Millennium BCP profit rises 12.6% to 873.7 million euros in nine months

Profit and business lines

Millennium BCP reported a net profit of 873.7 million euros for the first nine months of the year, up 12.6% from the same period of 2025, according to a statement sent to the Securities Market Commission (CMVM) and presented at the results briefing in Oeiras, near Lisbon. The Portuguese business contributed 727.9 million euros, up 11.2%. The Polish operation, Bank Millennium, raised its profit 29.6% to 259.7 million euros. The Mozambican operation, Millennium BIM, earned 16.8 million euros, down 31.4%, and the bank said economic conditions in Mozambique had weighed on its performance. Excluding those impacts, its net result would have been 73.6 million euros. Observador rounded the group figure to 874 million euros.

Portugal727.9

Bank Millennium (Poland)259.7

Millennium BIM (Mozambique)16.8

Portugal

727.9 million euros

Bank Millennium (Poland)

259.7 million euros

Millennium BIM (Mozambique)

16.8 million euros

Data from the article text

Chief executive Miguel Maya described the period as "bastante difícil" (quite difficult), citing an exceptional economic environment that requires intense and close management with a high level of unpredictability.

Revenue, costs and capital

Total revenues reached 2.8 billion euros, up 5.7%, with net interest income of 2.17 billion euros, up 5.8%. Commission income rose 5% to 628.8 million euros, while expenses grew 5.3% to 1.03 billion euros. The efficiency ratio improved slightly, from 36.6% to 36.3%. Return on tangible equity (RoTE) reached 15.5%, compared with 15.2% a year earlier. The CET1 capital ratio fell from 15.9% to 15.2%, while the liquidity coverage ratio rose from 321% to 330%. The loan portfolio grew 7.8% to 66.2 billion euros, of which 45.91 billion euros relates to Portugal. The non-performing exposure ratio dropped from 2.6% to 2.2%, standing at 1.5% in Portugal and 3.6% internationally. At Bank Millennium, the Swiss franc mortgage portfolio was cut by 49% over the past year, and new lawsuits tied to those loans have been falling.

Branches, staff and the closure question

At the end of September the bank had 384 branches in Portugal, ten fewer than a year earlier, and 5,983 employees in the country, down from 6,224. Responding to journalists after the presentation, Maya denied that the bank has a plan to close branches.

“The business model of BCP is not one of moving from the physical world to digital, but of a balanced relationship that creates value.”

He said that branches unable to attract customers and business will close, while openings may take place in urban growth areas.

Mandatory contributions and the Constitutional Court

The bank paid 42.2 million euros in mandatory contributions through September, covering the banking sector and the Resolution Fund, compared with 20.4 million euros in the first nine months of 2025. Maya also pointed to a 2025 reversal of the solidarity surcharge, which came to around 30 million euros. Eco reported in July that the Constitutional Court had ruled unconstitutional a rule allowing the Bank of Portugal to set the rates of the additional contributions to the Resolution Fund, because that power belongs to the legislature. Jornal Económico reported that the case had been brought by BCP. Under the law, the effect of such a ruling applies to the claimant, and extending it to all contributing banks would require the same reasoning in other cases. The government returned about 200 million euros to banks in 2025 after similar rulings on the bank surtax.

First nine months 202520.4

First nine months 202642.2

First nine months 2025

20.4 million euros

First nine months 2026

42.2 million euros

Data from the article text

Outlook and share price

Maya said the bank has updated the targets of its strategic plan without revising the plan itself. Projected business volume through 2028 rises from 190 billion euros to 200 billion, with the Portuguese activity moving from 120 billion to 130 billion euros. On Wednesday's session the shares rose about 0.05% to 1.09 euros.