Millennium bcp boss warns of “difficult year”
BCP bank boss Miguel Maya has warned that the institution’s results could prove “more challenging than expected.”
He had already said at the presentation of the bank’s half-year results in July that BCP would have a “difficult year ahead”.
Now, he has left a second, more serious warning. “This is a more difficult year than we had planned for when we drew up our budget”, said the bank’s CEO in statements to the press.
At the end of July, after having announced a 12% uptick in profits for the first half of 2019, netting €170 million, Miguel Maya left a series of warnings for the end of the year, pointing to various factors that could adversely affect the bank.
“I am not talking about Brexit or external international factors … but rather a factor that has to do with the development of monetary policy prospects that have had an important impact”.
Miguel Maya was referring to the European Central Bank (ECB) which last week announced historically low interest rates and which will condition the business climate not only at BCP but all European banks for the foreseeable future.
“It will be a more difficult year than we had expected at BCP but the bank had a capacity to react to adversity which is truly remarkable. I have confidence in the bank’s commercial teams,” he said.
Despite his confidence in his teams, investors have reacted negatively by penalising share prices with shares changing hands at the lowest rates seen since April 2017, falling 2.61% to 18.25 cents on the Lisbon stock market.