Portugal Millennium bcp’s quarterly profit doubles, despite losses in Poland

LISBON (Reuters) – Portugal’s largest listed bank, Millennium bcp, posted on Monday a 95% rise in first-quarter net profit, driven by robust income at home, despite losses at its Polish subsidiary due to heavy provisions for foreign currency loans.

The bank reported a net consolidated profit of 112.9 million euros ($118 million) in the quarter as earnings at its business in Portugal increased by 29% from a year ago to 107.6 million euros, it said in a statement.

Poland’s Bank Millennium, half-owned by Millennium bcp, three weeks ago reported a quarterly loss of 26.4 million euros, after taking provisions of around 108 million euros for legal risks related to its portfolio of foreign currency mortgage loans.

Without these provisions, the Portuguese lender’s profit would have totalled about 175 million euros, it said.

In a sign of good operating performance at home and abroad, Millennium bcp’s consolidated net interest income, a measure of earnings on loans minus deposit costs, rose by 24% to 465 million euros during the first three months of 2022.

($1 = 0.9602 euros)

(Reporting by Sergio Goncalves; editing by Andrei Khalip)