Millennium bcp profits €183 million for 2020

Millennium bcp announced that its profits had tumbled 7.2% in Portugal to €183 million after achieving profits of €300 million in 2019.

The Portuguese-Angolan bank also suffered €800 million in impairments and provisions which dented its results for last year.
This €800 million included the specific provisions that were set aside in moratoria on loans and the interest payments on those loans to companies and families because of the pandemic.
The information was presented in a communiqué sent to the Portuguese securities and stock market regulator, CMVM and explained in a press conference headed by the bank’s CEO, Miguel Maya.
“It was an extremely complex year, full of ambiguities and uncertainties,” said Maya who added that the year was “strongly affected by the impacts resulting from the Covid-19 pandemic, which were largely manifest in the additional impairments for credit risk, the need to reevaluate company restructuring funds and in a reduction of profits generate from commissions related to the bank’s activities.”
Regarding the bank’s activities in Portugal alone, “the net result stood at around €134.5 million in 2020, 7.2% below the €144.8 million achieved in 2019, having been particularly penalised by money set aside to cover impairments and (Covid-19) provisions,” says Maya.
Maya stressed that subtracting the impairments and provisions, the core result had actually risen on 2019.
The biggest losses were seen in the bank’s international activity, where profits fell from €144 million to €48.5 million in 2020.