Banco Comercial Português, S.A. (BCP) reported nine-month profit attributable to shareholders of €873.7 million, up 12.6%, as stronger income and lower other impairment costs supported earnings despite higher operating costs and loan impairment charges.
The bank’s Oct. 28 earnings release put return on equity at 14.9%, compared with 14.6% in the first nine months of 2025. Return on equity measures profit relative to shareholders’ equity.
Operations in Portugal generated €727.9 million in profit, an 11.2% year-over-year increase. Bank Millennium, BCP’s Polish operation, earned €259.7 million, up 28.5% including foreign-exchange effects. The release reports 29.6% growth excluding those effects.
BCP said Portugal drove core income growth, while interest-rate cuts in Poland reduced Bank Millennium’s net interest income. Costs tied to the Polish operation’s foreign-currency mortgage portfolio fell 64.4% to €135.5 million before tax and noncontrolling interests.
For the group, net operating revenues rose 6% to €2.993 billion. Net interest income increased 5.8% to €2.293 billion, and net fees and commissions grew 5% to €660.4 million. Net interest margin, a separate measure reported as a percentage, declined to 2.85% from 2.92% even as net interest income rose.
Operating costs climbed 5.3% to €1.087 billion. Other impairment and provision charges fell 35.7% to €285.7 million, while loan impairment charges, net of recoveries, increased 18.8% to €167.5 million. The figures show that the reduction in one impairment category came alongside higher loan impairment charges and operating costs.
Compared with September 2025, customer loans expanded 7.8% to €66.2 billion, while total customer funds advanced 7.1% to €116.3 billion. Both measures increased year over year, with lending growing at the faster rate.
