Banco Comercial Português, S.A. informs about Bank Millennium (Poland) results in 1H 2019iscellaneous
29 Julho 2019 - 5:50AM
Banco Comercial Português, S.A. informs about Bank Millennium
(Poland) results in 1H 2019iscellaneous
Banco Comercial Português, S.A. informs
about Bank Millennium (Poland) results in 1H 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 1H 2019. Main highlights are as follows:
“Profitability with Euro Bank impact
- Net profit of 1H 2019 reached 334 million PLN with 65 million
PLN net impact of Day 1 provisions on Euro Bank portfolio
- Normalised net profit reached 411 million PLN and grew by 12%
yearly
- Normalised ROE at 9.7% and Cost/income at 46%
Core income accelerated. Costs influenced by Euro Bank
and BFG fees
- Net interest income grew by 21.5% y/y; without Euro Bank grew
14.7% y/y and 4.7% q/q
- Net Commission Income flat yearly but visibly grew by 5.1%
quarterly (without Euro Bank)
- Operating costs up 19.6% y/y; when excluding Euro Bank and BFG
fees, costs grew by 10.9% yearly
High asset quality and liquidity kept
- Impaired loans (stage 3) ratio at 4.3% level with coverage by
total provisions at 62% (Euro Bank stage 3 portfolio consolidated
at net value)
- Cost of Risk at 52 b.p. (annualised) excluding Euro Bank
ECL 12 months initial impact
- Loans to deposits ratio at low level 88%
Capital ratios influenced by the impacts of the
acquisition
- Group’s Total Capital Ratio (TCR) at 20.1% and CET1 ratio at
16.9% already incorporating Euro Bank
- Bank’s Total Capital Ratio (TCR) at 20.5% and CET1 ratio at
16.9%
Retail business (organic)
- 1.9 million active customers (+233 ths yearly) and 1.5 million
using digital channels
- 1.1 billion PLN new cash loans sold in 2Q (+34% y/y) and 1
billion PLN of mortgages (+20% y/y)
- 14.4% yearly growth of deposits (or 33.1% with Euro Bank)
Companies business
- Continued solid growth of loans to companies: +11.5% y/y
- Deposits volume grew by +16.1% y/y
- Growth in factoring and leasing sales at around +7% y/y
Digital achievements
- 1.2 million of goodie apps downloads
(*) without non usual items, i.e., with an equal accrual through
the year of BGF resolution fee
(**) Total net provisions to average net
loans”
End of announcement
Banco Comercial Português,
S.A.
- Resultados Polónia 1H 2019 EN
Banco Comercial Portugues (EU:BCP)
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