Banco Comercial Portugues S.a. · EURONEXT:BCP
Banco Comercial Portugues — H1 2025 Earnings Presentation
61 slides from Banco Comercial Portugues's earnings presentation, Jul 30, 2025
Slide 1: Banco Comercial Portugués Earnings H1 2025
Banco Comercial Portugués, S.A. Earnin gS HI 2025 ) Millennium
Slide 2: Disclaimer
Disclaimer l The information in this presentation has been prepared under the scope of the International Financial Reporting Standards (‘IFRS’) of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as amended. l The figures present
Slide 3: Agenda
AGENDA 3
Slide 4: Highlights
01 Highlights 4
Slide 5: A Solid and Efficient Bank
A Solid and Efficient Bank ▪ Group’s net income of 502.3 million in H1’25, corresponding to an increase of 3.5% compared to H1’24, reaching a ROE of 14.3% in June 2025 ▪ Net income in Portugal increased by 3.2% from 411 million in H1’24, to 424 million in H1’25 Profitability ▪ Net income from intern
Slide 6: Customer base growth
Customer base growth Based on the quality of the Teams and distinctive digital skills Group ‘000 Customers Customer Active 6,842 7,121 Recognition +428 As % of active 5,197 Customers 4,769 +9% 73% Mobile Jun 24 Jun 25 Digital 5,302 5,673 80% +7% Portugal ‘000 Customers Active 2,737 2,818 As % of act
Slide 7: Innovation focused on Customer needs translates into accelerated growth in Mobile usage and sales
Innovation focused on Customer needs translates into accelerated growth in Mobile usage and sales Strong mobile growth Y/Y (Number of operations, Jan-Jun 2025 vs Jan–Jun 2024) +11% +12% National +47% Account +39% Investment Transactions1 Transfers Opening (#) Funds(#) +13% +42% 76% Mortgage Approval
Slide 8: Net income of 502.3 million in H1'25
Net income of 502.3 million in H1’25 (Million euros) H1'24 H1'25 % D Net interest income 1,397.5 1,444.1 +3.3% +46.5 Commissions 397.8 413.8 +4.0% +16.0 Core income 1,795.4 1,857.9 +3.5% +62.5 Operating costs -618.8 -683.5 +10.5% 1 -64.8 Core operating profit 1,176.6 1,174.3 -0.2% -2.3 Other income
Slide 9: Delivering shareholder value
Delivering shareholder value ROE BVPS + DPS 14.3% +14.5% 1 ROTE DIVIDEND YIELD 14.9% 8.9% 2 Return on Equity (RoE) | Return on Tangible Equity (RoTE) | 1 Considering the evolution of the book value per share from June 2024 to June 2025 and the €0.03 dividend per share relating to 2024 earnings, paid
Slide 10: Group Profitability
02 Group Profitability 10
Slide 11: Net interest income
Net interest income Group Portugal (Consolidated, million euros) (Million euros) Net interest 2.29% 2.12% Net interest margin margin 3.08% 2.97% -2,2% +3.3% 673.3 658.8 1,444.1 1,397.5 H1'24 H1'25 International operations (Million euros) Net interest 4.53% 4.47% margin +8.4% 724.3 785.3 H1'24 H1'25
Slide 12: Fees and commissions
Comissões Fees and commissions Group Portugal (Consolidated, million euros) (Million euros) +6.7% +4.0% 287.8 307.1 413.8 49.9 397.8 48.8 Market-related 66.6 fees and 61.3 257.2 commissions 239.0 H1'24 H1'25 International operations (Million euros) Banking fees 347.3 -3.1% and commissions 336.6 110.
