LISBON, Nov 11 (Reuters) - Millennium bcp, Portugal's largest listed bank, posted on Wednesday a 25 percent rise in nine-month net profit, boosted by the sale of part of its business in Angola and largely in line with expectations.
The bank said in a statement net profit totaled 178.1 million euros ($266 million).
The earnings were also boosted by the sale of its stake in local rival Banco BPI, which weighed on the bottom line in 2008.
The bank benefitted from tight spending controls this year, with operating costs down 5.9 percent at 1.17 billion euros from the same period in 2008.
However, net interest income came under pressure, falling 21.8 percent to 998.2 million euros.
Non-performing loans rose as the recession took its toll, rising to 3.1 percent of the bank's loan portfolio of over 90 days from 1.2 percent a year earlier.
Millennium Chief Executive Carlos Santos Ferreira told journalists that net interest income and commissions started to improve in the third quarter, saying the second quarter was the 'low point' for this year's results.
The bank did not provide full, separate results for the third quarter.
Millennium's tier 1 capital ratio rose to 8.9 percent at the end of the third quarter from 8.0 in the second quarter.
Shares in Millennium closed 0.32 percent higher at 0.944 euros before the results were announced.
Analysts in a Reuters poll had expected, on average, a nine-month net profit of 182 million euros and net interest income -- the difference between interest paid on deposits and interest charged on credit -- of 987 million euros.
(Reporting by Shrikesh Laxmidas and Axel Bugge, editing by Andrei Khalip) Keywords: BCP/RESULTS (andrei.khalip@thomsonreuters.com; (351) 213-509-209; RM: andrei.khalip.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. 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 178.1 million euros ($266 million).
The earnings were also boosted by the sale of its stake in local rival Banco BPI, which weighed on the bottom line in 2008.
The bank benefitted from tight spending controls this year, with operating costs down 5.9 percent at 1.17 billion euros from the same period in 2008.
However, net interest income came under pressure, falling 21.8 percent to 998.2 million euros.
Non-performing loans rose as the recession took its toll, rising to 3.1 percent of the bank's loan portfolio of over 90 days from 1.2 percent a year earlier.
Millennium Chief Executive Carlos Santos Ferreira told journalists that net interest income and commissions started to improve in the third quarter, saying the second quarter was the 'low point' for this year's results.
The bank did not provide full, separate results for the third quarter.
Millennium's tier 1 capital ratio rose to 8.9 percent at the end of the third quarter from 8.0 in the second quarter.
Shares in Millennium closed 0.32 percent higher at 0.944 euros before the results were announced.
Analysts in a Reuters poll had expected, on average, a nine-month net profit of 182 million euros and net interest income -- the difference between interest paid on deposits and interest charged on credit -- of 987 million euros.
(Reporting by Shrikesh Laxmidas and Axel Bugge, editing by Andrei Khalip) Keywords: BCP/RESULTS (andrei.khalip@thomsonreuters.com; (351) 213-509-209; RM: andrei.khalip.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. 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.
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