BCP loses half a billion less

Page created: Tuesday, 3 February 2015 9:01 GMT

BCP   Earnings  Listed Companies  Millennium BCP  Results 2014

Banco Comercial Português (BCP), Portugal’s largest private bank, announced a consolidated loss of €217.9 million in 2014, against €740.5 million a year earlier according to its report released after the close of trading on Monday.

Banking product revenues rose by 29.6% to €2.292 billion whilst credit to clients was also on an upward path, closing 2013 on €64.3 billion against €64.7 billion last year.

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In terms of its tier 1 ratio, that hit 12% in overall terms and 13.8% in accordance with the criteria now being phased-in but dropping back to 8.9% based on the full implementation of those guidelines.

Since its bailout by the Portuguese state, BCP has also steadily progressed to cut costs with the bank shedding 79 branches to leave a total of 695 with its number of employees now at 7,768 following 816 mutually agreed redundancies and against a 2017 target of 7,500 employees.