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REPORT and ACCOUNTS 1St Half 2017

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REPORT and ACCOUNTS 1St Half 2017 REPORT AND ACCOUNTS 1st Half 2017 CAIXA ECONÓMICA MONTEPIO GERAL GROUP Pursant to Article 9 of the CMVM Regulations No. 5/2008. This report is the English version of the document “Relatório e Contas do 1º Semestre de 2017” published by Caixa Económica Montepio Geral in the Portuguese Securities and Market Commission (CMVM) website. Should there be any doubts or contradictions between the documents, the aforementioned Portuguese version prevails. 2 | Group CEMG | Report and Accounts 1st Half 2017 CONTENTS MANAGEMENT REPORT4 GOVERNANCE ....................................................................................................................................... 5 KEY INDICATORS .................................................................................................................................. 7 CAIXA ECONÓMICA MONTEPIO GERAL GROUP ....................................................................................... 9 GROUP STRUCTURE .......................................................................................................................... 9 CEMG’S NOTORIETY ........................................................................................................................ 11 HUMAN RESOURCES ....................................................................................................................... 13 DISTRIBUTION AND RELATION NETWORK ....................................................................................... 16 MACROECONOMIC ENVIRONMENT ....................................................................................................... 20 STRATEGY AND BUSINESS AREAS ........................................................................................................ 25 STRATEGY ...................................................................................................................................... 25 BUSINESS AREAS ............................................................................................................................ 28 DOMESTIC ACTIVITY .................................................................................................................. 29 INTERNATIONAL ACTIVITY.......................................................................................................... 40 FINANCIAL ANALYSIS .......................................................................................................................... 42 EARNINGS ...................................................................................................................................... 43 BALANCE SHEET ............................................................................................................................. 51 CAPITAL ......................................................................................................................................... 61 RISK MANAGEMENT ............................................................................................................................ 63 IFRS 9 - STRATEGY AND IMPLEMENTATION ......................................................................................... 77 PARTICIPATION FUND ........................................................................................................................ 80 RATING .............................................................................................................................................. 82 MAIN RISKS AND UNCERTAINTIES FOR THE 2nd HALF OF 2017 ............................................................. 83 CONSOLIDATED FINANCIAL STATEMENTS FOR 1st HALF 2017 ............................................................... 86 FINANCIAL STATEMENTS, EXPLANATORY NOTES AND COMPLIANCE CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES .................................................. 89 INDIVIDUAL FINANCIAL STATEMENTS AND EXPLANATORY NOTES ..................................................... 255 STATEMENT OF COMPLIANCE OF THE FINANCIAL INFORMATION ISSUED BY THE EXECUTIVE BOARD OF DIRECTORS ...................................................................................................................................... 408 COMPLIANCE WITH THE RECOMMENDATIONS REGARDING INFORMATION TRANSPARENCY AND ASSET VALUATION ...................................................................................................................................... 409 ALTERNATIVE PERFORMANCE MEASURES .......................................................................................... 412 AUDITOR’S REPORT ON CONSOLIDATED FINANCIAL INFORMATION ................................................... 