2023-10-30 17:19:40
Portugal’s largest listed bank, Millennium bcp, on Monday posted a nine-month net profit more than seven times that of the previous year, thanks to rising European interest rates and cost controls, despite provisions raised in his Polish unit.
It reported a consolidated net profit of 650.7 million euros ($690 million) between January and September, up from 89.8 million euros the previous year.
Consolidated net interest income (RNI), i.e. loan income less deposit costs, increased by 37% to €2.1 billion in the first nine months, benefiting interest rate hikes from the European Central Bank and the Polish central bank aimed at curbing inflation.
Its half-owned Polish subsidiary, Bank Millennium, posted a nine-month net profit of 100.7 million euros on Friday, compared with a loss of 276 billion euros a year ago, despite provisions of 482.5 million euros due to legal risks on its Swiss franc mortgage portfolio. ($1 = 4.2250 zlotys) ($1 = 0.9431 euros) (Reporting by Sergio Goncalves; editing by Andrei Khalip)
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