Banco Comercial Portugues S.a. · EURONEXT:BCP
Banco Comercial Portugues — Q1 2025 Earnings Presentation
60 slides from Banco Comercial Portugues's earnings presentation, May 21, 2025
Slide 1: Banco Comercial Portugués Earnings Presentation
s Banco Comercial Portugués, S.A. a Earnings _ Presenta' ion “",*.* 8 6s © 68 8 8 © nN Millennium bcp
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 243.5 million in Q1’25, corresponding to an increase of 3.9% compared to Q1’24, reaching a ROE of 13.9% in March 2025 Profitability ▪ In Portugal, net income amounted to 218.9 million in Q1’25, corresponding to an increase of 7.6% compared to Q1’24
Slide 6: Customer base growth
Customer base growth Based on the quality of the Teams and distinctive digital skills Group ‘000 Customers Customer Active 6,774 7,040 Recognition +428 As % of active 5,090 Customers 4,661 +9% 72% Mobile Mar 24 Mar 25 +347 5,215 5,562 79% +7% Digital Portugal ‘000 Customers Active 2,716 2,790 As % o
Slide 7: Innovation focused on Customer needs and mobile growth
Innovation focused on Customer needs translates into accelerated growth in Mobile usage and sales Strong mobile growth Y/Y (Number of operations, Jan-Mar 2025 vs Jan–Mar 2024) +15% +16% P2P +19% National +56% Account Transactions1 Transfers Transfers Opening (#) +13% +75% +34% +15% Sales Investment
Slide 8: Net income of 243.5 million in Q1'25
Net income of 243.5 million in Q1’25 (Million euros) Q1'24 Q1'25 % D Net interest income 696.2 721.1 +3.6% +24.8 Commissions 197.3 201.4 +2.1% +4.2 Core income 893.5 922.5 +3.2% +29.0 Operating costs -307.8 -339.7 +10.4% -31.9 Core operating profit 585.7 582.8 -0.5% -2.9 1 Other income -25.0 -13.3 +
Slide 9: Delivering shareholder value
Delivering shareholder value ROE BVPS + DPS 13.9% +15.8% 1 ROTE DIVIDEND YIELD 14.5% 5.4% 2 1 Considering the evolution of the book value per share from March 2024 to March 2025 and the €0.03 per share dividend relating to the 2024 results to be approved at the next Annual General Shareholders’ Meet
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 2.34% 2.12% Net interest margin margin 3.12% 3.00% -3.9% 339.1 325.8 +3.6% 721.1 696.2 Q1'24 Q1'25 International operations (Million euros) Net interest 4.57% 4.55% margin +10.7% 357.2 395.2 Q1'24 Q1'25 Q1'
Slide 12: Fees and commissions
Comissões Fees and commissions Group Portugal (Consolidated, million euros) (Million euros) +3.9% +2.1% 142.2 147.8 201.4 23.7 22.7 197.3 Market-related fees and 29.7 30.9 commissions 118.5 125.0 Q1'24 Q1'25 International operations (Million euros) Banking fees and commissions 167.5 170.5 -2.5% 55.0
Slide 13: Other net operating income
Outros proveitos Other net operating income Group Portugal (Consolidated, million euros) (Million euros) 23.7 10.6 -13.3 12.4 5.8 13.5 9.1 13.3 -4.3 -2.0 -25.0 29.5 Q1'24 Q1'25 Equity earnings + dividends 10.5 Net trading income -2.9 International operations Other operating income -32.5 (Million eur
Slide 14: Operating costs
Operating costs Group Portugal (Consolidated, million euros) (Million euros) Cost to income 35% 37% Cost to income 31% 34% +9.3% 154.3 168.6 +10.4% 339.7 18.3 19.9 49.8 51.9 307.8 38.6 Depreciation 96.9 35.4 86.2 Other 113.0 Q1'24 Q1'25 administrative costs 106.7 International operations (Million eu
Slide 15: Cost of risk and provisions
Cost of risk and provisions Group Portugal (Consolidated, million euros) (Million euros) Cost of risk 48bp 34bp Cost of risk 52bp 38bp -39.7% 63.7 -14.5% 17.5 218.7 38.5 5.0 187.0 46.2 33.5 CHF mortgage legal -16.4% Q1'24 Q1'25 117.4 Loan-loss -19.6% risk (Poland)3 reserves 963 774 98.1 Internationa
Slide 16: Continued decrease of NPEs
Continued decrease of NPEs Group Portugal millioneuros) (Consolidated, billion euros) (Billion (Million euros) euros) -246 million -232 million 1.087 -22.6% -11.9% 0.841 NPE 1.95 1.72 Other 1.19 0.88 Mar 24 Mar 25 NPL>90d 0.75 0.84 NPE loans ratio 2.8% 2.2% Mar 24 Mar 25 NPE ratio (EBA) 2.0% 1.5% Ma
