Banco Comercial Portugues S.a. · EURONEXT:BCP
Banco Comercial Portugues — H1 2021 Earnings Presentation
82 slides from Banco Comercial Portugues's earnings presentation, Jul 26, 2021
Slide 1: Earnings Presentation 1st Half 2021 - Excelling 24
EARNINGS PRESENTATION 1st HALF 2021 EXCELLING 24 MAIN GUIDELINES OF THE STRATEGIC PLAN Banco Comercial Português 1
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: Highlights: resilience of the business model
Highlights: resilience of the business model ▪ Net profit of 12.3 million, including 214.2 million provisions for legal risk on CHF loans in Poland and 56.2 million mandatory contributions for the banking sector in Portugal ▪ Core income up by 2.4%, with increases of 0.7% in net interest income and
Slide 6: Highlights: resilience of the business model
Highlights: resilience of the business model ▪ Performing loans in Portugal up by 1.9 billion, +5.4% from June 2020, with companies accounting for 64% of the performing loans’ growth; consolidated performing loans up by 2.9 billion, +5.5% from June 2020 Business ▪ Total Customer funds up by 7.2 bill
Slide 7: Growing Customer base, mobile Customers standing out
Growing Customer base, mobile Customers standing out As % of active ‘000 Customers Customers Group +567,000 Customers 3,172 53% Mobile Customers 2,605 +22% Jun 20 Jun 21 +444,000 Customers Digital Customers 3,594 4,038 67% +12% Active Customers 5,801 5,989 +211,000 Customers 1,053 43% Mobile Custome
Slide 8: Our digital capabilities are particularly appreciated in times of pandemic
Our digital capabilities are particularly appreciated in times of pandemic % Mobile Customers 1 Digital Interactions #(mln) 2 Strong mobile growth Y/Y 184 (Jan-Jun 2021 vs. Jan–Jun 2020) 43 146 35 +34% +43% Logins Payments H1'20 H1'21 H1'20 H1'21 % Digital Transactions (#)3 % Digital Sales (#)4 +64%
Slide 9: Best Digital Bank and Leader in Customer Satisfaction in 2021
A. Best Digital Bank and Leader in Customer Satisfaction in 2021 App Millennium leads ratings STAY ON Notifications, documents and messages, chat, video CONTEXTUAL OPERATIONS #1 NPS1 Digital Customers Jun. 2021, 5 largest banks “Best Digital Bank” Unaided nomination by Customers2, 1st half Easy acce
Slide 10: Digital: Constant innovation at the service of Customers
Digital: Constant innovation at the service of Customers +50 NEW APP More and more Broad and better Easier day-to-day More 100% digital sales FEATURES IN 2021 a Super App integration between management journeys with and even more Digital, Remote and integrated support Physical Customer data update (
Slide 11: Group - Profitability
02 Group Profitability 11
Slide 12: Net income of 12.3 million in the 1st half of 2021
Net income of 12.3 million in the 1st half of 2021 Impact on (Million euros) H1'20 H1'21 YoY earnings Net interest income 762.9 768.2 +0.7% +5.3 Commissions 331.5 352.6 +6.4% +21.1 Core income 1,094.4 1,120.8 +2.4% +26.4 Operating costs -548.6 -591.8 +7.9% -43.2 Of which: non-recurring* -21.2 -87.2
Slide 13: Net interest income
Net interest income Net interest income Portugal (Consolidated, million euros) (Million euros) Net interest margin 1.53% 1.46% Net interest +7.9% margin 2.05% 1.92% 379.2 409.3 +0.7% 762.9 768.2 H1'20 H1'21 International operations (Million euros) Net interest 3.09% 2.97% margin -6.5% 383.7 359.0 H1
Slide 14: Fees and commissions
Fees and commissions Fees and commissions Portugal (Consolidated, million euros) (Million euros) +6.4% +6.4% 247.3 352.6 232.4 331.5 32.9 +16.6% 38.3 Market-related 53.8 fees and +13.7% 47.3 199.5 +4.7% 208.9 commissions H1'20 H1'21 International operations (Million euros) Banking fees +5.1% 298.8 a
Slide 15: Other income
Other income Other income Portugal (Consolidated, million euros) (Million euros) -20.6 27.9 31.1 Total -41.0 1.8 43.2 68.0 3.1 -66.9 -71.3 30.0 H1'20 H1'21 Equity earnings + dividends 46.4 Mandatory contributions 64.2 77.2 79.8 Of which: Banking sector 29.6 33.1 Resolution fund PT 15.1 44.7 17.0 56.
