Competing as a Strong and Independent Portuguese Bank
A strong 3Q performance with a positive NIM trend: higher Euribor, more
than offsetting funding costs and TLTRO III phase-out
Income Statement (Єmn)
1Q22
2Q22 3Q22
AQOQ
€mn
Net Interest Margin: Monthly evolution
(Єmn)
1.79%
Net Interest Income
133.5
134.5
137.9
+3.4
Assets
1.52%
1.45% 1.49% 1.52% 1.57%
1.65%
1.48%
1.53%
+ Fees & Commissions
68.8
75.6
71.3
(4.3)
= Commercial Banking Income
202.3
210.1
209.2
(0.9)
NIM 1.32% 1.29% 1.31% 1.32% 1.36%
+ Capital Markets Results
91.4
-5.6 -17.6
+ Other Operating Results
16.7
56.5
88.0
(12.0)
+31.5
Liabilities 0.20% 0.17% 0.18% 0.21% 0.22% 0.27%
1.22% 1.18%
0.37% 0.36%
1.30% 1.35%
0.47%
= Banking Income
310.4
261.0 279.6
+18.6
- Operating Costs
103.6
105.1
105.5
+0.4
Jan Feb Mar Apr May Jun
Jul
Aug Sep
= Net Operating Income
206.8
155.9
174.1
+18.2
Net Impairments & Provisions
21.8
-2.0
2.7
= Income Before Tax
185.0
157.9
171.4
- Corporate Income Tax
7.4
11.6
8.9
+4.7
+13.5
(2.7)
Net Interest Income: Quarterly evolution
(Єmn)
+8% QoQ
ex-TLTRO
145.7 143.5 140.9 143.2
145.4
133.5 134.5
137.9
- Special Tax on Banks
34.1
= Income after Taxes
143.5
146.4
162.5
+16.1
Non-Controlling Interests
0.9
22.3
0.9
(21.4)
Amended TLTRO
III terms (27 Oct)
imply +€7.5mn
increase
= Net Income for the period
142.7
124.0
161.6
+37.6
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22
3Q22
3Q22
Pro-forma
novobanco
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