BCP profit rises 12.6% to €873.7 million by September

BCP posted net profit of €873.7 million in the first nine months of the year, up 12.6% from a year earlier, as stronger earnings in Poland and higher net interest income supported results. The performance prompted Portugal’s largest listed bank to raise its profitability ambition under its strategic plan.

In Portugal, profit rose 11.2% to €727.9 million, while international profit increased 21.8% to €281 million. A key driver was Bank Millennium in Poland, in which BCP holds about 50.1%, with profit there jumping nearly 30% to €259.7 million as problems linked to Swiss franc loans eased.

Net interest income grew 5.8% to €2.3 billion, while the loan book expanded 7.8% to €66.2 billion, including €45.9 billion in Portugal. Domestic mortgage lending rose more than 10% to €23.2 billion, which the bank said reflected stronger demand, especially from state incentives for young borrowers, as well as higher average loan sizes alongside rising housing prices.

Chief executive Miguel Maya said the first nine months had been “very difficult” despite the results. BCP now expects return on equity of at least 17.5% by 2028, up from its previous target, and said business volume should reach €200 billion, €10 billion above the original plan. Maya also reaffirmed a 90% payout ratio through dividends and share buybacks.

Originally published at Eco.pt