Full Year 2020 Banco Comercial Portugues SA Earnings Call Transcript
Ladies and gentlemen, thank you for standing by, and welcome to the Millennium BCP 2020 Earnings Conference Call. I must advise you that the call is being recorded today, Friday, the 26th of February 2021. Your first speaker for today is Miguel Maya. Please go ahead.
Good afternoon. This is Miguel Maya speaking. Welcome to BCP's Earnings Conference Call. As you know, the pandemic rebounded strongly on the global economic activity along the 2020. Portuguese economy was obviously not an exception. The growth strength of previous years was suddenly inflected by a significant contraction of the economic activity. Albeit the large magnitude of the contraction in 2020, this time, we are not facing a structural crisis. The demand did not vanish, but is pent-up as we saw on the third quarter, where there was a heavy tick up of the economic activity once the lockdown measures were loosened.
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