Millennium bcp's profit rises 12% to record, plans dividend hike (updated)

Banco Comercial Portugues SA

25/02/2026 18:47

Adds details, quotes from fifth paragraph

By Sergio Goncalves

LISBON, Feb 25 (Reuters) - Millennium bcp BCP.LS, Portugal's largest listed bank, said on Wednesday its 2025 net profit rose 12% to a record high, driven by strong earnings at its Polish unit, and announced plans to increase shareholder payouts.

The company reported consolidated net profit of 1.02 billion euros ($1.20 billion), slightly exceeding the average forecast for 996 million euros, as compiled by LSEG.

Millennium bcp said it will propose to shareholders a plan to distribute 50% of net income as dividends through 2028, complemented by a regular share buyback programme that would lift total shareholder returns to as much as 90% of profits. The bank currently returns up to 75% of profits to shareholders.

Net income of its half-owned Polish subsidiary Bank Millennium MILP.WA rose 67% to 283.7 million euros, despite charges related to its Swiss franc mortgage loan portfolio.

Chief Executive Miguel Maya said the bank was in a "robust" position, with return on equity rising to 14.1% from 13.8% in 2024.

 Despite interest-rate cuts by the European Central Bank and Poland's central bank, consolidated net interest income (NII) rose 2.4% to 2.9 billion euros, as fees and commissions jumped 34.7% to 847.4 million euros.

 "We saw a positive evolution in NII in an unfavourable interest rate environment, mainly supported by customer base growth and pricing discipline," Maya said at a news conference.

Customer loans rose 7.3% to 62.6 billion euros.

 BCP, which also operates in Mozambique and Angola, said impairments and provisions fell 10% to 831 million euros, while total non-performing loans dropped 18% to 1.5 billion euros in 2025.

 The bank's largest shareholder is China's Fosun International 0656.HK, with a 20% stake, closely followed by Angolan state oil company Sonangol with 19.5%.

     ($1 = 0.8473 euros)

(reporting by Sergio Goncalves; Editing by Emma Pinedo)

((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net/))