B.COM.PORTUGUES : Millennium bcp earnings release as at 30 September 2011

11/02/2011| 02:20pm US/Eastern

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• Core Tier I, including the liability management operation concluded in October 2011, stood at 9.1%;
• Consolidated net income of Euro 59.4 million in the first nine months of 2011;
• Net income of the international activity boosted by the positive performance in the operations in Poland (+60%), Mozambique (+45%) and Angola (+41%);
• Net interest income was up by 9.6% from the first nine months of 2010, sustained by both the activity in Portugal (+9.0%) and the international activity (+10.7%);
• Banking commissions increased 3.1%, from the first nine months of 2010; total net commissions reduced 1.2%;
• Operating costs dropped by 5.4% sustained by the decrease in costs in the activity in Portugal (-5.8%) and in the international activity (-4.7%);
• On balance sheet customer funds grew 2.5% to Euro 51,351 million on 30 September 2011; total customer funds reduced 3.6%;
• Customer deposits remained stable from the end of September 2010, and totalled Euro 45,312 million; customer deposits in Portugal increased 1.0% from 30 June 2011;
• Loans to customers amounted to Euro 73,379 million as at 30 September 2011, decreasing 4.3%, from the same date in 2010; loans to customers in Portugal reduced 1.0% from 30 June 2011;
• Overdue loans by more than 90 days stood at 4.3% of total loans, reflecting the current economic and financial context, and the coverage ratio stood at 95.5%;
• Launch of an exchange offer for holders of perpetual debt instruments and preference shares by new debt instruments, as part of the proactive management of the Group's outstanding liabilities and capital structure. The operation was concluded on 6 October, with an acceptance of 75% of the amount of the issues included in the offer.

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