Slide 17: Group: Business activity
02 Group Business activity 17
Slide 18: Customer funds
Customer funds Group Portugal (Consolidated, billion (Consolidated, millioneuros) euros) (Billion euros) (Million +6.1% 104.6 +4.3% 68.0 70.9 98.6 14.3 15.3 18.1 1.3 1.3 Off-BS funds 16.4 24.9 25.7 1.3 Other BS funds 1.3 27.4 28.6 36.6 Mar 24 Mar 25 Term deposits 36.3 International operations (Milli
Slide 19: Loan portfolio
Loan portfolio Group Portugal (Consolidated, billion (Consolidated, millioneuros) euros) (Billion euros) (Million +0.50 billion NPE: -11.9% (-0.232 billion) +1.3% 38.41 38.91 +0.75 +2.2% -0.25 56.8 58.1 Mar 24 NPE Performing Mar 25 Mortgage 28.1 29.2 International operations (Million euros) (Billlio
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 +6.3pp 16.0% 15.9% • CET1 stood at 15.9% and total capital ratio +10.1pp 9.57% at 20.0% incorporating the effects resulting 3.81% Combined buffer from CRR33 reserve 2 1.27% Pillar 2 (P2R) 4.5% Pill
Slide 22: Stronger capital position
Stronger capital position Leverage ratio (Milhões (Fully de euros*) latest available data) implemented, (Milhões de euros*) 7.4% 5.7% 5.6% 6.3% 4.0% Leverage ratio in comfortable levels (6.3% as of March 2025) higher when comparing to European 3.0% banks FR DE ES IT RWA density (Milhões (RWAs asde a
Slide 23: MREL requirements and Funding Plan
MREL requirements and Funding Plan MREL position (BCP Resolution Group - 31 Mar 2025)* 33.6% 12.1% • Resolution strategy: MPE (Multi Point of Entry)2 SP 7.5% SP • BCP Resolution Group : Perimeter centred in Portugal 2.7% • Preferred Resolution Measure: Bail-in T2 3.7% • No subordination requirements
Slide 24: Robust liquidity position
Robust liquidity position Liquidity ratios (CRD/CRR) Liquidity excess in ECB (Milhões de euros) (Billion euros) 354% Eligible assets 27.7 31.4 -0.94 billion 1.61 0.67 Mar 24 Mar 25 180% Net loans to deposits ratio 68% 67% 100% NSFR (Net stable LCR (Liquidity Mar 24 Mar 25 funding ratio) coverage rat
Slide 25: Portugal
03 Portugal 25
Slide 26: Profitability in Portugal
Profitability in Portugal Net income Net operating revenue (Million euros) (Million euros) +1.1% 491.9 497.3 +7.6% 203.5 218.9 Q1'24 Q1'25 Q1'24 Q1'25 Operating Costs Impairment and other provisions (Million euros) (Million euros) +9.3% 154.3 168.6 -39.7% 63.7 38.5 Q1'24 Q1'25 Q1'24 Q1'25 26
Slide 27: Net interest income
Net interest income (Million euros) -3.9% 339.1 +9.2 +11.8 -7.4 +19.9 325.8 +24.1 -66.2 -4.7 NIM 2.34% 2.12% Q1'24 Performing Credit rate Impact of Deposit's Impact of Effect of Excess Q1'25 credit volume including NPE reduction interest securities wholesale cost liquidity effect hedges effect portf
Slide 28: Commissions and other income
Commissions and other income Commissions Other income (Million euros) (Million euros) 23.7 Q1'24 Q1'25 YoY Banking fees and commissions 118.5 125.0 +5.5% 12.4 Cards and transfers 39.7 34.2 -13.8% 10.6 Loans and guarantees 20.2 21.6 +7.1% Other operating income 5.8 Bancassurance 22.0 31.4 +42.5% Mana
Slide 29: Operating costs
Operating costs Operating Costs Employees (Million euros) +9.3% 168.6 6,269 6,229 154.3 19.9 Depreciation 18.3 51.9 Other administrative costs 49.8 Mar 24 Mar 25 Branches 96.9 399 397 Staff costs 86.2 Q1'24 Q1'25 Mar 24 Mar 25 29
Slide 30: NPEs decrease
NPEs decrease Non-performing exposures (NPE) NPE build-up (Million euros) (Million euros) -246 miilion 1,087 -22.6% Mar 25 Mar 25 (Million euros) vs. Mar 24 vs. Dec 24 841 Opening balance 1,087 973 739 433 Net outflows/inflows 27 -126 Other NPE Write-offs -88 -5 348 408 NPL>90d Sales -184 0 Mar 24 M
Slide 31: NPE coverage
NPE coverage NPE total coverage* NPL>90d total coverage* 163% 21% 131% 133% 137% 100% 3% 33% Real estate collateral 100% 22% 2% Cash, other fin. collat. 4% 42% Real estate collateral 2% Cash, other fin. collat. 45% 139% 65% 1% 96% LLRs 107% 92% LLRs 1% 53% 34% Individuals Companies Total Individuals
