Q2 2020 Banco Comercial Portugues SA Earnings Call Transcript
Good afternoon, ladies and gentlemen, and welcome to the Millennium bcp Q2 2020 Earnings Conference Call. (Operator Instructions) And just to remind you all, this conference call is being recorded.
I would now like to hand over to the Chairperson, [Dr.] Miguel Maya. Please go ahead with your meeting, and I'll be standing by.
Good afternoon. This is Miguel Maya speaking. Welcome to the first semester earnings conference call. The activity of the bank on the first half of 2020 and mainly on the second quarter was, as expected, strongly affected by the overall reduction of the economic activity in Portugal and by a less pronounced decrease of GDP in the remaining geographies where we operate. Despite still dealing with a high level of uncertainty, as shown by the significant reviews that institutional entities are doing to their previous forecasts, we have no doubt, though, that we are facing a deep recession. But it is
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