Slide 16: Operating costs
Operating costs Operating costs Portugal (Consolidated, million euros) (Million euros) -4.3% Recurring 527.4 504.6 389.4 591.8 318.3 87.2 548.6 Non-recurring* 13.2 Non-recurring* 21.2 87.2 Recurring 305.1 -1.0% 302.2 Depreciation 68.3 68.3 H1'20 H1'21 Other administrative 160.0 costs 149.2 Internati
Slide 17: Restructuring costs
Restructuring costs In the current competitive and regulatory context of the European banking sector, efficiency and profitability are crucial to safeguarding the Bank’s future Right-sizing the bank, taking into account the context for the banking industry and the Bank’s needs Employees included in
Slide 18: Cost of risk and provisions
Cost of risk and provisions Impairment (Consolidated, million euros) and provision charges Portugal (Consolidated, million euros) (Million euros) Stated cost of risk 82bp 64bp* Stated cost of risk 85bp 55bp -4.4% 204.7 195.6 Adjusted by one-offs 85bp 68bp 46.6 68.6 +31.5% 461.9 158.0 127.0 H1'20 H1'
Slide 19: Relevant reduction of NPEs under a complex context
Relevant reduction of NPEs under a complex context Credit (Consolidated, millionquality euros) Portugal (Consolidated, billion euros) (Billion euros) -0.81 billion -268mn from December 2020 -28.0% -0.93 billion -292mn from NPE 2.91 NPE 3.9 December 2020 2.10 -23.7% 3.0 Other 1.8 1.5 Jun 20 Jun 21 NP
Slide 20: Group - Business activity
02 Group Business activity 20
Slide 21: Customer funds keep growing
Customer funds keep growing Total Customers Funds* Total Customers Funds* Portugal (Billion euros) (Consolidated, billion euros) +9.6% +8.6% 64.0 90.4 58.5 15.2 +10.9% 16.8 83.2 1.5 1.4 16.4 16.2 20.7 Off-BS funds 18.2 +14.2% 25.4 29.5 1.5 Other BS funds 1.5 Jun 20 Jun 21 20.8 Total Customers Funds*
Slide 22: Continued increase of the loan portfolio
Continued increase of the loan portfolio Loans to Customers (gross) Portugal (Consolidated, billion euros) (Billion euros) NPE: -23.7% (-0.9 billion) +1.11 billion Performing: +5.5% (+2.9 billion) +2.9% +3.4% +1.93 39.51 38.40 57.9 56.0 -0.81 27.2 Jun 20 NPE Performing Jun 21 Mortgage 26.0 Internati
Slide 23: Group - Capital and liquidity
02 Group Capital and liquidity 23
Slide 24: Capital above regulatory requirements
Capital above regulatory requirements Total capital ratio (Fully implemented) Fully implemented • Total capital of 15.1%* (fully +1.8pp vs requirement 15.6% 15.1% implemented) as of June 2021, above 13.3% impact of ongoing sale of operation +4.9pp** O-SII buffer SREP requirements Conservation 2.50%
Slide 25: Capital at adequate levels
Capital at adequate levels Leverage ratio (Fully implemented, latest available data) 5.8% 6.2% 4.7% 5.3% 3.6% Leverage ratio at 6.2% as of June 2021, a comfortable and comparatively strong figure in European banking 3.0% FR DE ES IT RWA density (RWAs as a % of assets, latest available data) High RWA
Slide 26: Pension fund
Pension fund Key figures Pension fund (Million euros) Real-estate: 14% Dec 20 Jun 21 Bonds: 38% Cash and Pension liabilities 3,658 3,394 other: 7% Pension fund 3,751 3,681 Liabilities' coverage 103% 108% Fund's profitability +5.8% +0.01% Assumptions Equities: 41% Dec 20 Jun 21 Discount rate 1.05% 1.
