Banco Comercial Português (BPCGF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome again. Welcome to Bank Millennium 4Q24 slash 2024 results presentation. Today's event will be hosted by Mr. Joao Brajors, our Chairman of the Board and CEO, and Mr. Fernando Bicho, Deputy Chairman of the Board and CFO. In the interest of time, we know there's a competitive event right after ours. We'll try to briefly present the results, and then we will obviously be ready to answer all your questions. Over to you, Fernando. Thank you. Good afternoon. Thank you very much for attending this meeting. As usual, around this time of the year, we present the preliminary results of the previous year. And until the end of February, we will publish the audited financial results. So let me start with the main financial achievements in the fourth quarter and in the year 2024, starting with page number five. We had in the year 2024 a net profit of 790 million zlotys, which represents a 25% growth over the profit of the previous year. If we exclude extraordinary items, both negative and positive, in the last two years, we would have shown a net profit of 3.2 billion zlotys, which would represent a growth of 7% versus 2023. The result was supported by a strong net interest income which grew 7% year on year and in the fourth quarter grew 1% versus the previous quarter with a full year 2024 and also fourth quarter 24 net interest margin at the level of 4.35% excluding the impact of the credit holidays. Core income grew 6% year-on-year, also excluding impact of credit holidays. The reported cost to income was at 37.6%, adjusted by extraordinary items at 30.8%. The cost of credit risk was still low and better than expectations at 40 basis points over total loans, and the NPL ratio stood at 4.5%. We closed the year with solid levels of capital ratios. The core tier 1 at the end...