Banco Comercial Português, S.A. (OTCPK:BPCGF) Q3 2024 Earnings Conference Call October 31, 2024 11:00 AM ET

Company Participants

Miguel Maya - Chief Executive Officer

Miguel Braganca - Chief Financial Officer

Conference Call Participants

Maksym Mishyn - JB Capital

Ignacio Ulargui - BNP Paribas Exane

Alvaro Fernandez - UBS

Noemi Peruch - Mediobanca

Sofie Peterzens - JPMorgan

Francisco Riquel - Alantra

Carlos Peixoto - CaixaBank

Pamela Zuluaga - Morgan Stanley

Hugo Cruz - KBW

Miruna Chirea - Jefferies

Miguel Maya

Good afternoon, Miguel Maya speaking. Welcome to BCP Earnings Conference Call. As mentioned in the previous earnings conference, we are now presenting also the strategic plan for 2025-2028 period along with the nine-month earnings. To ensure this call run smoothly, we will adjust the structure of the presentation today. I will begin by highlighting our performance over the past nine months followed by Miguel Braganca, who will provide additional details on our consolidated performance.

Then I will present the strategic plan before opening the Q&A section. Regarding the results of the first nine months, I begin by highlighting the net income of €740 million, a year-on-year increase of 9.7% driven by a solid operational performance that supported the core operating profit of €1.77 billion. The activity in all of our three core markets contributed to this performance notably in Portugal, where net income went up 8.8%, having reached almost €606 million, supported by the leading position of BCP in multiple business fronts and confirming the profitability and efficiency of our business model.

The contribution from Mozambique amounted to €64 million, in line with previous years and confirm the quality of the franchise and the relevant profitability of this operation despite the impact of a substantial increase in cash reserves held by the Central Bank - with the Central Bank. In Poland, despite the costs with legal risks