Slide 13: Other net operating income
Outros proveitos Other net operating income Group Portugal (Consolidated, million euros) (Million euros) 13.9 -1.0 28.5 29.0 -9.9 7.0 -4.7 -21.6 31.8 -25.3 -45.9 Mandatory H1'24 H1'25 55.8 contributions 39.7 32.8 Equity earnings + dividends 32.3 Of which: Banking sector 27.9 28.6 Resolution Fund PT
Slide 14: Operating costs
Operating costs Group Portugal (Consolidated, million euros) (Million euros) Cost to income 33% 35% Cost to income 35% 37% +8.5% 1 315.6 342.4 +10.5% 1 683.5 36.7 40.2 100.5 105.4 618.8 76.8 Depreciation 71.2 178.4 196.7 223.4 H1'24 H1'25 Other 207.9 International operations administrative costs (Mi
Slide 15: Cost of risk and provisions
Cost of risk and provisions Group Portugal (Consolidated, million euros) (Million euros) Cost of risk 28bp1 33bp Cost of risk 34bp1 30bp -12.8% 85.3 -5.0% 74.4 389.9 29.7 5.6 370.4 55.6 68.8 CHF mortgage legal -8.3% H1'24 H1'25 237.8 218.2 Loan-loss -20.7% risk (Poland)2 reserves 970 769 Internation
Slide 16: Continued decrease of NPEs
Continued decrease of NPEs Group Portugal (Consolidated, billion euros) (Billion euros) -289 million -336 million -26.1% 1.109 -17.1% 0.820 1.97 1.63 NPE 1.19 0.84 Jun 24 Jun 25 Other 0.77 0.79 NPE loans ratio 2.8% 2.0% Jun 24 Jun 25 NPE ratio (EBA) 1.9% 1.5% Jun 24 Jun 25 International operations (
Slide 17: Group Business activity
02 Group Business activity 17
Slide 18: Customer funds
Customer funds Group Portugal (Consolidated, billion euros) (Billion euros) +5.5% +4.6% 106.2 69.1 72.3 100.7 14.5 15.9 18.9 1.3 1.4 Off-BS funds 16.8 25.1 25.2 1.4 Other BS funds 1.3 28.0 30.0 35.9 Jun 24 Jun 25 36.8 Term deposits International operations (Billlion euros) +4.1% +7.5% 31.6 34.0 2.3
Slide 19: Loan portfolio
Loan portfolio Group Portugal (Consolidated, billion euros) (Billion euros) +1.83 billion NPE: -17.1% (-0.336 billion) 39.67 41.50 +2.12 +3.4% -0.29 60.3 58.3 29.3 Jun 24 NPE Performing Jun 25 Mortgage 28.3 International operations (Billlion euros) +0.16 billion Personal 7.2 7.6 18.66 +0.20 18.81 -0
Slide 20: Group Capital and liquidity
02 Group Capital and liquidity 20
Slide 21: Solid capital ratios
Solid capital ratios Common equity tier 1 (CET1)1 (Fully implemented) Fully implemented vs requirement +6.6pp 16.2% 16.2% • CET1 stood at 16.2% and total capital ratio +10.4pp 9.58% at 20.2% incorporating the effects resulting 3.82% Combined buffer from CRR33 reserve 2 1.27% Pillar 2 (P2R) 4.5% Pill
Slide 22: Stronger capital position
Stronger capital position Leverage ratio (Fully implemented, latest available data) 7.0% 6.4% 5.6% 5.5% 4.0% Leverage ratio of 6.4% as of June 2025 FR DE ES IT RWA density (RWAs as a % of assets, latest available data) 38% 39% RWAs density in very conservative values (39% as 34% of June 2025) compar
Slide 23: MREL requirements and Funding Plan execution
MREL requirements and Funding Plan execution MREL position (BCP Resolution Group - 30 Jun 2025)* • Resolution strategy: MPE (Multi Point of Entry)2 35.5% 12.9% • BCP Resolution Group : Perimeter centred in Portugal • Preferred Resolution Measure: Bail-in 9.4% SP SP 3.4% • No subordination requiremen
Slide 24: Pension fund
Fundo de pensões Pension fund Pension fund coverage Structure of pension fund (Million euros) Coverage 112% 109% Real-estate: 18% Pension fund 3,327 3,313 Cash and other: 6% Pension Bonds: 53% Equities: 1% liabilities 2,978 3,053 Investment Funds: Fundo de pensões 23% Jun 24 Jun 25 Pension fund Jun
Slide 25: Robust liquidity position
Robust liquidity position Liquidity ratios (CRD/CRR) Liquidity excess in ECB (Billion euros) Eligible assets 28.9 31.6 336% -0.30 billion 0.90 0.60 Jun 24 Jun 25 181% Net loans to deposits ratio 69% 69% NSFR (Net stable LCR (Liquidity Jun 24 Jun 25 funding ratio) coverage ratio) 25
