BCP profits up 63% to €97M

Bank BCP closed the first nine months of the year with profits of €97.2 million.

The result was a 63% increase like-for-like on 2021 despite difficult results from the group’s Polish operations Bank Millennium.
In Portugal the bank led by Miguel Maya posted a profit of €295.7 million, but in Poland woes continue ad the bank faces over 15,000 lawsuits over mortgage loans granted in Swiss francs in the first decade of the millennium.
At a press conference, the CEO explained that the positive result reflected “an increase in core income by almost 25% as well as “prudent cost management”.
However, the losses and provisions the group faced came from Poland with 3391,1 million from mortgage portfolios in Swiss francs and provisions from the moratoria on loans of €304.6 million euros.
The bank also had to make a contribution of €59.1 million to the Institutional Protection Fund (IPS) and there was a goodwill impairment of €102.3 million from Bank Millennium.
Had it not been for the Polish operation Bank Millennium, the BCP group would have posted a €536 million result – a 125% increase like-for-like on 2021.
Despite the problems of its Polish operations, the sale of Bank Millennium is not on the cards, particularly at a time of huge uncertainty, because the Polish market is “very interesting”. Who’s buying in such uncertainty? You can’t set a price when you can’t see what’s around the corner”.