Slide 27: Reinforced liquidity position
Reinforced liquidity position Liquidity ratios (CRD/CRR) ECB funding, net (Billion euros) Eligible assets 21.5 25.9 270% +0.5 billion Net funding 4.3 4.8 TLTRO 7.6 8.2 Deposits and other -3.3 -3.3 Jun 20 Jun 21 148% Net loans to deposits ratio 85% 82% 100% NSFR (Net stable LCR (Liquidity Jun 20 Jun
Slide 28: Portugal
03 Portugal 28
Slide 29: Resilient profitability in Portugal
Resilient profitability in Portugal Net income Net operating revenue (Million euros) (Million euros) -0.1% +15.8% 45.2 45.1 684.4 591.0 H1'20 H1'21 H1'20 H1'21 Operating costs (Million euros) 389.4 • Net income of 45.1 million in the 1st half of 2021 318.3 87.2 • Net income impacted by stronger core
Slide 30: Net interest income
Net interest income (Million euros) +7.9% +22.9 +38.6 409.3 379.2 +11.1 -3.4 1.46% NIM -22.1 -9.8 -2.8 -4.4 1.53% H1'20 Performing Credit rate Impact of Deposits' rate Excess liquidity Impact of the Effect of Other H1'21 credit volume effect NPE reduction effect (ECB, TBills) securities wholesale co
Slide 31: Continued reduction of the cost of deposits
Continued reduction of the cost of deposits Spread on the book of term deposits Spread on the performing loan book (vs 3m Euribor) (vs 3m Euribor) H1'20 H1'21 2.69% 2.65% -0.49% -0.57% H1'20 H1'21 3m Euribor 3m Euribor (average) -0.35% -0.54% (average) -0.35% -0.54% NIM • Spread of the portfolio of
Slide 32: Commissions and other income
Commissions and other income Fees and commissions Other income (Million euros) (Million euros) (Million euros) H1'20 H1'21 YoY Total -20.6 27.9 Banking fees and commissions 199.5 208.9 +4.7% Cards and transfers 46.6 50.8 +9.0% 31.1 Loans and guarantees 51.5 52.6 +2.1% Bancassurance 42.1 42.7 +1.5% E
Slide 33: Operating costs
Operating costs Operating costs Employees (Million euros) -217 -1.0% Recurring 305.1 302.2 7,154 6,937 389.4 318.3 87.2 Non-recurring* 13.2 Jun 20 Jun 21 Depreciation 37.9 40.0 Other administrative 85.7 Branches costs 85.4 -35 493 Staff costs 181.4 176.8 458 H1'20 H1'21 Jun 20 Jun 21 H1’20: compensa
Slide 34: Continued decrease of NPEs
Continued decrease of NPEs Non-performing exposures (NPE) NPE build-up (Million euros) Jun 21 Jun 21 (Million euros) -813 million vs.Jun 20 vs.Dec 20 2,908 -28.0% Opening balance 2,908 2,363 2,095 Net outflows/inflows -82 -2 Other NPE 1,435 Write-offs -102 -54 1,130 Sales -630 -212 NPL>90d 1,473 965
Slide 35: NPE coverage
NPE coverage NPE total coverage* NPL>90d total coverage* 136% 158% 126% 141% 18% 96% 42% 97% 28% 29% Real estate collateral 48% Real estate collateral 15% 20% Cash, other fin.collat., 65% 11% Cash, other fin.collat., EL gap EL gap 57% 112% 92% 79% 67% LLRs LLRs 33% 41% Individuals Companies Total In
Slide 36: Foreclosed assets and corporate restructuring funds
Foreclosed assets and corporate restructuring funds Foreclosed assets Corporate restructuring funds (Million euros) (Million euros) -4.8% 951 846 805 Impairment 183 687 120 102 Industry -217 million 136 Net value 767 726 -28.2% 551 704 RE/tourism Jun 20 Jun 21 Jun 20 Jun 21 Foreclosed assets • Net f
Slide 37: Growing customer funds and loans to customers
Growing customer funds and loans to customers Total Customers Funds* Loans to Customers (gross) (Billion euros) (Billion euros) +9.6% NPE: -28.0% (-0.8 billion) Performing: +5.4% (+1.9 billion) 64.0 +2.9% 58.5 38.4 39.5 +10.9% 16.8 Off-BS funds 15.2 1.5 1.4 17.9 Other BS funds Mortgage 17.3 16.2 16.
