Banco Comercial Portugues S.a. · EURONEXT:BCP
Banco Comercial Portugues — Q1 2020 Earnings Presentation
73 slides from Banco Comercial Portugues's earnings presentation, May 2020
Slide 1: Banco Comercial Português May 2020
MAY 2020 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: Five priorities that guide our actions in 2020
Five priorities that guide our actions in 2020 Protect Employees Defend the quality of the balance sheet, liquidity and solvency of the Bank Support the economy, families, businesses and institutions Adapt business models and processes to the new normal Strengthen the social support component for th
Slide 6: Covid-19: quick adaptation, protecting Employees and Customers
Covid-19: quick adaptation to the context, protecting Employees and Customers and ensuring business continuity Employees Customers Business Processes Supervision Authorities Protection and prevention of Availability of service in Operating continuity in a risk Close and permanent contagion safe cond
Slide 7: Covid-19: Supporting the economy and the communities we serve
Covid-19: Supporting the economy and the communities we serve, preserving the quality of the balance sheet and the sustainability of the Bank Measures Indicators • Credit lines with State guarantee to support treasury (€6.6 billion) More than 12,400 applications to Covid-19 lines were already approv
Slide 8: Covid-19: solid position to face the economic shock
Covid-19: Millennium bcp has a solid position to face the economic shock caused by the pandemic CAPITAL LIQUIDITY Strong capital, above regulatory requirements Strong liquidity and ample collateral pool Fully implemented vs CET1 mandatory requirement +3.2pp CET1 12.0% 218% 132% 8.83% 86% O-SII buffe
Slide 9: Covid-19: active promotion of remote channels
Covid-19: active promotion of remote channels, facilitating access to Customers and minimizing the need for face-to-face interaction Digital growth accelerates Increased demand for the Contact Center Permanent communication Digital accesses Incoming calls (#, million) (#k, daily average) Peak: +64 %
Slide 10: Highlights
Highlights • Net profit of €35.3 million, influenced by Covid-19 provisions of €78.8 million Net income for • Core income up by 6.8% the 1st quarter of • Improved credit quality: NPEs of €3.9 billion, a decrease of €1.3 billion in the last 12 months 2020 and of €279 million in the 1st quarter of 202
Slide 11: Increasing business volumes
Increasing business volumes Increasing performing loans portfolio Increasing total Customers funds (Consolidated, billion euros) (Consolidated, billion euros) +9.8% 46.2 50.8 Performing loans Individuals: +7.8% +6.4% +6.2% Total Customers 80.0 54.7 Loans to 75.3 Funds* 51.4 Customers (gross) 17.6 Of
Slide 12: Growing Customer base, mobile Customers standing out
Growing Customer base, mobile Customers standing out ‘000 Customers +714,000 Customers Active Customers, Group 4,918 5,632 +15% +634,000 Customers Mobile Customers, Group 1,709 2,343 42% +37% +132,000 Customers +6% Active Customers, Portugal 2,275 2,408 +194,000 1,178 49% Digital Customers, Portugal
Slide 13: Digital: a Bank prepared to support Customers in any context
Digital: a Bank prepared to support Customers in any End-to-end context! Innovation and Digitalisation 33% end-to-end (Q1 2020) of Customers already New 100% digital credit card order process use the app 85% In-app card activation Personal loans with personalized of digital interactions experience –
Slide 14: Net income of Q1 2020: main highlights
Net income of Q1 2020: main highlights Core income (net interest income + commissions) Net income (Million euros) (Million euros) +6.8% 529.3 565.3 Fees and commissions 166.6 +7.9% 179.8 Net interest income 362.7 +6.3% 385.5 Q1'19 Q1'20 104.2 Impairment and provision charges (Million euros) 153.8 68
Slide 15: Credit quality
Credit quality Improved credit quality NPE coverage Total coverage* Coverage by loan-loss-reserves (Billion euros) -€1.3 billion 110% -€279 million in 107% Q1 2020 NPE Group 5.2 3.9 55% 55% -€1.5 billion -€328 million in NPE Portugal Mar 19 Mar 20 4.4 Q1 2020 Other NPE 2.9 Cost of risk 2.1 1.4 Cost
