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Portugal's BCP posts small 2016 profit despite bad loan provisions
March 6, 2017 / 5:23 PM / 7 months ago

Portugal's BCP posts small 2016 profit despite bad loan provisions

LISBON, March 6 (Reuters) - Portugal’s second-largest bank Millennium bcp posted on Monday a 2016 net profit much smaller than a year ago but stayed in the black for the second year running despite hefty losses earlier in the year due to higher provisions for bad loans.

“There was a very positive and consistent evolution of the consolidated operating result before provisions,” CEO Nuno Amado told a news conference, citing a core income of nearly 1.1 billion euros in 2016.

For all of last year, the lender posted a net profit of 23.9 million euros ($25 million) after a profit of 235 million euros in 2015, with net interest income - the difference between interest charged on loans and interest paid on deposits - rising 3.3 percent to 1.23 billion euros.

It did not reveal its fourth-quarter result, but it had previously reported a nine-month net loss of 251 million euros. ($1 = 0.9449 euros) (Reporting By Sergio Goncalves and Andrei Khalip)

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