Slide 38: Performing credit grows in Portugal
Performing credit grows in Portugal Performing credit portfolio (Billion euros) • Performing credit portfolio in Portugal up by 1.9 +5.4% billion (+5.4%) from June 2020 35.5 37.4 • Strong support to companies, which accounted for 64% Mortgage +4.0% 17.5 of the total performing loan growth from June
Slide 39: Supporting companies and families to tackle the challenges of the pandemic
Supporting companies and families to tackle the challenges of the pandemic Covid-19 credit lines Moratoriums (Amount in million euros) (Million euros) # operations Amount Reduction* Disbursed 19,268 2,642 Outstanding moratoriums Amount % Families 3,269 -1,246 -28% Breakdown per company size Companie
Slide 40: International operations
04 International operations 40
Slide 41: Contribution from international operations to consolidated net income
Contribution from international operations to consolidated net income (Million euros*) H1'20 H1'21 Contribution from international operations (Million euros*) Poland 15.8 -112.7 Mozambique 38.5 37.9 30.8 Contribution of the Angolan operation** -7.8 -4.9 Other 4.6 3.3 Net income international operati
Slide 42: Net earnings affected by provisions for legal risk on CHF loans
Net earnings affected by provisions for legal risk on CHF loans Net income Net operating revenue (Million euros*) (Million euros*) 99.0 Adjusted net income +0.5% (excluding CHF provisions) 52.8 394.2 392.3 Net income 15.8 -112.7 H1'20 H1'21 H1'20 H1'21 3m WIBOR (average) 1.11% 0.21% Operating costs
Slide 43: Significant reduction of operating costs
Significant reduction of operating costs Net interest income Operating costs (Million euros*) (Million euros*) NIM 2.69% 2.58% -12.7% -4.0% 203.3 177.5 292.9 Resol. Fund and DGF 24.9 -26.3% 281.3 18.4 Other 79.0 -13.2% 68.6 Staff costs 99.4 -8.9% 90.5 H1'20 H1'21 H1'20 H1'21 Commissions and other in
Slide 44: Credit quality
Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 2.9% 2.5% NPL>90d 102% 126% 485.0 542.3 477.2 429.3 Jun 20 Jun 21 Jun 20 Jun 21 Loan impairment (net of recoveries) (Million euros*) • NPL>90d accounted for 2.5% of total credit as of June
Slide 45: Increased Customers funds and loans to Customers
Increased Customers funds and loans to Customers Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +5.9% +6.2% 22,031 20,795 2,087 17,327 Off-BS funds 1,580 +32.1% 13 16,321 Other BS funds 114 3,688 4,708 Term deposits Mortgage 5,223 6,708 local currency 2,407 without Euro
Slide 46: CHF mortgages
CHF mortgages CHF mortgage portfolio Cumulative provisions for legal risks (Billion euros*) (Million euros*) As a % of total As a % of CHF 54.6% 19.1% 18.8% 17.0% 13.9% loan portfolio 1.6% 1.9% 2.8% 3.7% 6.7% 10.8% 14.9% mortgage portfolio 6.1 -5.9% -10.2% -12.0% % decrease 1.9% 2.5% 3.5% 6.0% 7.3%
Slide 47: Net income reflects resilience in challenging environment
Net income reflects resilience in challenging environment Net income Net operating revenue (Million euros*) (Million euros*) -1.6% +3.4% 38.5 37.9 98.3 101.7 H1'20 H1'21 H1'20 H1'21 MIMO rate (average) 12.05% 12.82% Operating costs (Million euros*) • Net income of 37.9 million in the 1st half of 202
Slide 48: Increased net interest income and commissions
Increased net interest income and commissions Net interest income Operating costs (Million euros*) (Million euros*) NIM 8.2% 7.7% Cost to income 44.4% 44.0% +2.3% +3.1% 43.7 44.7 73.8 76.1 Other 24.8 +1.3% 25.2 Staff costs 18.8 +3.6% 19.5 H1'20 H1'21 H1'20 H1'21 Commissions and other income Employee
Slide 49: Credit quality
Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 20.7% 10.3% NPL>90d 67% 71% 144.8 96.8 68.4 48.2 Jun 20 Jun 21 Jun 20 Jun 21 Loan impairment (net of recoveries) (Million euros*) Cost of risk 190bp 104bp • NPL>90d ratio of 10.3% as of Ju
Slide 50: Business volumes
Business volumes Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +10.3% -4.9% 1,795 700 666 1,628 Mortgage 10 Personal and 10 123 other 115 845 Term deposits +4.5% 809 Companies 567 541 Demand +16.0% 949 819 deposits Jun 20 Jun 21 Jun 20 Jun 21 FX effect excluded. €/Meti
Slide 51: Commitment to People and Society
COMMITMENT TO PEOPLE AND SOCIETY Millennium bcp Foundation Society Sustainability Millennium bcp gallery: Inauguration of the Approval of the “Anti-Corruption and new Millennium bcp Gallery (June 21st), with the #Todos Juntos - Millennium bcp and Anti-bribery corporate policy”, exhibition The Path t
Slide 52: Awards in 2021
Awards in 2021 Millennium bcp: “PME Líder’20” programme: Bank Millennium: Best Bank 2021 in Poland largest number of awards among participating banks (3rd year in a row) Millennium bcp Consumer Choice 2021, Millennium bcp: Best bank for companies in Portugal and Best digital bank Portugal (Brand “La
Slide 53: Excelling 24 Strategic Plan
Excelling 24 Strategic Plan 53
Slide 54: Achievements of the 2018-2021 Strategic Plan
Achievements of the 2018-2021 Strategic Plan 2018-2021 Strategic H1’21 Franchise growth Plan’s targets Active Customers 6.0 million ✓ >6 million Although the achievement of some Digital Customers 67% ✓ >60% of the financial targets Value creation Mobile Customers 53% ✓ >45% was hindered by 53% exoge
Slide 55: The banking sector in core geographies facing significant challenges
The banking sector in core geographies facing significant challenges Unlevel competitive Changes in Customer Impact of Covid-19 Main challenges… landscape in a lower behaviour pandemic margin environment Customers increasingly Economic turmoil Lower for longer mobile impatient and leading to a sudde
Slide 56: Expressive operational recovery
Expressive operational recovery Net Interest margin (NIM) Cost to core income (Excluding non-usual items) +90bp ≈2.5x -49pp 2013 vs 1H21 94.9% 2013 vs 1H21 1.5% 46.0% 0.6% 2013 1H21 2013 1H21 NPEs evolution Cost of risk (Billion euros) (Basis points) Normalization 12.8 -10.7 -76bp of the cost of ris
Slide 57: Previous Strategic Plan 2018-2020 prepared Millennium for the future
Previous Strategic Plan 2018-2020 prepared Millennium for the future Business model’s resilience Franchise growth in Digital achievements and sustainability adverse context* ≈1.2 Bn Pre-provision profit in 2020 +1.1 Mn #1 Active Customers Best digital Bank*** (≈0.5 Bn in H1’21) ≈46%* NPEs reduction
Slide 58: Millennium's aspiration for 2024
Millennium’s aspiration for 2024 Achieve robust profitability and a strong balance sheet position, managing the impact of the pandemic… … accelerating our competitive differentiation in efficiency and Customer engagement, supported by targeted human touch and mobile/digital solutions and business mo
Slide 59: Cyclic recovery and restructuring of the economy
Cyclic recovery and restructuring of the economy Macroeconomic perspectives Year-on-year growth real GDP (%) EU Funds 2021-2029* • Vigorous economic recovery after the 31.7 18.4 11.2 pandemic shock, led by domestic demand 5.6 4.8 12 3.5 2.4 10 • The Recovery and Resilience Plan will be a 8 cyclical
Slide 60: Ability to adapt to new contexts
Ability to adapt to new contexts Millennium starts Current from a solid Economic recovery Prevalence of low Increasing threat of ESG imperative context after the pandemic interest rate new tech and position to seize environment digital players market opportunities through a Portugal- Superior Custom
