Portugal's Millennium bcp profit rises 13% on resilient margins, lower charges

Bank Millennium SA

28/10/2026 17:44

LISBON, Oct 28 (Reuters) - Portugal's largest listed bank, Millennium bcp BCP.LS, posted a 12.6% jump in nine-month net profit on Wednesday, beating expectations as resilient lending margins weathered ECB rate cuts, while mortgage charges at its Polish unit fell sharply.
Consolidated net profit rose to €873.7 million ($971.55 million), above the average forecast of €800 million in an LSEG analyst poll. Net income at its domestic business increased 11.2% to €728 million
Net profit at its half-owned Polish unit, Bank Millennium MILP.WA, rose 30% to €260 million as charges related to its legacy Swiss franc mortgage portfolio, a long-time drag on earnings, fell 64% from a year earlier to €135.5 million
Consolidated net interest income (NII), a measure of earnings on loans minus deposit costs, rose 5.8% to €2.29 billion despite lower ECB and Polish interest rates than a year earlier
CEO Miguel Maya said at a press conference that the results were "frankly positive despite nine fairly difficult months, with high levels of uncertainty", reflecting the bank's ability to generate value, despite interest rate cuts
Consolidated fee and commission income rose 5% to €660 million
Millennium bcp, which also operates in Mozambique and Angola, reduced total non-performing exposures by 9.8% to €1.44 billion as of September
     
     
     
($1 = 3.9600 zlotys)
($1 = 0.8993 euros)

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