Portugal's Millennium bcp's profit rises 15%, beats forecasts

Bank Millennium SA

31/07/2024 17:20

LISBON, July 31 (Reuters) - Portugal's largest listed
bank, Millennium bcp  BCP.LS , said on Wednesday its first-half
consolidated net profit rose 15%, beating expectations, on the
back of stronger income at home and a global reduction in
impairments and provisions.
    It posted a net consolidated profit of 485.3 million euros 
($525 million), above the average forecast of 417 million euros
in an LSEG poll as net income at its domestic business rose by
16.2% from a year ago to 411 million euros.
    Its 50%-owned Polish unit, Bank Millennium, on Friday
reported a net profit of 357 million zlotys ($90.14 million),
flat compared to a year ago, despite 376 million euros in costs
related to its portfolio of Swiss franc-denominated mortgage
loans.
    Still, Millennium bcp said consolidated loan impairments
fell by 33% to 97 million euros in the first half, while total
impairments and provisions dropped by 29% to 390 million euros.
    The bank, which also has operations in Mozambique and
Angola, said total non-performing exposures were reduced by 8%
to 1.97 billion euros.
    Consolidated net interest income (NII), a measure of
earnings on loans minus deposit costs, rose 1.7% to around 1.4
billion euros, driven by its international operations, compared
to 1.27 billion euros forecast by analysts. 


($1 = 3.9607 zlotys)


($1 = 0.9245 euros)

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