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Banco BPI 1.º Semestre De 2017”

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Banco BPI 1.º Semestre De 2017” This document is a translation from the Portuguese original “Relatório e Contas Banco BPI 1.º semestre de 2017”. In the event of any inconsistency the Portuguese version shall prevail. BANCO BPI 1st half 2017 Public held company Registered in Oporto C.R.C. and tax identification under the sole number 501 214 534 Headquarters: Rua Tenente Valadim, n.º 284, 4100-476 Porto, PORTUGAL Share Capital: EUR 1 293 063 324.98 Registered in Oporto C.R.C. and tax identification under the sole number 501 214 534 This page was intentionally left blank. 2009 Report and Accounts| Management report 2 Index REPORT Leading business indicators 4 Summary of first half 2017 results 5 Financial structure and business 6 Governing bodies 7 Human resources 8 Distribution channels 9 Background to operations 10 Financial review 13 Rating 36 Banco BPI Shares 37 Annex - Recommendations from Bank of Portugal 38 Annex - Alternative Performance Indicators 40 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 43 Consolidated financial statements 44 Notes to the consolidated financial statements 49 Statement 236 Audit report prepared by an auditor registered at the Portuguese Securities Market 237 Commission (CMVM) Banco BPI | Report and Accounts 1st half 2017 3 Leading business indicators (Figures in millions of euros, except where indicated otherwise) 1st half 17, excl. 1st half 16 Results and profitability 1st half 17 non-recurring 1 pro forma Net profit 187.8 (101.7) 105.9 Net profit per share (euros) 0,129 (0,070) 0,073 Weighted average number of shares (in millions) 1,455.7 1,455.7 1,450.8 Return on Assets (ROA) (last 12 months) 1.4% 0.5% 1.0% Return on tangible equity (ROTE)2 (last 12 months) 16.8% 4.4% 11.6% Operating income from banking activity 464.8 289.3 365.9 Commercial banking income3) 353.8 353.8 356.6 Adjusted overhead costs4) 232.3 232.3 253.9 Adjusted overhead costs as % of operating income from banking activity (last 12 months) 65% 65% 71% Cost of credit risk5) (last 12 months) -0.01% -0.01% 0.24% Balance sheet, liquidity, risk management and capital Jun.17 Dez.16 Net total assets 32,751 38,285 Customer loans (gross) 23,494 23,431 Deposits6) 20,069 19,754 Total Customer resources 34,523 32,970 Loan‐to‐deposits ratio 106% 106% Liquidity coverage ratio 179% 161% Credit at risk ratio (IAS/IFRS consolidation perimeter) 7) 3.6% 3.7% Coverage of credit at risk by impairments (IAS/IFRS consolidation perimeter) 8) 83% 83% Total past services pension liabilities 1,541 1,463 Degree of coverage of pension liabilities 9) 98% 98% Shareholder’s equity attributable to BPI shareholders 2,561 2,440 CRD IV / CRR phasing in Common Equity Tier 1 ratio 11.9% 11.4% Total capital ratio 13.3% 11.4% Leverage ratio 6.7% 7.6% CRD IV / CRR fully implemented Common Equity Tier 1 Ratio 10.9% 11.1% Total capital ratio 12.7% 11.2% Leverage ratio 6.0% 7.4% Book value per share (euros) 1,758 1,681 Closing price (euro) 1,052 1,131 Stock market capitalisation at the end of the period 1,533 1,648 Distribution network (no.)10) 531 736 BPI Group staff complement (no.) 11) 5,406 8,157 Note: values as reported. The values are presented in the Management Report are “as reported” values, unless stated expressly as pro forma values. The “pro forma” designation reflects the restatement of the BFA contribution to consolidated profits in accordance with IFRS 5 (see note to the financial statements “1. Financial group”). 1) Non-recurring impacts recorded in the first half of 2017: (i) Impact from sale of 2% of BFA’s capital and deconsolidation negative by 212.3 M.€; (ii) Costs from early retirement and voluntary termination programme of 77.2 M.€ after taxes (€106.4 M.€ before taxes). 2) Average equity considered in calculating ROTE is deducted from the average balance of intangible assets (average balance in last 12 months: 26.8 M.€ in Jun.17 and 25.2 M.€ in Jun. 16). 3) Operating income from banking activity = Financial margin (RCL) + Income from equity instruments (RCL) + Net commissions income (RCL) + Earnings of associated companies (equity method) (RCL) excluding contributions from equity interests in African banks. 4) Excluding costs from early retirement and voluntary termination programme and (in 2016 only) gain from revision of ACT (Collective Labour Agreement). 5) (Impairment losses and provisions for loans and guarantees ‐ Recovery of loans, interest and expenses) / Average value of the performing loan portfolio in the period 6) Includes retail bonds valued at 95 M.€ in Dec. 16 and at 56 M.€ in Jun. 17. 