Portugal: BCP bank posts €97.2M profit in first nine months, up 63% YoY

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Portugal: BCP bank posts €97.2M profit in first nine months, up 63% YoY

2:53 CAT | 01 Nov 2022

Photo: Lusa

Portugal’s BCP bank posted €97.2 million in profit in the first nine months of the year, up 63% compared to the same period last year, it was announced on Monday.

“The bank had €97.2 million in profit, compared to €59.2 million last year, which translates into a 63% increase,” said BCP CEO Miguel Maya at a press conference in Lisbon.

This performance was based on the increase of the group’s core income and on the management of recurring operational costs.

In Portugal, net income was €295.7 million, as a result of a 9.3% increase in core income and a 3.4% reduction in recurring costs.

Bank commissions, in Portugal, rose 11.4% to €354.6 million, while total commissions were €417.7 million, a rise of 10.9%.

Commissions on cards and money transfers stood out here, with a gain of 30.3% on the same period last year, to €104.6 million.

Commissions on account management and maintenance totalled €104.5 million, up 17.2%.

In this period, the group’s total customer resources grew by €3.1 billion compared to September 2021, while total customer resources in Portugal grew by €2.7 billion or 4.2% more compared to the previous year.

In turn, the group’s balance sheet assets progressed by 8.8% to €75.2 billion, with growth of 10.4% in Portugal.

Between January and September, the value of commissions rose to €573.8 million, a year-on-year increase of 7.3%.

“In Portugal that growth was 10.9%, benefiting from the increase in people’s mobility, with very significant growth in banking commissions”.
BCP’s recurring operating costs totalled €781.4 million, an increase of 2.6%.

“The net interest margin ratio is evolving favourably to 2.38%. In Portugal, it remains quite stable, with the net interest margin rate showing absolute growth of 8.3%,” the financial institution’s chief executive added.

Source: Lusa