Slide 26: Portugal
03 Portugal 26
Slide 27: Profitability in Portugal
Profitability in Portugal Net income Net operating revenue (Million euros) (Million euros) +2.1% 960.1 979.8 +3.2% 411.0 424.0 H1'24 H1'25 H1'24 H1'25 Operating Costs Impairment and other provisions (Million euros) (Million euros) 1 +8.5% 315.6 342.4 -12.8% 85.3 74.4 H1'24 H1'25 H1'24 H1'25 1 Operat
Slide 28: Net interest income
Net interest income (Million euros) -2.2% 673.3 +37.6 +28.2 +33.2 658.8 +81.1 -22.6 -163.6 -8.4 NIM 2.29% 2.12% H1'24 Performing Credit rate Impact of Deposit's Impact of Effect of Excess H1'25 credit volume effect NPE reduction interest securities wholesale cost liquidity effect effect portfolio (i
Slide 29: Commissions and other income
Commissions and other income Commissions Other income (Million euros) (Million euros) 13.9 -1.0 H1'24 H1'25 YoY Banking fees and commissions 239.0 257.2 +7.7% 28.5 Cards and transfers 83.4 78.0 -6.5% Equity earnings + dividends 29.0 Loans and guarantees 40.4 43.7 +8.1% 7.0 Bancassurance 43.5 61.5 +4
Slide 30: Operating costs
Operating costs Operating Costs Employees (Million euros) +8.5% 1 342.4 6,274 6,224 315.6 40.2 Depreciation 36.7 Other administrative 105.4 costs 100.5 Jun 24 Jun 25 Branches 398 396 Staff costs 196.7 178.4 H1'24 H1'25 Jun 24 Jun 25 1 Operating costs year-on-year change in a pro forma basis of +5.1%
Slide 31: NPEs decrease
NPEs decrease Non-performing exposures (NPE) NPE build-up (Million euros) (Million euros) -289 million Jun 25 Jun 25 -26.1% (Million euros) vs. Jun 24 vs. Dec 24 1,109 Opening balance 1,109 973 820 Net outflows/inflows -21 -90 Other NPE 747 Write-offs -37 -13 430 Sales -231 -49 NPL>90d 363 390 Endin
Slide 32: NPE coverage
NPE coverage NPE total coverage* NPL>90d total coverage* 151% 126% 134% 142% 23% 100% 3% 100% 37% Real estate collateral 22% 42% Real estate collateral 2% 12% 6% 51% Cash, other fin. collat. Cash, other fin. collat. 125% 65% 1% LLRs 101% 94% LLRs 86% 1% 47% 34% Individuals Companies Total Individual
Slide 33: Foreclosed assets and corporate restructuring funds
Foreclosed assets and corporate restructuring funds Foreclosed assets Corporate restructuring funds (Million euros) (Million euros) -17.9% 393 111 Turismo Algarve 323 82 74 FCR fund * Impairment 45 41 36 -19 million Corporate 319 282 Net value 66 46 restructuring funds -29.2% Jun 24 Jun 25 Jun 24 Ju
Slide 34: Customer funds and loans to Customers
Customer funds and loans to Customers Total Customers Funds* Loans to Customers (gross) (Milhões (Billion de euros*) euros) (Milhões de euros*) (Billion euros) +4.6% 72.3 +4.6% 69.1 41.5 15.9 39.7 Off-BS funds 14.5 Other BS funds 1.3 1.4 Mortgage 19.0 20.5 25.2 25.1 Term deposits Personal 2.4 2.6 De
Slide 35: Performing loans in Portugal
Performing loans in Portugal Performing loans to individuals increase by 8.0%, highlighting the mortgage loan Performing loans portfolio portfolio which increase by 1.5 billion. Performing loans to companies increase by 2.5% (Billion euros) The Bank maintains a prominent position in the corporate se
Slide 36: International operations
04 International operations 36
Slide 37: Contribution from international operations
Contribution from international operations Contribution from international operations (Million euros) (Million euros2) H1’24 H1’25 % Poland 84.6 121.1 43.1% Excluding extraordinary +0.5% effects of Bank 207.2 208.2 Mozambique 3 46.3 23.7 -48.8% Millennium1 Other 1.5 1.8 24.5% Exchange rate effect -1
Slide 38: Positive evolution of Bank Millennium net income
