Q1 2021 Banco Comercial Portugues SA Earnings Call Transcript
Good afternoon. This is Miguel Maya speaking. Welcome to BCP's earnings conference call.
Before going into the first quarter highlights, I would like to start with a couple of introductory remarks. This quarter was still marked by the worldwide evolution of the pandemic, although the global economic recovery progresses in good rhythm due to the success of the supporting measures undergone by major economic blocks and by the execution of the vaccination programs. The high pace in which most of the developing countries are running their vaccination programs was unforeseeable in mid-2020 and is paving the way for an economic recovery that we are confident will start sooner and be bolder than expected. In fact, both United States and China economies are already growing significantly, which provides confidence that also Europe will resume its growth as the vaccination levels advance.
As you know, in Portugal, when the vaccination program was still incipient,
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