk (net of recoveries. in b.p.)(5) | 38 | 52 | |
| Non-Performing Exposures / Loans to Customers | 3.0 % | 3.4 % | |
| Total impairment (balance sheet) / NPE (loans to Customers) | 82.4 % | 81.7 % | |
| Restructured loans / Loans to Customers | 2.4 % | 3.1 % | |
| | | | |
Liquidity | | | |
| Liquidity Coverage Ratio (LCR) | 354 % | 299% | |
| Net Stable Funding Ratio (NSFR) | 180 % | 172% | |
| | | | |
Capital
(6) | | | |
| Common equity tier I phased-in ratio | 16.0% | 16.0% | |
| Common equity tier I fully implemented ratio | 15.9 % | 16.0% | |
| Total ratio fully implemented | 20.0 % | 20.5 % | |
| | | | |
Branches | | | |
| Activity in Portugal | 397 | 399 | (0.5 %) |
| International activity | 800 | 806 | (0.7 %) |
| | | | |
Employees | | | |
| Activity in Portugal | 6,229 | 6,269 | (0.6 %) |
| International activity(7) | 9,487 | 9,432 | 0.6 % |
(1) Some indicators are presented according to management criteria of the Group, with concepts described and detailed in the glossary.
(2) In the fourth quarter of 2024, a reclassification between the item "'Financial assets at fair value through profit or loss" and "Investments in associates" was made. The historical amounts of such items considered for the purposes of this analysis are presented considering this reclassification with the purpose of ensuring their comparability, differing, therefore, from the disclosed accounting values (EUR 6 million in March 2024).
Following the change in off-balance sheet customer funds assessment criteria by the Polish subsidiary in the fourth quarter of 2024, the respective balances were restated, resulting in an increase of EUR 13 million with reference to the end of March 2024.
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. The impact of these reclassifications in the first quarter of 2024 was EUR -1.1 million in other net operating income, offset by net commissions (EUR +0.9 million) and other administrative costs (EUR -0.3 million).
(3) According to the Instruction from the Banco de Portugal no. 16/2004, as the currently existing version.
(4) Excludes the impact of specific items: negative impact of EUR 0.1 million in the first quarter of 2025 and positive impact in the amount of EUR 1.0 million in the first quarter of 2024. In both periods specific items were recognised in staff costs in the activity in Portugal including costs with employment terminations, namely indemnities. In the first quarter of 2024, specific items also include income recognised after an agreement related to liabilities with former directors of the Bank.
(5) The capital ratios as at 31 March 2025 are estimated, including 25% of the unaudited net income of the period.
(6) Of which, in Poland: 6,847 employees as at 31 March 2025 (corresponding to 6,726 FTE - full-time equivalent) and 6,861 employees as at 31 March 2024 (corresponding to 6,731 FTE - full-time equivalent).