Slide 16: Capital above regulatory requirements
Capital above regulatory requirements Total capital ratio (Fully implemented) • Capital ratio of 15.4%*, above regulatory Fully implemented requirements +2.1pp vs requirement 15.2% 15.6% 15.4% 13.31% O-SII buffer • Buffer of €1.0 billion above the level at Capital conservation which there are restri
Slide 17: Group: Profitability
02 Group Profitability 17
Slide 18: Net income of €35.3 million in the 1st quarter of 2020
Net income of €35.3 million in the 1st quarter of 2020 Impact on (Million euros) Q1'19 Q1'20 YoY earnings Net interest income 362.7 385.5 +6.3% +22.8 Commissions 166.6 179.8 +7.9% +13.2 Core income 529.3 565.3 +6.8% +36.0 Operating costs excluding non-usual items -253.1 -276.9 +9.4% -23.8 Core earni
Slide 19: Contribution from operations to consolidated net income
Contribution from operations to consolidated net income Q1'19 Q1'20 Δ% Δ% Portugal local currency euros (Million euros) Net income, Portugal (1) 94.3 16.2 -82.8% 76 Poland 36.8 4.2 -88.7% -88.8% Poland, comparable* 44.0 43.7 -0.8% -2.4% 94.3 60.0 Covid-19 provisions** Mozambique 27.2 19.4 -28.6% -29
Slide 20: Net interest income increases in spite of an adverse environment
Net interest income increases in spite of an adverse environment Net interest income Portugal (Consolidated, million euros) (Million euros) Net interest margin 1.75% 1.55% -7.5% Net interest margin 2.15% 2.08% 201.5 186.4 +6.3% 385.5 362.7 Q1'19 Q1'20 International operations (Million euros) Net int
Slide 21: Stronger commissions
Stronger commissions Fees and commissions Portugal (Consolidated, million euros) (Million euros) +7.9% +3.8% 179.8 114.9 119.3 166.6 12.7 +19.2% 15.2 Market-related +12.4% 29.0 fees and 25.8 102.2 +1.9% 104.1 commissions Q1'19 Q1'20 International operations (Million euros) Banking fees +7.1% 150.8 a
Slide 22: Performance of other income reflects losses on the sale of assets
Performance of other income reflects losses on the sale of assets Other income Portugal (Consolidated, million euros) (Million euros) -21.6% 66.4 52.0 15.6 -52.4% 10.8 9.3 68.3 32.5 40.0 45.3 Equity earnings + dividends 18.7 -2.6 10.8 Q1'19 Q1'20 Mandatory contributions 0.0 0.0 Net trading income 60
Slide 23: Recurring operating costs reflect growth strategy
Recurring operating costs reflect growth strategy Operating costs Portugal (Consolidated, million euros) (Million euros) +9.4% -0.7% Recurring 253.1 276.9 Recurring 154.0 153.0 -2.8% Includes non-usual impact of €6.5 million: 160.0 155.6 • Restructuring costs (PT): €6.0mn • Euro Bank integration cos
Slide 24: Millennium bcp: one of the most efficient banks in the Eurozone
Millennium bcp: one of the most efficient banks in the Eurozone Cost to core income* Cost to core income* Latest available data -17pp 80% 63% vs. peers in vs. Eurozone -37pp Portugal banks 51% including non- 51% including non- 86% 51% including non- usual costs usual costs usual costs 49% 49% 49% Ba
Slide 25: Cost of risk and provisions
Cost of risk and provisions Impairment (Consolidated, million euros) and provision charges Portugal (Consolidated, million euros) (Million euros) Cost of risk 73bp 63bp +57.3% Cost of risk 68bp 63bp 140.6 Covid-19 provisions*: 89.4 €60.0 million +94.2% 82.2 21.4 201.8 68.0 58.4 Includes Covid-19 pro
Slide 26: Credit quality
Credit quality Credit (Consolidated, millionquality euros) Portugal (Consolidated, million euros) (Million euros) -€1.5 billion -€1.3 billion NPE 4,437 -34.2% -24.2% 2,918 NPE 5,178 -€279 million in 3,928 Q1 2020 Other 2,400 Mar 19 Mar 20 1,872 NPE loans ratio 11.9% 7.8% NPE ratio (EBA) 8.5% 5.8% 2,
Slide 27: Group: Business activity
02 Group Business activity 27
Slide 28: Customer funds keep growing
Customer funds keep growing Total Customers Funds* Total Customers Funds* Portugal (Consolidated, billion euros) (Billion euros) Individuals: +5.6% Individuals: +7.8% +4.1% +6.2% 54.3 56.6 80.0 75.3 14.9 14.9 1.3 1.4 18.1 16.6 17.6 Off-BS funds 18.1 20.0 23.7 1.5 Other BS funds 1.5 Mar 19 Mar 20 22.