Slide 32: Foreclosed assets and corporate restructuring funds
Foreclosed assets and corporate restructuring funds Foreclosed assets Corporate restructuring funds (Million euros) (Million euros) -10.5% 158 373 334 Turismo Algarve 41 Impairment 65 89 FCR fund * 41 38 Corporate 332 Net value -43 million 293 93 restructuring funds -46.1% 50 Mar 24 Mar 25 Mar 24 Ma
Slide 33: 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) +4.3% 70.9 68.0 +1.3% 15.3 38.4 38.9 Off-BS funds 14.3 1.3 1.3 Other BS funds Mortgage 18.8 20.0 Term deposits 24.9 25.7 Personal 2.4 2.6 De
Slide 34: Performing loans in Portugal
Performing loans in Portugal Performing loans to individuals increase by 6.3%, with a highlight on the mortgage Performing loans portfolio loan portfolio which increase by 1.2 billion (Billion euros) The Bank maintains a prominent position in the corporate segment: +2.0% ✓ PME Leader programme refer
Slide 35: International operations
04 International operations 35
Slide 36: Contribution from international operations
Contribution from international operations 1T24 1T25 Contribution from international operations (Million euros) (Million euros2) Q1’24 Q1’25 % Poland 30.7 42.8 39.6% Excluding extraordinary -4.7% Mozambique 3 23.4 3.7 -84.3% effects of Bank Millennium1 93.3 89.0 Other 0.8 0.7 -12.0% Net income inter
Slide 37: Positive evolution of Bank Millennium net income
Evolução positiva do resultado líquido Bank Millennium Net income Net operating revenue (Million euros1) (Milhões de euros*) (Million (Milhõeseuros1) de euros*) +7.5% 171.4 159.4 +14.8% Net income Excluding extraordinary effects2 388.1 338.2 +39.6% Net income 30.7 42.8 Q1'24 Q1'25 Q1'24 Q1'25 3m WIB
Slide 38: Net interest income increase
Aumento expressivo Net interest da margem financeira income increase Net interest income Operating costs (Million euros*) (Million euros*) +11.6% NIM 4.36% 4.23% 142.8 159.4 +5.1% 323.3 339.8 82.6 Other 73.8 Staff costs 69.1 76.8 Q1'24 Q1'25 Q1'24 Q1'25 Commissions and other income Contributions (Mi
Slide 39: Credit quality
Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 2.2% 2.2% NPL>90d 156% 150% 396.7 408.8 619.0 612.0 Mar 24 Mar 25 Mar 24 Mar 25 Loan impairment (net of recoveries) (Million euros*) Cost of risk 63bp 45bp • NPL>90d accounted for 2.2% of
Slide 40: Customers funds and loans to Customers
Customers funds and loans to Customers Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +7.6% +0.8% 31,357 29,152 2,844 18,264 18,407 Off-BS funds 2,131 9,922 Term deposits 10,483 9,190 Mortgage 9,512 Personal 4,440 4,716 18,591 Demand deposits 16,538 Companies 4,312 4,50
Slide 41: CHF mortgages decrease by 29% year-on-year
CHF mortgages decrease by 29% year-on-year CHF mortgage portfolio Individual lawsuits (Billion euros*) (Number of cases) % of gross loan 54.6% 2.9% 2.4% 2.2% 1.5% 1.4% portfolio after legal risk 22,260 22,141 -29% provisions 21,725 21,854 7.0 21,092 -9% Gross loan 1.9 1.7 1.6 1.5 1.3 portfolio befor
Slide 42: 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*) +8.6% -84.3% 71.0 23.4 65.4 3.7 Q1'24 Q1'25 Q1'24 Q1'25 MIMO rate (average) 16.72% 12.36% Operating costs (Million euros*) • Net income of 3.7 million, a reduction of 19.7 million co
Slide 43: 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% 8.4% Cost to income 49.9% 51.0% +9.8% +10.9% 56.7 32.7 36.2 51.6 Other 19.3 21.5 Staff costs 13.3 14.7 Q1'24 Q1'25 Q1'24 Q1'25 Commissions and other income Employ
Slide 44: Credit quality
Credit quality NPL>90d Loan-loss reserves (Million euros*) (Million euros*) Credit ratio Coverage ratio NPL>90d 3.2% 3.7% NPL>90d 134% 120% 25.0 21.0 30.0 28.2 Mar 24 Mar 25 Mar 24 Mar 25 Loan impairment (net of recoveries) (Million euros*) Cost of risk 99bp 180bp • NPL>90d ratio of 3.7% as of March
