Banco Comercial Português, S.A. informs about Bank Millennium (Poland) results in 1Q 2019
08 Maio 2019 - 5:16AM
Banco Comercial Português, S.A. informs about Bank Millennium
(Poland) results in 1Q 2019
Banco Comercial Português, S.A. informs
about Bank Millennium (Poland) results in 1Q 2019
Banco Comercial Português, S.A. hereby informs
that Bank Millennium in Poland, in which it has a 50.1% holding and
whose accounts are fully consolidated at BCP group level, released
today its results for 1Q 2019. Main highlights are as follows:
“Improved profitability
• Net profit of 1Q 2019 reached 160 million PLN
(37.3 million EUR), +3% versus 1Q 2018
• ROE at 10.3% (9.1%, adjusted for one-offs*),
+0.6 p.p. versus 1Q 2018, with an equal quarterly distribution of
Banking Guarantee Fund (BGF) fees and influenced by a strong equity
increase y/y (+10%)
• Cost/income at 44.6% (46.1%, excluding
extraordinary items), i.e. -1.3 p.p. versus 1Q 2018
Fast pace in interest income growth; costs negatively
influenced by BGF annual fees
• Net interest income grew 14.6% y/y, flat q/q
• Net Commissions Income grew 1.0% q/q, decreasing 5.4% y/y due
to adverse market conditions
• Operating costs grew by 9.0% y/y, excluding BGF
contributions
High asset quality and liquidity
• Impaired loans (stage 3) ratio at 4.4% with coverage by
loan-loss reserves at 73%
• Cost of Risk** at 55 b.p. (annualised)
• Loans to deposits ratio at 81%
Very high capital ratios after retention of 2018 profits
and T2 issue
- Group’s Total Capital Ratio (TCR) at
25.6%, and CET1 ratio at 21.5% after incorporating full 2018 year
profits
- 830 million PLN subordinated bonds
issued in January improved T2 capital
- Moody’s rating agency upgraded the
Bank’s rating to Baa1
(*) without non usual items, i.e., with an equal accrual through
the year of BGF resolution fee and without net impact of PLN 24
million from extraordinary tax asset recovery.
(**) Total net provisions to average net
loans”
End of announcement
Banco Comercial Português, S.A.
- Resultados Polónia 1Q 2019 EN
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