Millennium BCP rises 7% after Q2 profit beat

Banco Comercial Portugues SA

31/07/2025 09:28

** Shares of Millennium BCP up around 7% after Portuguese bank posts 3.5% rise in first-half net consolidated profit, despite lower ECB interest rates

** In a note titled "Portugal's Sunshine", Jefferies underlines that BCP's Q2 attributable profit of 259 million euros ($296.43 million) meant a 19% beat vs company-compiled consensus of 217 million euros

** "We like the picture in Portugal: strong growth, including a rebound in corporates, is coupled with depo cost management", it adds

** Broker also notes that BCP's net income in Portugal was a 14% beat, driven by revenues and impairments and the strong margin dynamics in Poland, with volumes somewhat weak

** Shares on track for best day since late October 2024, when they closed 9.7% higher

** Stock up 59.03% YTD

($1 = 0.8737 euros)

 (Reporting by Tiago Brandao)

 ((Tiago.Brandao@thomsonreuters.com;))