Slide 29: Increasing loan portfolio
Increasing loan portfolio Loans to Customers (gross) Portugal (Consolidated, billion euros) (Billion euros) NPE: -24.2% (-€1.3 billion) Performing: +9.8% (+€4.5 billion) +6.4% 37.3 37.3 54.7 -1.5 +1.5 51.4 25.7 Mar 19 NPE Performing Mar 20 Mortgage 23.9 International operations (Billion euros) Perso
Slide 30: Comfortable liquidity position
Comfortable liquidity position Net loans to deposits ratio ECB funding, net (Billion euros) Eligible assets 16.9 16.1 -€1.0 billion 87% 86% 2.9 -33.8% 1.9 Mar 19 Mar 20 Rácios de liquidez (CRD/CRR) 218% 132% 100% Mar 19 Mar 20 NSFR (Net stable LCR (Liquidity funding ratio) coverage ratio) 30
Slide 31: Group: Capital
02 Group Capital 31
Slide 32: Capital levels adjusted to business model
Capital levels adjusted to business model Capital ratio (Fully implemented) Requirement CET1 capital ratio of 12.0%* (fully implemented) as of March +€0.9mM 31, 2020 Total 15.2% 15.6% 15.4% 13.31% Organic capital generation was more than offset by the negative impacts of Euro Bank’s acquisition and
Slide 33: Capital at adequate levels
Capital at adequate levels Leverage ratio (Fully implemented, latest available data) 6.2% 6.9% 5.5% Leverage ratio at 6.9% as of March 31, 2020, a 3.7% 4.0% comfortable and comparatively strong figure in European 3.0% banking FR DE ES IT RWA density (RWAs as a % of assets, latest available data) Hig
Slide 34: Portugal
03 Portugal 34
Slide 35: Net income affected by Covid-19 provisions
Net income affected by Covid-19 provisions Net income* Net operating revenue (Million euros) (Million euros) 76.2 -6.5% 382.8 357.7 94.3 60.0 Covid-19 provisions -82.8% 16.2 Net income Q1'19 Q1'20 Q1'19 Q1'20 Operating costs (Million euros) • Net income of €16.2 million in the 1st three months of 20
Slide 36: Net interest income
Net interest income (Million euros) -7.5% +2.7 +2.4 201.5 +5.9 -5.0 186.4 NIM 1.75% -4.9 -5.6 -10.6 1.55% Q1'19 Performing Effect of Deposits' rate Impact of Excess liquidity Credit rate Securities and Q1'20 credit volume wholesale cost effect NPE reduction (ECB, TBills) effect other effect Net inte
Slide 37: Continued effort to reduce the cost of deposits
Continued effort to reduce the cost of deposits Spread on the book vs 3mof term deposits Euribor Spread on the performing loan book (vs 3m Euribor) (vs 3m Euribor) 2.77% Q1'19 Q1'20 2.68% -0.52% -0.56% Q1'19 Q1'20 3-month Euribor 3-month Euribor (average) -0.31% -0.41% (average) -0.31% -0.41% NIM ▪
Slide 38: Growing commissions
Growing commissions Fees and commissions Other income (Million euros) (Million euros) (Million euros) Q1'19 Q1'20 YoY -21.6% 66.4 Includes €11.3 million gains on the Banking fees and commissions 102.2 104.1 +1.9% sale of real-estate and other assets Cards and transfers 26.1 25.6 -2.1% Other operatin
Slide 39: Controlled recurring operating costs
Controlled recurring operating costs Operating costs Employees (Million euros) -69 -0.7% Recurring 154.0 153.0 7,262 7,193 -2.8% 160.0 155.6 16.5 Depreciation 19.0 Mar 19 Mar 20 46.3 Administrative 43.8 costs Branches -38 Includes non-usual impact of €6.0 mn Includes non-usual impact of €2.6 mn (res
Slide 40: Significantly lower NPEs
Significantly lower NPEs Non-performing exposures (NPEs) NPE build-up (Million euros) -€1.5 billion Mar 20 Mar 20 (Million euros) vs.Mar 19 vs.Dec 19 -34.2% 4,437 Opening balance 4,437 3,246 3,246 2,918 Net exits -1,127 70 Other NPE 2,097 Write-offs -9 -10 1,559 1,424 Sales -383 -388 NPL>90d 2,340 1