7) Calculated according to the definition provided for in Bank of Portugal Instruction 23/2011 and considering the IAS/IFRS consolidation perimeter, whereby BPI Vida e Pensões (Life and Pensions) is subject to full consolidation and its portfolio is included in the consolidated loan portfolio (BPI Vida e Pensões is recognised according to the equity method within the scope of Bank of Portugal supervision). Pursuant to Instruction 23/2011 and considering the supervision perimeter, consolidated credit at risk is 838.8 M.€ on 30 June 2017 and the consolidated ratio of credit at risk is 3.8%. 8) Coverage by impairment losses and provisions for loans and guarantees accumulated in the balance sheet and without considering coverage by collaterals associated with these credits. 9) Includes contribution of 75.5 M.€ transferred to pension funds in January 2017. 10) In Dec. 16 includes 191 units related to BFA. In Jun. 17 does not include the BFA distribution network (BFA was recognised by the equity method starting in Jan. 2017). 11) Staff (excludes temporary labour) of subsidiaries consolidated by full consolidation. In Dec. 16 includes BFA staff (2,632 employees). Banco BPI | Report and Accounts 1st half 2017 4 Summary of first half 2017 results In the first half of 2017, Banco BPI recorded a consolidated net income, excluding non-recurring During the first half of 2017, BPI completed an early impacts, of 188 M.€, a 77% increase from the 106 M.€ retirement and voluntary termination programme that was recorded during the same period of 2016. Recurring announced in April 2017. A total of 617 employees return on tangible equity (recurring ROTE) was 16.8% in agreed to leave BPI, representing 11% of initial staff. The the last 12 months (11.4% when excluding the exit of such employees represented a total cost of 106.4 contribution from holdings in African banks). M.€, which was fully recognised in results for the six- month period and will generate annual cost savings of 36 “As reported” the consolidated net income was negative M.€ starting in 2019. by 102 M.€ in the first half of 2017, as it was affected by non-recurring negative impacts totalling 290 M.€ (after Impairments losses and provisions for loans and taxes): 212 M.€ with the sale and deconsolidation of BFA guarantees decreased from 35.8 M.€ during the first half and 77 M.€ with the early retirement and voluntary of 2016 (0.32% of loan portfolio4) to 16.6 M.€ during the termination programme. first half of 2017 (0.15% of loan portfolio4). The cost of credit risk – impairments net of recoveries – decreased During the six-month period Banco BPI achieved good from 28.6 M.€ (0.25%4) to 7.5 M.€ (0.07%4) in the commercial results, illustrated by the increase of same period. 1.6 th.M.€ (+4.7%) ytd of customer resources, with growth of 0.3 th.M.€ in deposits and 1.0 th.M.€ in The ratio of credit at risk was 3.6% at the end of June mutual funds, a 3.6% increase in the portfolio of loans to 2017 and impairments coverage was 83% without companies in Portugal1 and stabilisation of the mortgage considering associated collateral, and 149% considering loan portfolio, all of which yielded market share gains impairments and collaterals associated with these credit (leadership in asset management with 30% share, +2.5% operations. ytd, and ytd increases in market share for loans to companies of +20 bp and in housing loans of +10 bp). BPI has a balanced funding structure and a strong The total customer loan portfolio increased 0.3% ytd. liquidity position. Customer resources on the balance sheet represented 73% of assets, the loan-to-deposits The financial margin fell slightly (yoy and qoq) and net ratio was 106% and the Liquidity Coverage Ratio (LCR) commissions income rose 4.8% yoy. Commercial banking was 179%. income – an aggregate that includes financial margin, net commissions income and contribution from holdings2, At 30 June 2017, the CET1 ratio fully loaded was 10.9% excluding those in African banks, decreased 0.8% yoy. and the total capital ratio was 12.7%. BPI maintained a path of gradual improvement in At the same date, the phasing-in capital CET1 ratio operational efficiency levels as a result of the ongoing (2017 rules) was 11.9% and the total capital ratio was effort to rationalise and contain costs. Overhead costs 13.3%. 3 excluding non-recurring decreased 8.5% (yoy). Note: Year-on-year changes calculated in relation to June 2016 pro forma. 3) Costs from early retirement and voluntary termination programme. 1) Does not include loan portfolios of Project Finance and Madrid Branch. 4) On an annualised basis. 2) Income from equity instruments and earnings of associated companies (equity method). Banco BPI | Report and Accounts 1st half 2017 5 Financial structure and business The BPI Group – headed by Banco BPI – is a financial which the BPI Group holds a 35% stake.
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