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BCP doubles its profits by six and reaches 74.5 million euros in the first six months - Banca & Finanças

BCP doubles its profits by six and reaches 74.5 million euros in the first six months – Banca & Finanças

Millennium BCP reported a profit of 74.5 million euros in the first half of 2022, more than six times the result of 12.3 million euros obtained in the same period last year.

Net interest income improved by 28.6%, to €985.2 million, compared to €765.8 million received in the same period last year.

Commissions generated 387.6 million euros, an increase of 9.8%. Operating costs decreased from 590.1 to 516.2 million euros (12.5% ​​less).

Exposure to non-performing assets (Non-performing exposure) decreased by 500 million euros, from 3 to 2.5%, with non-performing loans over 90 days falling from 2.5% to 1.5%.

The total capital ratio was 15.3% and the CET1 ratio was 11.3%, both above regulatory requirements.

In Portugal, Millennium earned a net profit of 174.5 million euros, which represents a growth of 63.1% compared to the first half of 2021.

The net income of €74.5 million includes extraordinary effects related to the Millennium Bank (a financial institution controlled by the Portuguese bank) including a fee of €257.8 million “related to the mortgage loan portfolio” in Swiss francs, as well as a “contribution of €54.3 million to the Enterprise Protection Fund”. , Double Millennium Bank scored 102.3 million.

However, the Polish financial institution improved its negative contribution to the overall result: it rose from 110.3 million euros to negative 56.6 million euros.

Presenting the results, Miguel Maya said, however, that he believed in the success of the institution: “The bank in Poland has the ability to deliver results,” he said, explaining that “without IPS” [contribuição obrigatória na Polónia] The results will now appear.

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He explained, “These are periodic situations, we must be ready for them and not give in to them, and we must find solutions.”

The financial institution led by Miguel Maya is still affected by the results of the bank he controls in Poland, due to loans in Swiss francs granted in 2008. The appreciation of the Swiss currency in the foreign exchange market caused difficulties for the owners of these banks. Credits, and in 2019, the European Court of Justice ruled that customers had the right to request the conversion of loans into local currency, prompting Millennium Bank to make provisions, eroding the results that they united in the Portuguese group.

This Tuesday, Millennium Bank reported losses of about 56.6 million euros between January and June, which was again justified by the provisions arising from these loans. In a statement, the Polish institution said the results were affected by “provisions on legal risks related to the foreign currency mortgage loan portfolio.”

In 2021 as a whole, the Central Bank of Brazil earned €138.1 million, 24.6% lower than the €183 million recorded in 2020.