Slide 41: NPE coverage
NPE coverage NPE total coverage* NPL>90d total coverage* 116% 121% 116% 112% 100% 100% 14% 33% 27% Real estate collateral 42% Real estate collateral 32% Cash, other fin. collat., 19% Cash, other fin. collat., 62% 24% EL gap 70% 15% EL gap 3% 75% 2% 64% 55% LLRs 64% LLRs 28% 35% Individuals Companies
Slide 42: Foreclosed assets and corporate restructuring funds
Foreclosed assets and corporate restructuring funds Foreclosed assets Corporate restructuring funds (Million euros) (Million euros) -8.1% 1,409 995 914 Impairment 203 995 164 130 Industry 188 1,206 -€399 million Net value 807 831 784 RE/tourism -33.1% Mar 19 Mar 20 Mar 19 Mar 20 Sales of foreclosed
Slide 43: Growing customer funds and performing loans to customers
Growing customer funds and performing loans to customers Total Customers Funds* Loans to Customers (gross) (Billion euros) (Billion euros) Individuals: +5.6% +4.1% NPE: -34.2% (-€1.5 billion) Performing: +4.7% (+€1.5 billion) 0.0% 56.6 54.3 37.3 37.3 14.9 Off-BS funds 14.9 1.4 Other BS funds 1.3 Mor
Slide 44: Prudent and balanced growth of credit in Portugal
Prudent and balanced growth of credit in Portugal Performing credit portfolio (Billion euros) +€1.5 billion (+4.7%) 32.9 34.4 • Performing credit portfolio in Portugal up by €1.5 billion (+4.7%) Mortgage 16.4 16.8 from March 31, 2019 and by €946 million in the 1st quarter 2020 Personal and other 1.7
Slide 45: Path of recent years provides greater capacity to face the pandemic
The path of the last few years provides greater capacity to face the effects of the pandemic NPEs Solid pre-provision profit (Billion euros) (%) • Continued reduction of NPEs in Pre-provision profit / Gross loans Portugal, at a pace of €1.6 billion per year (€9.9 billion from the end -9.9 billion of
Slide 46: Diversified loan portfolio, reduced exposure to vulnerable sectors
Diversified loan portfolio, with reduced exposure to the most vulnerable sectors Diversified loan portfolio Sectors more sensitive to Covid-19 Loan-to-value real-estate promoters (EAD as a % of performing credit portfolio) (EAD, million euros) Exposures to sectors more sensitive to the pandemic Mort
Slide 47: Mortgage loan portfolio with low LTVs and controlled cost of risk
Mortgage loan portfolio with low LTVs and controlled cost of risk, even in adverse contexts Mortgage loan portfolio Cost of risk of loans to individuals (Annual average cost of risk – loans to individuals) Weight of mortgages in the portfolio of loans to LTV of the mortgage portfolio individuals Cos
Slide 48: Sensitivity to the adverse context
Sensitivity to the adverse context Prospects for the Portuguese economy and for the Eurozone GDP 2020 GDP 2021 +5.8% +6.3% +0.7% +1.4% • Prospects for the cost of risk stemming from the economic shock mitigated by macroeconomic projections that are less severe -3.7% than the eurozone average and by
Slide 49: International operations
04 International operations 49
Slide 50: Contribution from international operations to consolidated net income
Contribution from international operations to consolidated net income (Million euros) Δ% Δ% Q1'19 Q1'20 local currency euros Poland 36.8 4.2 -88.7% -88.8% Poland, comparable* 44.0 43.7 -0.8% -2.4% Mozambique 27.2 19.4 -28.6% -29.0% Contribution of the Angolan operation Before IAS 29 impact 3.2 0.3 I
