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Qualidade E Consistência

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Qualidade E Consistência Banco BPI 1st half 2011 Publicly-held Company Headquarters: Rua Tenente Valadim, n.º 284, Oporto, PORTUGAL Share Capital: 990 000 000 euro Registered at Oporto C.R.C. and tax identification under the sole number 501 214 534 This page was intentionally left blank. Banco BPI | 1st half 2011 Report 2 Index REPORT Leading business indicators 4 Introduction 5 Governing bodies 7 Shareholders 8 Financial structure and business 9 Distribution channels 11 Human resources 12 Background to operations 13 Domestic commercial banking 22 Bancassurance 29 Asset Management 30 Investment banking 33 Private Equity 36 International banking operations 37 Financial review 40 Risk management 69 Rating 91 Banco BPI shares 92 FINANCIAL STATEMENTS AND NOTES Consolidated financial statements 95 Notes to the consolidated financial statements 101 Declaration 249 Audit Report issued by the Auditor registered with the CMVM 250 Banco BPI | 1st half 2011 Report 3 Leading business indicators (Consolidated figures in millions of euro, except where indicated otherwise) 30 Jun. 10 30 Jun. 11 Δ% Net total assets 49 351 43 225 (12.4%) Assets under management1 17 689 16 952 (4.2%) Business turnover2 69 848 67 855 (2.9%) Loans to Customers (gross) and guarantees3 35 111 33 355 (5.0%) Total Customer resources 34 737 34 499 (0.7%) Business turnover2 per Employee4 (thousands of euro) 7 323 7 295 (0.4%) Net operating revenue 549.5 603.9 9.9% Net operating revenue per Employee4 (thousands of euro) 58 64 11.1% Operating costs / net operating revenue (last 12 months) 5 58.1% 61.6% Net profit 99.5 79.1 (20.4%) Cash flow after taxation 197.4 212.8 7.8% Return on average total assets (ROA) 0.6% 0.6% Return on Shareholders’ equity (ROE)6 9.6% 7.2% Loans in arrears for more than 90 days (in the balance sheet) / Customer loans 1.8% 2.3% Loan impairments (in the balance sheet) / Customer loans 1.9% 2.1% Net credit loss7 0.33% 0.48% Adjusted net credit loss8 0.45% 0.48% Cover of pension obligations 105.3% 104.7% Shareholders’ equity 1 433.6 1 115.3 (22.2%) Ratio of own funds requirements9 10.8% 10.4% Tier I9 8.6% 9.6% Core Tier I9 8.1% 9.1% Adjusted data per share (euro)10 Cash flow after taxation 10 0.20 0.22 7.8% Net profit 10 0.10 0.08 (20.5%) Book value10 1.46 1.14 (22.3%) Weighted average no. of shares (in millions) 10 981.8 982.2 0.0% Closing price (euro) 1.392 11) 1.015 (27.1%) Stock market capitalisation at the end of the period 1 377.9 1 004.9 (27.1%) Retail branches12 (number) 886 845 (4.6%) Corporate and institutionals centres network13 (number) 65 68 4.6% BPI Group staff complement14 (number) 9 538 9 301 (2.5%) 1) Amounts not corrected for double counting (investments of financial products in other financial products). Includes unit trust (mutual) funds, Retirement Savings Plans (PPR) and Equities Savings Plans (PPA), capitalisation insurance, guaranteed-capital and limited-risk bonds, assets under discretionary management and advisory mandates of Private Banking Clients and institutional Clients and assets of pension funds under management (including the Group’s staff pension funds). 2) Loans, guarantees and total Customer resources. 3) Mortgage loans written off from the balance sheet were added back (gross balance of 863 M.€ in June 2010 and 797 M.€ in June 2011). 4) Number of Employees of the companies which are consolidated in full. 5) Personnel costs (excluding costs with early-retirements), outside supplies and services, depreciation and amortisation as percentage of net operating revenue. In calculating the efficiency ratio in June 2011, a gain of 74.2 M.€ realised on the repurchase of own bonds in the 1st half of 2011 was excluded from net operating revenue. If one considers the net operating revenue as reported (which includes that gain), then the aforesaid indicator would be 57.7% in the 12-month period till June 2011. 6) For the purpose of the calculation of the ROE, the revaluation reserves were excluded from the allocated capital. 7) Loan impairments in the period, deducted of recoveries of loans in arrears written-off (in the income statement) as percentage of Customer loans portfolio. 8) For purposes of calculating the indicator for the 1st half 2010, 18.2 M.€ corresponding to the utilisation of the extraordinary charge recorded in December 2009 were added to impairments for the period. 9) Calculated in accordance with Bank of Portugal rules governing minimum own funds requirements. 10) Corresponds to cash flow after taxation, net profit and shareholders’ equity (excluding minority interests) divided by the weighted average number of shares (end-of-period number in the case of the indicator “book value per share”). The weighted average number of shares was adjusted by the bonus issue that took place in May 2011. 11) Share price at 30 June 2010 adjusted adjusted by the bonus issue that took place in May 2011. 