BCP’s profit fell 83.9% to € 12.3 million in the first half of the year compared to the same period last year due to pressure from Poland and costs associated with the restructuring of the financial institution.
During the same period last year, the bank, headed by Miguel Maya, recorded a positive result of 76 million euros.
This amount, according to the bank’s statement to CMVM this Monday, includes “an increase of € 214.2 million in provisions for legal risks associated with Swiss franc loans in Poland and specific items of € 87.2 million in Portugal “. mainly related to restructuring costs. “
The net result excluding legal risks on mortgage loans in Poland would have been 118.3 million euros, compared to 95 million in the same period last year.
BCP’s reserves and impairment rose from € 351.3 million in the first half of 2020 to € 461.9 million in the first six months of this year, BCP reported.
During this period, net interest income rose 0.7% to € 768.2 million. “In this evolution, it is important to highlight the growth in activity in Portugal, despite the fact that it has been largely absorbed by the contraction confirmed in international activity,” he says. Fees increased by 6.4% to € 352.6 million.
In the first six months of the year, the bank, led by Miguel Maia, recorded a 4.1% (net) increase in loans to customers, while deposits rose more than 7%.
On the other hand, operating expenses rose 7.9% to 591 million euros during the period marked by the restructuring of BCP. This development, according to the bank, “reflects the performance both in Portugal and, in general, international activities, which indicates that the Group is focused on its commitment to improve efficiency.”
In terms of equity, the CET1 BCP ratio was 11.6%, up from 12.1% in June 2020.
(News updated with more information.)
