Financial highlights(1)
| | Euro million |
| |
30 Sep. 25 |
30 Sep. 24 (restated
2) |
Chg. 25/24 |
| | | | |
Balance sheet | | | |
| Total assets | 108,937 | 100,226 | 8.7% |
| Equity | 8,702 | 8,038 | 8.3% |
| Loans to Customers (net) | 60,109 | 57,094 | 5.3% |
| Total customer funds | 109,526 | 100,817 | 8.6% |
| Balance sheet total customer funds | 89,823 | 83,525 | 7.5% |
| Deposits and other resources from Customers | 88,355 | 82,239 | 7.4% |
| Loans to Customers (net) / Deposits and other resources from Customers
(3) | 68.0% | 69.4% | |
| Loans to Customers (net) / Balance sheet customer funds | 66.9% | 68.4% | |
| | | | |
Results | | | |
| Net interest income | 2,166.6 | 2,110.8 | 2.6% |
| Net operating revenues | 2,824.9 | 2,691.3 | 5.0% |
| Operating costs | 1,032.5 | 945.7 | 9.2% |
| Operating costs excluding specific items(4) | 1,029.3 | 943.0 | 9.2% |
| Results on modification | (5.4) | (62.4) | 91.4% |
| Loan impairment charges (net of recoveries) | 141.0 | 167.3 | (15.7 %) |
| Other impairment and provisions | 444.2 | 460.1 | (3.4%) |
| Income taxes | 317.1 | 262.8 | 20.7% |
| Net income | 775.9 | 714.1 | 8.7% |
| | | | |
Profitability and Efficiency | | | |
| Net operating revenues / Average net assets
(3) | 3.6% | 3.7% | |
| Return on average assets (ROA) | 1.1% | 1.1% | |
| Income before tax and non-controlling interests / Average net assets
(3) | 1.5% | 1.4% | |
| Return on average equity (ROE) | 14.6% | 14.9% | |
| Return on tangible equity (ROTE) | 15.2% | 15.4% | |
| Income before tax and non-controlling interests / Average equity
(3) | 19.9% | 19.5% | |
| Net interest margin | 2.92% | 3.05% | |
| Cost to core income
(4) | 36.8% | 34.7% | |
| Cost to income
(3) | 36.6% | 35.1% | |
| Cost to income
(3)(4) | 36.4% | 35.0% | |
| Cost to income (Activity in Portugal)
(3)(4) | 34.3% | 32.4% | |
| Staff costs / Net operating revenues(3)(4) | 20.3% | 19.3% | |
| | | | |
Credit quality | | | |
| Cost of risk (net of recoveries. in b.p.)(5) | 31 | 38 | |
| Non-Performing Exposures / Loans to Customers | 2.6% | 3.3% | |
| Total impairment (balance sheet) / NPE (loans to Customers) | 86.6% | 80.0% | |
| Restructured loans / Loans to Customers | 2.0% | 2.7% | |
| | | | |
Liquidity | | | |
| Liquidity Coverage Ratio (LCR) | 321% | 314% | |
| Net Stable Funding Ratio (NSFR) | 180% | 175% | |
| | | | |
Capital
(6) | | | |
| Common equity tier I phased-in ratio | 16.1% | 16.5% | |
| Common equity tier I fully implemented ratio | 15.9% | 16.5% | |
| Total ratio fully implemented | 19.9% | 20.8% | |
| | | | |
Branches | | | |
| Activity in Portugal | 394 | 397 | (0.8%) |
| International activity | 787 | 805 | (2.2%) |
| | | | |
Employees | | | |
| Activity in Portugal | 6,224 | 6,275 | (0.8%) |
| International activity(6) | 9,631 | 9,441 | 2.0% |
(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 was made between "'Financial assets at fair value through profit or loss" and "Investments in associates". The historical amounts of such items considered for the purposes of this analysis are presented considering these reclassifications with the purpose of ensuring their comparability, differing, therefore, from the disclosed accounting values (EUR 6 million in September 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 41 million with reference to the end of September 2024.
In the last quarter of 2024, the Polish subsidiary adjusted the previously disclosed amount of NPE as of September 2024, resulting in a reduction of EUR 0.8 million compared to the amount disclosed at that date.
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 nine months of 2024 was EUR -3.8 million in other net operating income, offset by net commissions (EUR +2.9 million) and other administrative costs (EUR -0.9 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, with the following impacts as at September 2024: EUR +1.0 million in cards and transfers, offset by EUR -1.3 million in management and maintenance of accounts and EUR +0.3 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 (EUR 1,146 million before impairment in September 2024). In September 2024, balance sheet impairment associated with these operations amounted to EUR 3 million. Consequently, the impact net of impairment on Loans to Customers portfolio and on Securities Portfolio was EUR 1,143 million in September 2024. This accounting reclassification also led to the reclassification of the respective results, namely from other impairment and provisions to loan impairment (EUR 0.8 million in September 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) According to 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 3.2 million in the first nine months of 2025 and an also negative impact of EUR 2.7 million in the first nine months of 2024. In both periods, specific items were recognised in staff costs in the activity in Portugal including costs with employment terminations, namely early retirements and indemnifications. In the first nine months of 2025, specific items also include a reversal of costs with mortgage financing to former employees and in the same period of 2024, an income recognised after an agreement related to liabilities with former directors of the Bank.
(5) Includes the impact of certain impairments reversal occurred in the activity in Portugal in the second quarter of the previous year. Excluding this impact, the Group 's cost of risk in the first nine months of 2024 was 49 basis points.
(6) The capital ratios as at 30 September 2025 are estimated, including 25% of the unaudited net income of the first nine months of 2025.
(7) Of which, in Poland: 6,943 employees as at 30 September 2025 (corresponding to 6,824 FTE - full-time equivalent) and 6,819 employees as at 30 September 2024 (corresponding to 6,696 FTE - full-time equivalent).
