Millennium bcp's profit up 10%, despite thinner interest margin

Bank Millennium SA

30/10/2024 17:22

LISBON, Oct 30 (Reuters) - Portugal's largest listed
bank, Millennium bcp  BCP.LS , said on Wednesday its nine-month
net consolidated profit rose by a larger-than-expected 9.7%,
boosted by the domestic business, even as its net interest
margin narrowed slightly.
    It netted 714 million euros  ($775 million), slightly above
the average forecast of 699 million euros in an LSEG poll of
analysts, as net income at its domestic business rose by 8.8%
from a year ago to 606 million euros.
    Reflecting the downward trend of ECB rates, its consolidated
net interest income, a measure of earnings on loans minus
deposit costs, slipped 0.3% to 2.1 billion euros, with more
pressure on the Portuguese business.
    Its 50%-owned Polish unit, Bank Millennium  MILP.WA ,
reported a net profit of 547 million zlotys ($136.28 million), a
19% increase from a year ago, despite 385 million euros in costs
related to its portfolio of Swiss franc-denominated mortgage
loans.
    
    
    


($1 = 0.9210 euros)

 (Reporting by Sergio Goncalves; editing by Andrei Khalip)
 ((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters
Messaging: sergio.goncalves.reuters.com@reuters.net))