Evolução positiva do resultado líquido Bank Millennium Net income Net operating revenue (Million euros1) (Million euros 1) +6.9% +13.6% Net income Excluding 355.9 380.4 809.8 extraordinary effects2 713.0 +43.1% Net income 84.6 121.1 H1'24 H1'25 H1'24 H1'25 3m WIBOR (average) 5.86% 5.60% • Net income
Slide 39: Net interest income increase
Aumento expressivo Net interest da margem financeira income increase Net interest income Operating costs (Million euros*) (Million euros*) +15.1% NIM 4.32% 4.18% +4.9% 301.0 261.5 648.8 680.8 142.5 Other 123.1 158.5 Staff costs 138.4 H1'24 H1'25 H1'24 H1'25 Commissions and other income Contributions
Slide 40: Credit quality
Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 2.2% 2.1% NPL>90d 156% 153% 391.8 378.0 613.1 579.2 Jun 24 Jun 25 Jun 24 Jun 25 Loan impairment (net of recoveries) (Million euros*) Cost of risk 50bp 21bp • NPL>90d accounted for 2.1% of
Slide 41: Customers funds and loans to Customers
Customers funds and loans to Customers Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +6.7% -0.7% 31,771 29,766 3,073 2,293 18,210 18,076 Off-BS funds 9,895 Term deposits 10,558 Mortgage 9,406 8,812 Personal 4,510 4,682 18,803 Demand deposits 16,915 Companies 4,294 4,58
Slide 42: CHF mortgages decrease by 31% year-on-year
CHF mortgages decrease by 31% year-on-year CHF mortgage portfolio Individual lawsuits (Billion euros*) (Number of cases) % of gross loan 54.6% 2.4% 2.2% 1.5% 1.4% 1.1% portfolio after legal risk 22,141 22,260 provisions 21,854 -31% 7.2 21,092 20,294 -10% Gross loan 1.8 1.6 1.5 1.4 1.2 portfolio befo
Slide 43: Millennium bim's results influenced by the context
Millennium bim's results influenced by the context Net income Net operating revenue (Million euros*) (Million euros*) +6.9% 128.6 137.5 -48.8% 46.3 23.7 H1'24 H1'25 H1'24 H1'25 MIMO rate (average) 16.10% 11.92% Operating costs (Million euros*) • Net income of 23.7 million, a reduction of 22.6 millio
Slide 44: Net interest income reflects the interest rate environment
Net interest income reflects the interest rate environment Net interest income Operating costs (Million euros*) (Million euros*) NIM 8.1% 8.3% Cost to income 49.9% 51.4% +9.1% +10.2% 100.0 109.1 70.7 64.2 Other 37.9 41.9 Staff costs 26.2 28.8 H1'24 H1'25 H1'24 H1'25 Commissions and other income Empl
Slide 45: Credit quality
Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 3.8% 3.6% NPL>90d 114% 125% 23.4 23.2 26.8 28.9 Jun 24 Jun 25 Jun 24 Jun 25 Loan impairment (net of recoveries) (Million euros*) Cost of risk 58bp 144bp • NPL>90d ratio of 3.6% as of June
Slide 46: Business volumes
Business volumes Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +6.1% +3.9% 2,183 640 2,057 616 9 Mortgage 9 980 207 248 Personal Term deposits 1,107 1,203 Companies 400 382 Demand deposits 950 Jun 24 Jun 25 Jun 24 Jun 25 *FX effect excluded. €/Metical constant at June
Slide 47: Key figures
05 Key figures 47
Slide 48: Deliver more value
Deliver more value Main targets for strategic cycle 2025-2028 Metrics H1’25 2028 Business volumes 167€bn > 190€bn Portugal 114€bn > 120€bn Healthy Number of customers 7.1 mn > 8mn organic Portugal 2.8mn > 3mn growth Mobile customers 73% >80% Portugal 65% > 75% Cost-to-income 37% < 40% Execution Port
Slide 49: Commitment to people and society
COMMITMENT TO PEOPLE AND SOCIETY Millennium bcp Foundation Society Sustainability Millennium bcp gallery (Museu Millennium bcp renews its Millennium bcp once again Nacional de Arte Contemporânea): commitment to the Oeiras supports the Festival ao Largo, Exhibition “Caminhos”: presents 31 Community V
Slide 50: External recognition
