TIDMBCP 
 
 
   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 9M 2019. 
Main highlights are as follows: 
 
   Profitability including Euro Bank impact 
 
   -- Net profit of reached 534 million PLN (124.3 million EUR) in the 
first nine months of 2019, with a net impact of extra costs and 
provisions related to the Euro Bank acquisition of 124 million PLN (28.9 
million EUR) 
 
   -- Net profit of 200 million PLN (46.6 million EUR) in Q3, representing 
a q/q growth of 15%, adjusted for one-offs* of 224 million PLN (52.1 
million EUR) 
 
   -- Reported ROE at 9.2% and Cost/Income at 49% 
 
   -- Adjusted* ROE of 10% and Cost/income ratio of 46% 
 
   Increased operating income. Costs influenced by Euro Bank integration 
 
   -- Operating income grew 25% y/y, of which 12.3% are related to Bank 
Millennium organic growth 
 
   -- Net interest income grew 30% y/y (13%, excluding Euro Bank) 
 
   -- Operating costs grew 30% y/y, (24%, excluding integration costs) 
 
   -- Bank Millennium organic costs grew 8.5% y/y (excluding integration 
costs) 
 
   -- Initial reserve for cash loans fees returns after European Court of 
Justice (ECJ) ruling: 53 million PLN (12.3 million EUR) 
 
   High asset quality and liquidity 
 
   -- Impaired loans (stage 3) ratio at 4.4% 
 
   -- Adjusted cost of Risk** at 61 b.p. (annualised) 
 
   -- Loans to deposits ratio at 86% 
 
   Capital ratios strengthened after the incorporation of 1H profits in own 
funds 
 
 
   -- Group's Total Capital Ratio (TCR) at 20.2%, and CET1 ratio at 17.1% after 
      incorporating full 1H 2019 year profits 
 
   -- Fitch agency affirmed Bank Millennium's ratings at BBB-, with stable 
      outlook 
 
 
   Retail business (excluding Euro Bank) 
 
 
   -- 2.0 million active clients, +421 thousand clients during the last 2 years 
      (ahead of the strategic plan objective of 600 thousand clients in 3 
      years) 
 
   -- 2nd best*** nominal growth rate of retail clients: +297 thousand clients 
      during the last year 
 
   -- Over 3 billion PLN (0.7 billion EUR) in new cash loans and mortgages sold, 
      in the first nine months (+30% and 24% y/y, respectively) 
 
   -- Deposits grew 17.8% y/y (5.1% q/q) 
 
   -- Rebound in investment products (+0.1% q/q) 
 
 
   Retail business (including Euro Bank) 
 
 
   -- Deposits grew 37.1% y/y (5.1% q/q) 
 
   -- Over 1.5 billion PLN (0.3 billion EUR) of combined sales of cash loans in 
      Q3 
 
 
   Companies business 
 
 
   -- Continued growth of loans to companies: +11% y/y 
 
   -- Deposits volume grew 23% y/y 
 
   -- Growth in factoring and leasing sales of 8% and 3% y/y, respectively 
 
 
   Quality and Innovations 
 
 
   -- The Best Web Site Design in Central and Eastern Europe, according to the 
      Global Finance 
 
   -- 1st place in the "Client Relations" category and 2nd place in the 
      "Innovativeness" and "Growth" categories, in the "Banking Stars 2019" 
      competition **** 
 
   -- 1.3 million downloads of the Millennium Goodie app. 
 
 
   (*) with equal distribution of BGF resolution fee through the year, 
without extra release of tax asset provision in Q1 - PLN 27 million -- 
(EUR 6.2 million), without integration costs - PLN 64 million -- (EUR 
14.9 million) and IFRS9 extra provisions created for Euro Bank loan 
portfolio - PLN 89 million -- (EUR 20.7 million). 
 
   (**) total net provisions to average net loans, without extra IFRS9 
provisions on Euro Bank acquired portfolio 
 
   (***) based on PRNews, adjusted for merger effects 
 
   (****) organised by Dziennik Gazeta Prawna 
 
   End of announcement 
 
   Banco Comercial Português, S.A. 
 
   Attachment 
 
 
   -- Resultados Polónia 9M 2019 EN 
      https://ml-eu.globenewswire.com/Resource/Download/ce004467-d797-4e28-9aa1-a15bd2fcfbae 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

October 28, 2019 04:51 ET (08:51 GMT)