Portugal Millennium bcps quarterly profit doubles, despite losses in Poland

div classBodysc17zpet90 cdBBJodivpLISBON Reuters – Portugals largest listed bank, Millennium bcp, posted on Monday a 95 rise in firstquarter net profit, driven by robust income at home, despite losses at its Polish subsidiary due to heavy provisions for foreign currency loans.

The bank reported a net consolidated profit of 112.9 million euros 118 million in the quarter s earnings at its business in Portugal increased by 29 from a year ago to 107.6 million euros, it said in a statement.pdivdivdiv classBodysc17zpet90 cdBBJodiv

Polands Bank Millennium, halfowned by Millennium bcp, three weeks ago reported a quarterly loss of 26.4 million euros, after taking provisions of around 108 million euros for legal risks related to its portfolio of foreign currency mortgage loans.

Without these provisions, the Portuguese lenders profit would have totalled about 175 million euros, it said.p

In a sign of good operating performance at home and abroad, Millennium bcps consolidated net interest income, a measure of earnings on loans minus deposit costs, rose by 24 to 465 million euros during the first three months of 2022.

1 0.9602 eurosp

Reporting by Sergio Goncalves editing by Andrei Khalipp

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