Three analysts polled by Bloomberg – CaixaBank BPI, Keefe, Bruyette & Woods and Deutsche Bank – estimate that BCP will soon see profits ranging from 98 million (lower estimate) to 114 million euros (highest estimate). This gives an average of 108.7 million euros of profits, representing an increase of 27% over the value reached in the first quarter of 2018 (85.6 million euros).
Estimates range from EUR 98 million for Deutsche Bank analyst Ignácio Ulargui to EUR 114 million for analyst Carlos Peixoto of Caixabank BPI.
Miguel Maya should show a reduction in bad loans in the quarter and a reduction in the cost of credit (lower new impairment charges in the quarter). In presenting annual results, the bank's CEO refused to anticipate NPE portfolio sales for 2019. "We sell NPE portfolios above $ 1 billion, but our commitment is with the NPE reduction, and we will comply. The way we get there we will analyze every moment, and the sale of portfolios is one of the instruments, "he said at the time.
The total NPE credits sold in 2018 were 730 million of which 49.4 million were the capital losses recorded with this sale, explained the CEO.
The bank has announced that it will deliver a dividend distribution to the general meeting at a rate of 10% of profits made in 2018, equivalent to around 30 million euros. This gives the distribution of a gross dividend of € 0.002 per share.
The bank will also bring to the shareholders' meeting the distribution of results in the amount of 12,587,009 euros (12,6 million euros) by employees.
This distribution arises within the scope of the compensation reduction process agreed under the Collective Labor Agreement, "according to the wording published on March 29, 2014, in the Bulletin of Labor and Employment No. 12".
The wage cuts of between 3% and 11% in the BCP were applied on gross monthly salaries above 1,000 euros in 2014 and occurred after the state injection of 3 billion euros through the financial instruments that could be transformed (called CoCos).
In the summer of 2017, after Fosun's entry into the capital, BCP was able to pay for all CoCos and then the cuts were canceled. BCP then left the commitment to return in the future the equivalent of the amounts cut in those years.