BCP reported a profit of €97.2 million in the first nine months of the year. The result is 63% higher than the 59.5 million euros received in the same period last year.
In Portugal, net income was 295.7 million, “as a result of 9.3% growth in basic income, a 3.4% decrease in recurring costs, and an 11 basis point improvement in the cost of risk,” the bank explains.
Net interest income grew from 1.91% to 2.38% to €1,546 million. In Portugal, the margin remained at 1.45% and made €671 million. Total commissions amounted to 574 million euros (an increase of 7.3%).
Total client funds amounted to €91.1 billion, an increase of 3.5% over the same period last year. Of these, demand deposits amount to a little more than half: 48.1 billion. The time deposit portfolio increased from 20.7 billion euros to 25.7 billion euros.
Loans to customers (gross) increased by 1.1% to €58.6 billion.
The non-performing loan ratio (NPL) for more than 90 days fell to 1.5% at the end of September (from 2.4% a year earlier).
The total equity ratio was 15.1% and the CET1 equity ratio was at 11.4%.
The total mandatory contributions to the banking sector in Portugal amounted to 62.2 million euros.
The numbers were heavily penalized by the process in Poland, and I began by explaining Miguel Maya, the foundation’s CEO, at the press conference to present the findings.
Millennium has suffered unusual effects related to Millennium Bank, including fees of 393 million linked to its Swiss franc mortgage loan portfolio and provisions for loan defaults of 304.6 million.
The Bank paid a total of 59.1 million contributions to that country’s Enterprise Protection Fund and recorded a depreciation of Millennium Bank’s “goodwill” of 102.3 million.
The institution led by Miguel Maya has been punished in recent quarters by the performance of the Polish Millennium Bank, which controls 50.1%.
Loans were granted in Swiss francs in 2008. The appreciation of the Swiss currency in the foreign exchange market caused difficulties for holders of these credits, and in 2019 the European Court of Justice ruled the right of customers to request the conversion of loans to the currency that prompted Millennium Bank to make provisions, which led to a deterioration Consolidated results of the Portuguese group.
Millennium Bank last week reported a loss of 214 million euros in the third quarter.
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