Competing as a Strong and Independent Portuguese Bank
... reaching RoTE of 12.4%, a further confirmation of the sustainability of its
trajectory
From Income Before Tax to Underlying Profitability
(9M22; €mn)
+148%
YOY
514.3
(15.4)
(63.7)
(77.1)
(67.0)
Income
Before
Tax
Special Tax & Market
Resolution
Funds
contributions
(pro-rata)
Results²
novobanco
Underlying Profitability (Єmn; pre-tax)
12.4%
12.4%
11.0%
10.2%
ROTE¹
8.7%
8.8%
8.2%
7.6%
107.1
85.1
77.9
76.5
75.1
+7.7
68.6
267.3
59.7
C=======
(31.7)
Gain from the
sale of:
RE portfolio
(Logistics)
Head
Office
Non-recurring Release Underlying
Operating of provisions Profitability
costs
for Other (pre-tax)
contingencies
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
ROTE (cumulative annualised; 12% RWA)
A solid business model delivering RoTE1 of 12.4%,
with further upside driven by increasing interest rates and assets repricing.
(1) Tangible Equity = average phased-in RWA x 12%; Annualized; Considers Underlying profitability pre-tax deducted by special tax on banks (€34mn on annual basis) and contributions to
Resolution Funds (€40.9mn on annual basis); (2) Excludes dividends from strategic holdings
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