417 AUDITOR’S REPORT ON INDIVIDUAL FINANCIAL INFORMATION ......................................................... 419 Group CEMG | Report and Accounts 1st Half 2017 | 3 MANAGEMENT REPORT 4 | Group CEMG | Report and Accounts 1st Half 2017 GOVERNANCE BOARD OF THE GENERAL MEETING Chairman Manuel Duarte Cardoso Martins 1st Secretary Cassiano Cunha Calvão GENERAL AND SUPERVISORY BOARD Chairman Álvaro João Duarte Pinto Correia Members António Fernando Menezes Rodrigues José António Arez Romão Vítor Manuel do Carmo Martins Francisco José Fonseca da Silva Acácio Jaime Liberado Mota Piloto Luís Eduardo Henriques Guimarães Rui Pedro Brás de Matos Heitor Eugénio Óscar Garcia Rosa EXECUTIVE BOARD OF DIRECTORS CHIEF EXECUTIVE OFFICER José Manuel Félix Morgado Members João Carlos Martins da Cunha Neves Luís Gabriel Moreira Maia Almeida Fernando Ferreira Santo João José Belard da Fonseca Lopes Raimundo Jorge Manuel Viana de Azevedo Pinto Bravo Luís Miguel Resende de Jesus Group CEMG | Report and Accounts 1st Half 2017 | 5 ASSESSMENT COMMITTEE Chairman Álvaro João Duarte Pinto Correia Members José António Arez Romão REMUNERATION COMMITTEE Chairman Álvaro João Duarte Pinto Correia Members José António Arez Romão Francisco José Fonseca da Silva RISK COMMITTEE Chairman Acácio Jaime Liberado Mota Piloto Members Luís Eduardo Henriques Guimarães Francisco José Fonseca da Silva STATUTORY AUDITOR KPMG, represented by: Ana Cristina Soares Valente Dourado Enrolled at the Statutory Auditors Association under number 1011 Substitute Fernando Gustavo Duarte Antunes Enrolled at the Statutory Auditors Association under number 1233 6 | Group CEMG | Report and Accounts 1st Half 2017 KEY INDICATORS YoY Jun-16* Dec-16 Jun-17 Change ACTIVITY AND RESULTS (EUR million) Total assets 21 384 21 346 20 206 (5.5%) Loans to customers (gross) 15 336 15 041 14 890 (2.9%) Customers' deposits 12 311 12 468 11 628 (5.5%) Net income (68) (86) 13 >100% SOLVENCY (a) Common Equity Tier 1 ratio 10.3% 10.4% 12.6% 2.3 p.p. Tier 1 ratio 10.3% 10.4% 12.6% 2.3 p.p. Total Capital ratio 10.9% 10.9% 12.9% 2.0 p.p. Risk-weighted assets (EUR million) 13 457 12 830 12 197 (9.4%) LIQUIDITY RATIOS Loans to customers (net) / Customers' deposits (b) 118.0% 111.2% 117.9% (0.1 p.p.) Loans to customers (net) / On-balance sheet customers' resources (c) 98.2% 96.3% 107.9% 9.7 p.p. CREDIT RISK AND COVERAGE BY IMPAIRMENTS Cost of credit risk 1.1% 1.2% 0.9% (0.2 p.p.) Ratio of loans and interest overdue by more than 90 days 9.3% 9.1% 9.2% (0.1 p.p.) Non-performing loans ratio (b) 11.0% 11.5% 11.9% 0.9 p.p. Net non-performing loans ratio (b) 3.6% 3.9% 4.3% 0.7 p.p. Coverage of loans and interest overdue by more than 90 days 83.0% 86.0% 86.9% 3.9 p.p. Credit at risk ratio (b) 15.6% 15.2% 15.1% (0.5 p.p.) Net credit at risk ratio (b) 8.5% 8.0% 7.7% (0.8 p.p.) Credit at risk coverage ratio 49.6% 51.6% 53.1% 3.5 p.p. Credit at risk coverage ratio, including related real estate collateral 120.4% 120.0% 118.4% (2.0 p.p.) Restructured loans as a % of total loans (d) 9.5% 8.9% 8.8% (0.7 p.p.) Restructured loans not included in credit at risk as a % of total loans (d) 3.2% 3.2% 3.2% 0.0 p.p. PROFITABILITY AND EFFICIENCY Total operating income / Average total assets (b) 1.6% 1.7% 2.4% 0.8 p.p. Net income before income tax / Average total assets (b) (1.3%) (0.9%) 0.3% 1.6 p.p. Net income before income tax / Average equity (b) (18.8%) (12.3%) 3.5% 22.3 p.p. Operating costs / Total operating income (cost-to-income) (b) 110.3% 76.4% 55.2% (55.1 p.p.) Cost-to-Income, excluding specific impacts (e) 98.7% 88.4% 61.8% (36.9 p.p.) Staff costs / Total operating income (b) 75.0% 44.5% 34.1% (40.9 p.p.) EMPLOYEES AND DISTRIBUTION NETWORK (Number) Employees Group total (f) 3 932 3 806 3 796 (136) CEMG 3 647 3 588 3 592 (55) Branches Domestic - CEMG 332 327 325 (7) International 30 33 35 5 Finibanco Angola (g) 21 23 25 4 BTM - Banco Terra 9 10 10 1 Rep. Offices 6 6 5 (1) (a) Pursuant to CRD IV / CRR (phasing-in). (b) Pursuant to Banco de Portugal Instruction No. 16/2004, in its current version. (c) Total on-balance sheet customers' resources = Customers' deposits and debt securities issued. Computed in accordance with the Financial Statements annexed to this report. (d) Pursuant to Banco de Portugal Instruction No. 32/2013. (e) Excluding results from financial operations and the impacts arising from the operational redimensioning. (f) Excluding transferred employees and work suspension contracts. (g) Includes Business Centers. * June 2016 restated in accordance with IFRS5 guidelines with respect to the accounts of Finibanco Angola and BTM subsidiaries, for comparative purposes. Group CEMG | Report and Accounts 1st Half 2017 | 7 HIGHLIGHTS Common Equity Tier 1 ratio (%) Risk weighted assets (€Mn) -4.9% +2.2p.p. 13 457 12 830 12.6 12 197 10.3 10.4 Jun-16 Dec-16 Jun-17 Jun-16 Dec-16 Jun-17 Net income (€Mn) Liquidity
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