Millennium BCP said its profits jumped by 71 per cent in the first quarter from the same period last year in an increasingly entrenched post-crisis recovery for Portugal’s largest listed bank.
Nuno Amado, chief executive, said a reduction in impairments and provisions had “decisively influenced” an increase in net incomes.
BCP reduced non-performing exposures by €500m in the first three months of the year to €6.3bn. Coverage of those exposures by loan-loss reserves rose to 46 per cent, up from 42 per cent in December, the bank said. In total, BCP has reduced NPEs net of loan-loss reserves from €9.8bn in December 2013 to €3.4bn in March.
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