Millennium bcp posts record profit, beats expectations

Bank Millennium SA

26/02/2025 17:31

LISBON, Feb 26 (Reuters) - Portugal's largest listed bank, Millennium bcp BCP.LS, said on Wednesday its 2024 net consolidated profit rose 5.9% to a new record thanks to lower provisions and higher commissions, despite growing pressure on its domestic interest margin.

It booked a net profit of 906 million euros ($952.57 million), above the average forecast of 879 million euros in an LSEG poll of analysts.

Net income at its domestic business rose by 8.5% from a year ago to 786.4 million euros.

Its 50%-owned Polish unit, Bank Millennium MILP.WA, earlier reported a 25% increase in net profit despite heavy provisions related to its Swiss franc-denominated mortgage loan portfolio.

($1 = 0.9511 euros)

 (Por Sérgio Gonçalves)

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