EXTERNAL RECOGNITION Millennium bcp: 2025 Millennium bcp: 2025 Five Millennium bcp: Leadership Consumer’s Choice, in the stars Bank, “Large Banks” in the ”Inovadora COTEC” “Large Banks” category for category programme the 5th consecutive year Millennium bcp: 2025 Five ActivoBank: 2025 Five stars Mil
Slide 51: Appendix
06 Appendix 51
Slide 52: Sovereign debt portfolio
Sovereign debt portfolio Sovereign debt portfolio Sovereign debt maturity (Milhões de euros*) (Consolidated, million euros) (Milhões de euros*) Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 YoY QoQ >5y, ≤8y: 22% Portugal 6,672 6,207 4,453 2,787 2,628 -61% -6% T-bills and other 1,466 947 985 663 704 -52% +6% >8
Slide 53: Sovereign debt portfolio breakdown
Sovereign debt portfolio breakdown Million euros Portugal Poland Mozambique Other Total Trading book 751 171 0 98 1,020 ≤ 1 year 742 1 0 98 842 > 1 year and ≤ 2 years 4 82 0 0 86 > 2 years and ≤ 5 years 2 55 0 0 57 > 5 years and ≤ 8 years 1 8 0 0 9 > 8 years and ≤ 10 years 0 25 0 0 25 > 10 years 1 0
Slide 54: Diversified and collateralised portfolio
Diversified and collateralised portfolio Carteira de crédito Breakdown Loans per collateral LTV of the mortgage portfolio (Consolidated) (Consolidated) (Portugal) Other 75-80 Mortgage guarantees 9% 60-75 49% 25% 80-90 27% Companies 13% 39% >90 Real guarantees 3% 58% Unsecured 50-60 0-40 17% 15% 21%
Slide 55: Consolidated net income
Consolidated net income Impact on (Million euros) H1'24 H1'25 YoY earnings Net interest income 1,397.5 1,444.1 +3.3% +46.5 Net fees and commissions 397.8 413.8 +4.0% +16.0 Other income* -45.9 -9.9 -78.4% +35.9 Net operating revenue 1,749.5 1,848.0 +5.6% +98.4 Staff costs -339.7 -383.3 +12.8% -43.6 O
Slide 56: Consolidated balance sheet
Consolidated balance sheet 30 June 30 June 30 June 30 June (Million euros) 2025 2024 * 2025 2024 * LIABILITIES ASSETS Financial liabilities at amortised cost Cash and deposits at Central Banks 3,043.7 3,710.4 Deposits from credit institutions and other funds 771.7 1,161.0 Loans and advances to credi
Slide 57: Consolidated income statement per quarter
Consolidated income statement per quarter Quarterly (Million euros) 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 Net interest income 701.3 713.2 720.1 721.1 723.0 Dividends from equity instruments 0.8 0.0 0.2 0.0 0.8 Net fees and commission income 200.6 206.8 208.1 201.4 212.4 Other net operating income -40.3 -25.
Slide 58: Consolidated income statement
Consolidated income statement (Million euros) For the 6-month periods ended June 30, 2024 and 2025 In tern ation al op eration s G rou p P ortu g al T otal Ban k M illen n iu m ( P olan d ) M illen n iu m b im ( M oz .) O th er in t. op eration s Jun 2 4 Jun 2 5 Δ% Jun 2 4 Jun 2 5 Δ% Jun 2 4 Jun 2 5
Slide 59: Glossary (1/2)
Glossary (1/2) Assets placed with Customers – amounts held by Customers in the context of the placement of third-party products that contribute to the recognition of commissions. Balance sheet Customer funds – deposits and other resources from Customers and debt securities placed with Customers. Bus
Slide 60: Glossary (2/2)
Glossary (2/2) Net commissions - net fees and commissions income. Net interest margin (NIM) - net interest income for the period as a percentage of average interest earning assets. Net operating revenues - net interest income, dividends from equity instruments, net commissions, net trading income, o
Slide 61: Investor Relations Division
INVESTOR RELATIONS DIVISION Bernardo Collaço, Head EQUITY DEBT AND RATINGS Alexandre Moita Luís Morais +351 211 131 321 +351 211 131 337 investors@millenniumbcp.pt BANCO COMERCIAL PORTUGUÊS, S.A. Registered Office: Praça D. João I, 28, Oporto, Share Capital: EUR 3,000,000,000.00. Registered at the C
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