Financial and ESG Performance Review
Business plan agreed with DG Comp delivered and restructuring period
concluded
•
•
•
•
Restructure
2017-2020
Sale of Novo Banco to Lone Star
Deep operational and balance sheet
restructuring
Exit from all international operations, with
refocusing on financing Portuguese
corporates and households
Completion of balance sheet clean-up as at
Dec-20 - subsequent disposals of non-core
assets being capital accretive
.
Renovation & Transformation
2021-2022
Return to profitability (8 consecutive quarters
of profits)
Returning to normalised cost of risk <50 bps
Strengthening capital position. Fully loaded
CET1 up to 13.1% from 10.1% in 2021
Net Interest Income (Єmn)
•
Relaunch
4Q22 and beyond
Significant top-line growth in 4Q22
(increasing NII by 59% QoQ) with further
expansion of NIM to above 2.2% for 2023E
Delivering attractive levels of profitability: >
€600mn recurrent PBT in 2023E
Net Interest Income and Margin (Єmn, %)
•
•
143
220
134
135
138
+59% QoQ
1.5%
>2.2%
2017
2022
%A
NPL ratio 30.5%
4.3%
-26p.p
2021
average
2022
1Q
2022
2Q
2022
3Q
2022
4Q
2022
2023E
REOs €2.5bn €0.6bn
-75%
Profit Before Tax (post Special Tax on Banks; €mn)
Reported Underlying profitability(1)
Branches
473
292
-38%
Profit Before Tax (post Special Tax on Banks; €mn)
>600
561
107
139
75
85
44
FTE
5,488
4,090
-25%
+30% QoQ1
407
2021
average
2022
1Q
2022
2Q
2022
3Q
2022
4Q
2022
2023E
novobanco
(1) Underlying profitability is adjusted for one-off opex (including intangibles write-down), real estate tax provision, real estate gains, non-recurrent market results, and pro-rata allocation of special tax
on banks and contributions to the Resolution Funds
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