Millennium bcp Defies Expectations with Strong First-Half Earnings

Millennium bcp, Portugal's largest listed lender, has defied expectations by beating profit forecasts in the first half of the year. The bank earned €565.8 million in net profit, a 12.7% increase from the same period last year and significantly higher than the average estimate of €427 million.

The bank attributed its success to a combination of factors, including easing pain from Swiss franc mortgages at its Polish unit. Millennium Bank, which is half-owned by Millennium bcp, saw net profit rise 39% to 708 million zlotys after charges tied to its legacy Swiss franc mortgage book fell 65% year on year.

The bank's CEO, Miguel Maya, noted that lending volumes held up despite lower interest rates, and that the bank's net interest income rose 3.4% to €1.44 billion. Fee and commission income also increased by 5.8% to €438 million, while non-performing exposures fell 11.5% to €1.44 billion.