Slide 45: Business volumes
Business volumes Customers funds Loans to Customers (gross) (Million euros*) (Million euros*) +6.9% +2.1% 2,299 660 674 2,152 Mortgage 10 10 1,020 Personal 215 255 Term deposits 1,149 Companies 435 408 1,279 Demand deposits 1,003 Mar 24 Mar 25 Mar 24 Mar 25 *FX effect excluded. €/Metical constant at
Slide 46: Key figures
05 Key figures 46
Slide 47: Deliver more value: targets for 2025-2028
Deliver more value Main targets for strategic cycle 2025-2028 Metrics Q1’25 2028 Business volumes 163€bn > 190€bn Portugal 110€bn > 120€bn Healthy Number of customers 7 mn > 8mn organic Portugal 2.8mn > 3mn growth Mobile customers 72% >80% Portugal 64% > 75% Cost-to-income 37% < 40% Execution Portug
Slide 48: Commitment to people and society
COMMITMENT TO PEOPLE AND SOCIETY Millennium bcp Foundation Society Sustainability Casa Acreditar in Lisbon receives Museu Nacional de Arte Antiga: Millennium bcp publishes its 20th donation from the Millennium bcp restoration of the 16th century reliefs Sustainability Report, complying Foundation an
Slide 49: External recognition
EXTERNAL RECOGNITION Millennium bcp: 2025 Consumer’s Choice, in the “Large Banks” category Millennium bcp: 2025 Five stars Bank, for the 5th consecutive year “Large Banks” category Millennium bcp: 2025 ActivoBank: 2025 Five Millennium bcp Best Millennium bcp Five stars Bank, stars Bank, for the 2nd
Slide 50: Appendix
06 Appendix 50
Slide 51: Sovereign debt portfolio
Sovereign debt portfolio Sovereign debt portfolio Sovereign debt maturity (Milhões de euros*) (Consolidated, million euros) (Milhões de euros*) Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 YoY QoQ >5y, ≤8y: 21% Portugal 6,357 7,109 6,656 4,903 3,228 -49% -34% T-bills and other 721 1,466 947 985 663 -8% -33% >
Slide 52: Sovereign debt portfolio breakdown
Sovereign debt portfolio breakdown Million euros Portugal Poland Mozambique Other Total Trading book 711 133 0 150 994 ≤ 1 year 702 1 0 149 852 > 1 year and ≤ 2 years 1 83 0 0 84 > 2 years and ≤ 5 years 6 38 0 0 44 > 5 years and ≤ 8 years 1 1 0 0 2 > 8 years and ≤ 10 years 0 10 0 0 11 > 10 years 1 0
Slide 53: 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 guarantees 60-75 Mortgage 9% 25% 27% Companies 50% 80-90 37% 12% Real >90 guarantees 2% 58% Unsecured 50-60 16% 0-40 17% 21%
Slide 54: Consolidated net income
Consolidated net income Impact on (Million euros) Q1'24 Q1'25 YoY earnings Net interest income 696.2 721.1 +3.6% +24.8 Net fees and commissions 197.3 201.4 +2.1% +4.2 Other income* -25.0 -13.3 - +11.6 Net operating revenue 868.5 909.1 +4.7% +40.6 Staff costs -165.7 -188.1 +13.5% -22.4 Other administ
Slide 55: Consolidated balance sheet
Consolidated balance sheet 31 March 31 March 2024 (Million euros) 31 March 31 March 2024 2025 (restated) * LIABILITIES 2025 (restated) * Financial liabilities at amortised cost ASSETS Deposits from credit institutions and other funds 876.1 1,015.3 Cash and deposits at Central Banks Deposits from cus
Slide 56: Consolidated income statement per quarter
Consolidated income statement per quarter Quarterly (Million euros) 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 Net interest income 696.2 701.3 713.2 720.1 721.1 Dividends from equity instruments 0.0 0.8 0.0 0.2 0.0 Net fees and commission income 197.3 200.6 206.8 208.1 201.4 Other net operating income -32.5 -40.
Slide 57: Consolidated income statement
Consolidated income statement (Million euros) For the 3-month periods ended March 31st , 2024 and 2025 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 2 4 M ar 2 5 Δ % M ar 2 4 M ar 2 5 Δ
Slide 58: 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 59: 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 60: 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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