LISBON, Feb 10 (Reuters) - Millennium bcp, Portugal's largest listed bank, posted on Wednesday a 12 percent rise in 2009 net profit, exceeding the average of analysts forecasts, helped by the sale of a stake in its Angolan unit.
The bank said in a statement net profit totaled 225 million euros ($310.1 million), also helped by an almost 8 percent fall in operating costs, particularly administrative and staff costs.
The sale of a nearly 50 percent stake in its Angolan subsidiary brought BCP a capital gain of 21.2 million euros, which also boosted the profit.
But the bank's net interest income -- the difference between interest paid on deposits and interest charged on credit -- came under pressure, reflecting an increase in the cost of funding and narrower interest rate spreads on customer deposits during an economic downturn.
Net interest income fell 22.5 percent to 1.33 billion euros, but was in line with expectations.
Analysts in a Reuters poll had expected, on average, a 2009 net profit of 214 million euros and net interest income of 1.33 billion euros.
BCP also said it reinforced its Core Tier 1 capital ratio last year to 7.1 percent under new Bank of Portugal methodology. It did not provide a comparison with the previous year, but said its Core Tier 1 capital ratio under the standard method rose to 6.4 percent from 5.8 percent.
In 2008, BCP's bottom line was affected by steep losses on its stake in local rival Banco BPI, which has since been sold.
BCP shares closed 5.5 percent higher at 0.785 euros before the results were announced, recovering from hefty losses last week.
(Reporting by Shrikesh Laxmidas and Sergio Goncalves; editing by Elaine Hardcastle) ($1=.7255 Euro) Keywords: BCP/RESULTS (andrei.khalip@thomsonreuters.com; (351) 213-509-209; RM: andrei.khalip.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The bank said in a statement net profit totaled 225 million euros ($310.1 million), also helped by an almost 8 percent fall in operating costs, particularly administrative and staff costs.
The sale of a nearly 50 percent stake in its Angolan subsidiary brought BCP a capital gain of 21.2 million euros, which also boosted the profit.
But the bank's net interest income -- the difference between interest paid on deposits and interest charged on credit -- came under pressure, reflecting an increase in the cost of funding and narrower interest rate spreads on customer deposits during an economic downturn.
Net interest income fell 22.5 percent to 1.33 billion euros, but was in line with expectations.
Analysts in a Reuters poll had expected, on average, a 2009 net profit of 214 million euros and net interest income of 1.33 billion euros.
BCP also said it reinforced its Core Tier 1 capital ratio last year to 7.1 percent under new Bank of Portugal methodology. It did not provide a comparison with the previous year, but said its Core Tier 1 capital ratio under the standard method rose to 6.4 percent from 5.8 percent.
In 2008, BCP's bottom line was affected by steep losses on its stake in local rival Banco BPI, which has since been sold.
BCP shares closed 5.5 percent higher at 0.785 euros before the results were announced, recovering from hefty losses last week.
(Reporting by Shrikesh Laxmidas and Sergio Goncalves; editing by Elaine Hardcastle) ($1=.7255 Euro) Keywords: BCP/RESULTS (andrei.khalip@thomsonreuters.com; (351) 213-509-209; RM: andrei.khalip.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.