Slide 51: Poland: net income affected by Covid-19, Euro Bank and FX provisions
Net income affected by Covid-19 provisions, Euro Bank’s acquisition and FX provisions Net income Net operating revenue (Million euros) (Million euros) +24.3% 211.5 Impact from one- 15.3 170.2 offs*: -€7.3 million 36.8 11.2 Covid-19 provisions** 4.2 Net income Q1'19 Q1'20 Impact from one- offs*: -€28
Slide 52: Integration of Euro Bank
Integration of Euro Bank Impact of the integration of Euro Bank • Integration costs and capex incurred up to Total March 31, 2020 account for (Million euros) Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 2019 73% of the overall plan Euro Bank integration costs -0.5 -4.1 -10.2 -12.0 -26.7 -6.9 • Integration costs of
Slide 53: Increased net interest income
Increased net interest income Net interest income* Operating costs (Million euros) (Million euros) Includes Euro Bank Excluding Euro Bank +27.5% NIM 2.5% 2.8% integration costs 87.9 112.1 +37.8% +34.7% 158.4 119.0 114.9 88.3 19.5 +1.3% Resol. fund and DGF 19.3 43.4 Other 29.4 +47.8% Staff costs 39.6
Slide 54: Credit quality
Credit quality NPL>90d Loan-loss reserves (Million euros) (Million euros) Credit ratio Coverage ratio NPL>90d 2.4% 2.7% 2.7% NPL>90d 135% 107% 108% 448.9 476.7 420.1 440.9 394.8 292.6 Mar 19 Dec 19 Mar 20 Mar 19 Dec 19 Mar 20 Loan impairment (net of recoveries) (Million euros) • NPL>90d accounted fo
Slide 55: Growing volumes
Growing volumes Customers funds Loans to Customers (gross) (Million euros) (Million euros) +40.8% excluding FX mortgage loans +20.2% +33.2% 19,899 16,283 1,442 16,559 120 Off-BS funds 12,229 4,940 1,802 5,423 Other BS funds 130 3,254 without Mortgage Euro Bank local currency 3,163 Term deposits 5,55
Slide 56: Mozambique: net income impacted by Covid-19 provisions
Net income impacted by Covid-19 provisions and the normalization of the interest rate environment Net income* Net operating revenue (Million euros) (Million euros) 24.4 -12.5% 64.9 5.0 Covid-19 provisions 56.8 27.2 -28.6% 19.4 Net income Q1’19 1T19 Q1’20 1T20 Q1'19 Q1'20 Operating costs (Million eur
Slide 57: Net interest income impacted by normalization of interest rates
Net interest income impacted by the normalization of the interest rate environment Net interest income Operating costs (Million euros) (Million euros) NIM 9.8% 8.2% Cost to income 35.7% 43.9% +7.5% -8.3% 24.9 45.4 23.2 41.6 Other 13.2 +8.5% 14.3 Staff costs 10.0 +6.1% 10.6 Q1'19 Q1'20 Q1'19 Q1'20 Co
Slide 58: Credit quality performance influenced by challenging environment
Credit quality performance influenced by challenging environment NPL>90d Loan-loss reserves (Million euros) (Million euros) Credit ratio Coverage ratio NPL>90d 16.1% 16.7% 17.0% NPL>90d 73% 71% 74% 88.0 80.4 87.6 120.7 113.1 118.8 Mar 19 Dec Dez 19 Mar 20 Mar 19 Dec 19 Mar 20 Loan impairment (net of
Slide 59: Business volumes reflect a conservative approach
Business volumes reflect a conservative approach under a challenging environment Customers funds Loans to Customers (gross) (Million euros) (Million euros) +7.0% -7.0% 1,604 1,500 749 Mortgage 10 697 Personal and 129 10 other Term deposits 627 +20.3% 754 128 Companies 611 559 Demand deposits 873 850
Slide 60: Key figures
05 Key figures 60
Slide 61: Strategic Plan