Slide 61: Strategic priorities for the new cycle 2021-24
Strategic priorities for the new cycle 2021-24 SERVING CUSTOMERS' TRUSTED PARTNER FOR FINANCIAL AND COMPANIES' RECOVERY PROTECTION NEEDS AND TRANSFORMATION WITH PERSONALIZED SOLUTIONS ANCHORED IN TARGETED HUMAN CAPITAL & RISK RESILIENCE TOUCH AND LEADING MOBILE PLATFORM BEST-IN-CLASS EFFICIENCY DATA
Slide 62: Serving Customers financial and protection needs with personalized solutions
Serving Customers financial and protection needs with personalized solutions and leading mobile platform Deepen Customer relationships by increasing engagement and positioning as primary bank. Put at Customers’ the distinctive capabilities and quality of >200 Mn the Bank's offer in the areas of inve
Slide 63: Trusted partner for Companies recovery and transformation
Trusted partner for Companies recovery and transformation Support Companies pursuit of opportunities driven by EU funding to the economy (PRR and PT 2030), while enabling solutions fit for a more digitized, >100 Mn Banking income competitive and export-oriented corporate landscape vs 2020 Provide br
Slide 64: Capital and Risk resilience
Capital and Risk resilience Strengthen both risk and capital management practices to promote the reinforcement of the balance sheet and ensure readiness for the post- ≈ 4% pandemic scenario NPE ratio Discipline in capital allocation, at the Group level >12.5% Implementation and monitoring of a mitig
Slide 65: Best-in-class efficiency
Best-in-class efficiency Boosting the use of technology in process reengineering and investment in mobile and automation to improve efficiency both at the network level and ≈ 35 Mn Annual recurring at business support areas costs savings Advance on the simplification and automation front, by reengin
Slide 66: Data and technology edge
Data and technology edge Implementation of a next generation data platform while scaling advanced analytics models to gain differentiating mass personalization capabilities, intelligent automation and agile business management of processes. Expand the deployment of new technology foundations: cloud
Slide 67: Capability building and talent renewal
Capability building and talent renewal Reinforce Millennium’s ability to develop, attract and retain the best talent to embrace modern challenges and adapt working practices to reflect the new paradigm while promoting a meritocracy and an equal-opportunity environment Acquire new capabilities in Dig
Slide 68: Sustainability-driven
Sustainability-driven Adapt the business models and processes to meet the community’s and Customers’ expectations of sustainability, benefiting from associated business opportunities as well as addressing regulatory demands Innovate in green and social-label proprietary products for Individuals and
Slide 69: In summary: Portugal as a driver to overcome challenges
In summary: Portugal as a driver to overcome challenges The main strategic priorities for Millennium, in Portugal, were defined preserving a balance between continuity and bolder movements that can bring competitive edge and innovation to Millennium’s positioning ≈3 Bn ≈3 Bn ≈3 Bn Loans to Companies
Slide 70: Challenges and opportunities in international operations
Challenges and opportunities in international operations Fast recovery of operating profitability to pre- ≈10% Improve service and answer to Customer needs, ≈18% pandemic levels, with double-digit RoE excluding FX RoE maintaining a strong commitment to profitability and RoE provisions, supported by
