Millennium bcp Q1 Profit Rises 26 Percent to 306 Million
Portugal's Millennium bcp reported a first-quarter net profit of 305.8 million euros, exceeding analyst expectations through domestic growth and improved performance at its Polish unit. The lender saw net interest income rise to 738.4 million euros while non-performing exposures fell 14 percent.
Portugal's Millennium bcp reported a 26% rise in first-quarter net profit to 305.8 million euros. The result beat the 208 million euro average analyst forecast provided by LSEG. Rising margins and lower Polish provisions boosted return on equity to 15.9% from 13.9% a year ago.
Net income at the domestic operations rose 21.2% to 265.4 million euros during Q1 2024. CEO Miguel Maya told a news conference Millennium bcp remains in a solid position despite a challenging quarter marked by elevated Swiss franc mortgage pressures. Consolidated net interest income (NII) rose 2.4% to 738.4 million euros.
