UPDATE 2-BCP Q1 net up at 106.7 mln eur, beats f'cast

* Net profit up sharply

* Beats expectations

(Updates with more details)

LISBON, May 11 (Reuters) - Millennium bcp (BCP.LS: Quote, Profile, Research), Portugal's largest listed bank, posted on Monday a first-quarter net profit of 106.7 million euros ($145.2 million), to sharply beat expectations, boosted by the sale of a stake in its Angolan unit.

The bank's profit was boosted, comparatively, by the lack of need for provisions to cover a stake in local rival Banco BPI (BBPI.LS: Quote, Profile, Research). The stake, which it sold last year, weighed on first-quarter results in 2008, when a provision of 131 million euros dragged net profit down to just 14.7 million euros.

It said it made a gain of 21.2 million euros in the first quarter from the previously announced sale of 49.9 percent of its Angolan unit -- Banco Millennium Angola -- to state oil company Sonangol.

However, net interest income fell 9.3 percent to 373.8 million euros.

The bank said worsening economic performance in Portugal and in Poland prompted the bank to raise its provisions by 101.9 percent in the first quarter to 168 million euros.

Its Polish unit, Millennium Bank BIGW.WA, posted a 91 percent slump in first-quarter revenues, mainly as a result of more competition for deposits, higher funding costs and unfavourable exchange rates.