Portugal's Millennium bcp profit up 3.9% despite lower rates

Banco Comercial Portugues SA

21/05/2025 17:23

LISBON, May 21 (Reuters) - Portugal's largest listed bank, Millennium bcp BCP.LS, said on Wednesday its first-quarter net consolidated profit rose 3.9%, with net interest income increasing despite pressure from ECB rate cuts, while loan impairments dropped.

It booked a net profit of 243.5 million euros  ($276.20 million) in the quarter.

Consolidated net interest income (NII), a measure of earnings on loans minus deposit costs, rose 3.6% to 721 million euros, supported by activities abroad, but fell 3.9% in Portugal alone to 326 million euros due to the impact of interest rate cuts by the European Central Bank.

Its fees and commissions increased over 2% to 201 million euros.

Loan imparments dropped 24% to 55.8 million euros.

BCP's 50%-owned Polish unit, Bank Millennium MILP.WA, reported last week a 40% increase in quarterly net profit thanks to higher NII and lower provisions related to its Swiss franc-denominated mortgage loan portfolio.

BCP also has banking operations in Mozambique and Angola.

($1 = 0.8816 euros)

 (Reporting by Sergio Goncalves and Andrei Khalip)

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