Slide 71: Millennium targets for 2024
Millennium targets for 2024 2020 2024 C/I ratio 47% ≈40% Cost of risk 91 bps ≈50 bps RoE 3.1% ≈10% CET1 ratio 12.2% >12.5% NPE ratio 5.9% ≈4% Share of mobile Customers 48% >65% Growth of high engagement - +12% Customers* (vs 2020) Average ESG rating** 75% >80% *Active Customers with card transaction
Slide 72: Appendix
Appendix 72
Slide 73: Sovereign debt portfolio
Sovereign debt portfolio Sovereign debt portfolio Sovereign debt maturity (Consolidated, million euros) >5y, ≤8y: 37% Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 YoY QoQ Portugal 8,253 8,057 7,742 8,420 9,152 +11% +9% >8y, ≤10y: 7% T-bills and other 1,605 1,052 384 514 1,129 -30% >100% Bonds 6,648 7,004 7,35
Slide 74: Sovereign debt portfolio
Sovereign debt portfolio (Million euros) Portugal Poland Mozambique Other Total Trading book 1.123 22 0 3 1.149 ≤ 1 year 1.123 2 0 0 1.125 > 1 year and ≤ 2 years 0 4 0 0 4 > 2 years and ≤ 5 years 0 3 0 0 3 > 5 years and ≤ 8 years 0 12 0 0 12 > 8 years and ≤ 10 years 0 1 0 0 1 > 10 years 0 1 0 3 4 Ba
Slide 75: Diversified and collateralised portfolio
Diversified and collateralised portfolio Loan portfolio (Consolidated) LTV of the mortgage portfolio Breakdown Loans per collateral in Portugal Other 60-75 Mortgage 75-80 guarantees 26% 47% 8% 29% 80-90 Companies 11% 43% Real 50-60 >90 guarantees 15% 6% 57% Unsecured 14% 40-50 0-40 12% 22% Personal/
Slide 76: Consolidated net income
Consolidated net income Impact on (Million euros) H1'20 H1'21 YoY earnings Net interest income 762.9 768.2 +0.7% +5.3 Net fees and commissions 331.5 352.6 +6.4% +21.1 Other income* -41.0 1.8 +42.8 Net operating revenue 1,053.4 1,122.6 +6.6% +69.2 Staff costs -317.7 -374.2 +17.8% -56.5 Other administ
Slide 77: Consolidated balance sheet
Consolidated balance sheet (Million euros) 30 June 30 June 2020 30 June 30 June 2020 2021 (restated) 2021 (restated) LIABILITIES ASSETS Financial liabilities at amortised cost Cash and deposits at Central Banks 4,688.4 4,302.6 Resources from credit institutions 9,056.1 9,055.2 Loans and advances to
Slide 78: Consolidated income statement per quarter
Consolidated income statement per quarter (Million euros) 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 Net interest income 375.6 390.7 383.4 375.8 392.4 Dividends from equity instruments 3.4 1.3 0.0 0.0 0.7 Net fees and commission income 158.9 166.7 177.7 171.1 181.5 Other operating income -78.9 -24.1 -11.7 -23.3
Slide 79: Income statement
Income statement (Million euros) For the 6-month periods ended June 30th, 2020 and 2021 Int e rna t io na l o pe ra t io ns G ro up P o rt uga l T o tal B a nk M ille nnium ( P o la nd) M ille nnium bim ( M o z.) O t he r int . o pe ra t io ns Jun 2 0 Jun 2 1 Δ % Jun 2 0 Jun 2 1 Δ % Jun 2 0 Jun 2 1
Slide 80: 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 81: Glossary (2/2)
Glossary (2/2) Net trading income – results from financial operations at fair value through profit or loss, results from foreign exchange, results from hedge accounting operations, results from derecognition of financial assets and financial liabilities measured at amortized cost and results from de
Slide 82: Investor Relations Division
INVESTOR RELATIONS DIVISION Bernardo Collaço, Head EQUITY DEBT AND RATINGS Alexandre Moita Luís Morais +351 211 131 084 +351 211 131 337 investors@millenniumbcp.pt BANCO COMERCIAL PORTUGUÊS, S.A., a public company (Sociedade Aberta), having its registered office at Praça D. João I, 28, Oporto, regis
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