Strategic Plan 1T19 1T20 Steady state* Franchise growth (original plan) Active Customers 4.9 million 5.6 million ... >6 million Digital Customers 56% 59% ... >60% Value creation Mobile Customers 35% 42% ... >45% Cost to income 43% 48% ... ≈40% (42% excluding non-usual costs) (46% excluding non-usual
Slide 62: Commitment to people and society
COMMITMENT TO PEOPLE AND SOCIETY Millennium bcp Foundation Response to Covid-19 Sustainability Support to the emergency network of Millennium bcp participated in the donors New management model for the Food Bank against Hunger, with conference and was part of the Sustainability, reinforcing the the
Slide 63: Appendix
Appendix 63
Slide 64: Sovereign debt portfolio
Sovereign debt portfolio Sovereign debt portfolio Sovereign debt maturity (Consolidated, million euros) >5y, ≤8y: 32% Mar 19 Jun 19 Sep 19 Dec 19 Mar 20 YoY Portugal 7,375 7,229 7,413 6,520 6,802 -8% >2y, ≤5y: 29% T-bills and other 1,932 1,665 1,536 1,923 1,872 -3% >8y, ≤10y: 4% Bonds 5,443 5,564 5,
Slide 65: Sovereign debt portfolio
Sovereign debt portfolio Portugal Poland Mozambique Other Total Trading book* 1,506 133 0 51 1,689 ≤ 1 year 1,506 19 0 50 1,575 > 1 year and ≤ 2 years 0 49 0 0 49 > 2 years and ≤ 5 years 0 44 0 0 44 > 5 years and ≤ 8 years 0 19 0 0 19 > 8 years and ≤ 10 years 0 2 0 0 2 > 10 years 0 0 0 0 0 Banking b
Slide 66: Diversified and collateralized portfolio
Diversified and collateralized portfolio Loan portfolio (Consolidated) LTV of the mortgage portfolio Breakdown Loans per collateral in Portugal Other Mortgage 60-75 75-80 guarantees 47% 27% 8% 26% 80-90 Companies 10% 42% Real guarantees 50-60 >90 58% 15% 7% Unsecured 16% 0-40 40-50 12% 21% Personal/
Slide 67: Consolidated net income
Consolidated net income Impact on (Million euros) Q1'19 Q1'20 YoY earnings Net interest income 362.7 385.5 +6.3% +22.8 Net fees and commissions 166.6 179.8 +7.9% +13.2 Other income* 68.3 32.5 -52.4% -35.8 Net operating revenue 597.7 597.8 +0.0% +0.1 Staff costs -152.2 -164.7 +8.2% -12.4 Other admini
Slide 68: Consolidated balance sheet
Consolidated balance sheet (Million euros) 31 March 31 March 31 March 31 March 2020 2019 2020 2019 ASSETS LIABILITIES Cash and deposits at Central Banks 3,334.8 2,292.1 Financial liabilities at amortised cost Loans and advances to credit institutions repayable on demand 263.0 288.2 Resources from cr
Slide 69: Consolidated income statement per quarter
Consolidated income statement per quarter (Million euros) Δ% Δ% 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20 1Q 20 / 1Q 19 1Q 20 / 4Q 19 Net interest income 362.7 377.4 412.9 395.6 385.5 6.3% -2.6% Dividends from equity instruments 0.0 0.6 0.1 0.1 0.1 20.6% -12.8% Net fees and commission income 166.6 175.6 176.9 1
Slide 70: Income statement
Income statement (Million euros) For the 3-month periods ended March 31st, 2019 and 2020 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 M ar 19 M ar 2 0 Δ % M ar 19 M ar 2 0 Δ % M ar 19 M ar
Slide 71: 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 72: 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 73: Investor Relations Division
Millennium bcp INVESTOR RELATIONS DIVISION Bernardo Collaco, Head EQUITY DEBT AND RATINGS Luis Pedro Monteiro —_ Luis Morais +351 21 1131 084 +351 211151 537 Vv investors@millenniumbcp.pt Banco Comercial Portugués, S.A., a public company (sociedade aberta) having its registered office at Praga D. Jo
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