12) Includes traditional branches, housing shops, investment centres and automatic shops in Portugal, branches in Angola, investment centres in Angola and branches in Paris. In the 2nd half of 2010 one housing shop was closed while in the 1st half of this year, 48 branches and one housing shop were closed. In addition, on the last day of June 2011, 9 housing shops which had been functioning on that day were closed, with one of them becoming a branch. 13) Distribution network specialising in serving large and medium-sized companies, 1 Project Finance centre, Institutional centres, the branch in Madrid and corporate centres in Angola. 14) Group staff complement in the domestic activity and in the international activity. Includes term Employees and temporary workers, and excludes bursaries. Banco BPI | 1st half 2011 Report 4 Introduction BPI conducted its activity during the 1st half of 2011 According to the results released in July, including the against an extremely adverse backdrop insofar as impact of all the measures executed up till April 2011, domestic operations are concerned. BPI presents in the adverse scenario a Core Tier I capital ratio of 6.9% in 2012, which compares with 8.2% at the The sovereign debt crisis in Europe, in view of the growing end of 2010. If within the ambit of the Bank’s objective difficulties experienced by the countries already the of reducing the loan portfolio by around 1 000 million object of international support programmes – Greece and euro in 2011, an additional reduction in the loan portfolio Ireland – spread to Portugal from April 2010 onwards and between April and December was considered, the Core has intensified since then. The rise in the cost of Tier 1 ratio in the adverse scenario would stand at 7% in servicing Portuguese public debt - reflecting the mounting 2012. concerns about the sustainability of the Portuguese public accounts and external debt, and the republic’s rating Liquidity. In the liquidity domain, the Bank presents a downgrades at the end of the first quarter of 2011 – comfortable position: made the recourse to external assistance (formalised in April) inevitable. Deposits and bonds placed with customers grew in domestic activity by 2.4% (+541 M.€) relative to The contraction in economic activity in Portugal since the December 2010, while the gross loan portfolio end of 2010, already reflected in the adoption that year decreased 2.4% (-716 M.€) . The transformation ratio of budgetary correction measures, was compounded from of customer resources into loans fell from 131% in April onwards by the uncertainty surrounding the December to 125% at the end of June (in consolidated negotiation of the terms of the international bailout terms, the same indicator was situated at 110% in package and by the early general election held in June. June); In Angola, BFA has an extremely liquid balance sheet: On the other hand, the Portuguese banking system, which the customers loans / on-balance sheet customer has not been able to access the international medium and resources ratio is situated at 24%; long-term debt markets since April 2010, also saw its BPI presented at the end of June 2011 a net creditor access to the short-term markets severely restricted from April 2011 bearing in mind that the cut in public-debt position in the Interbank Money Market of 0.4 Bi.€ and ratings limited the use of the portfolio of such securities reduced net funding obtained from the ECB from 3.5 in repo operations. Bi.€ in June 2010 to 1 Bi.€. in December, at which figure it remained at the end of the first half of 2011. In this testing environment, BPI maintained high capitalisation levels, a comfortable resources and liquidity Risks. Impairments after deducting loan recoveries situation, and relatively good risk levels. represented 0.48% of the average loan portfolio in the first half of 2011 in annualised terms, which compares Capital. As concerns capital, BPI had at the end of June with 0.45% in the same period of 2010 (0.33% 2011 a core Tier I capital ratio of 9.1% and a Tier I ratio recognised in the income statement plus the use of the of 9.6%, which correspond respectively to increases of st extraordinary charge made at the end of 2009). In the 1 0.4 p.p. and 0.5 p.p. relative to the figures at the end of half of 2011 that indicator in domestic operations stood 2010. at 0.46% and in international operations it stood at 0.88%. The Bank’s sound financial base was once again recognised this year in the stress test carried out by the The consolidated ratio of loans in arrears for more than 90 European Banking Authority in cooperation with the days was situated at the end of June 2011 at 2.3%, while national supervisory authorities, the European Systemic the ratio of loans in arrears for more than 90 days plus Risk Board (ESRB), the European Central Bank (ECB) and loans not yet due - indicator which takes into the European Commission, with the object of evaluating consideration all the exposure to operations with the European banking system’s resistance to a plausible instalments of capital or interest in default, stood at 3.1% adverse scenario over the time span of 2 years.
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