Millennium bcp, Portugal’s largest listed bank, reported a 9-month net profit of €776 million, marking an 8.7% increase from the prior year.
The strong result was driven by its Polish subsidiary, Bank Millennium, whose net income jumped by 56% to €202 million.
Domestic operations also held up reasonably well despite weak interest-rate conditions in Europe. Net interest income rose 2.6% to €2.17 billion and fees and commissions increased 4% to €629 million.
CEO Miguel Maya said the environment was more complex than anticipated, citing geopolitical pressures and low rates; however, the bank confirmed a 14.6% return on equity (ROE) for the group.
Analysts pointed to the reduction in provisions tied to Swiss-franc mortgage loans in Poland as a key factor. That easing has allowed Bank Millennium to rebound and contribute more strongly to the group.
In short, Millennium bcp’s diversified operations—especially the improving Polish unit—helped it achieve solid earnings growth despite challenging conditions in Europe.
