trending Market Intelligence /marketintelligence/en/news-insights/trending/z3n-hfdf1hoojyfe7ds5ow2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Lower impairments buoy Millennium BCP's Q2 profit

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery


Lower impairments buoy Millennium BCP's Q2 profit

Portuguese lender Millennium BCP reported second-quarter net income of €65.1 million, up from €39.8 million in the same period in 2017.

Net interest income fell year over year to €342.8 million from €346.2 million, while net fees and commissions income rose to €172.4 million from €169.5 million. Net trading income totaled €42.6 million in the period, down from €53.5 million a year earlier.

Loan impairments, net of recoveries, stood at €114.8 million in the quarter, down from €156.1 million a year ago. Other impairments and provisions fell year over year to €35.1 million from €56.0 million.

For the first half, the bank reported net income attributable to shareholders of €150.6 million, compared to €89.9 million a year ago. EPS rose to 2.0 cents from 1.5 cents a year ago.

First-half net interest income was at €687.7 million, compared to €678.5 million a year ago, while net fees and commissions income rose on a yearly basis to €340.2 million from €330.3 million.

Loan impairments were down to €220.8 million from around €305.0 million a year ago; impairment on other financial assets also declined, to €5.1 million from €31.9 million a year ago.

Return on average equity for the half was 5.3%, compared to 3.3% a year ago.

As of June-end, the bank's phased-in common equity Tier 1 ratio was 11.7%, compared to 13.0% a year ago. On a fully loaded basis, CET1 ratio also stood at 11.7% as of June-end, compared to 11.3% a year earlier.