November 7, 2019 / 5:14 PM / a month ago

Portugal BCP's profit rises despite low ECB rates, exposures cut

LISBON, Nov 7 (Reuters) - Net profit of Portugal’s largest listed bank, Millennium bcp , rose 5% to 270 million euros in the first nine months of 2019, helped by a steep 27% cut in non-performing exposures and a strong rise in core income, the lender said on Thursday.

“Despite the challenging ECB monetary policy, the truth is these are the best nine-month results we’ve had in the past 12 years,” CEO Miguel Maya told a news briefing, referring to pressure from record low European Central Bank’s rates.

Millennium bcp’s net interest income, a measure of earnings on loans minus deposit costs, rose 9.5% from a year earlier to 1.15 billion euros. The bank slashed its exposures to non-performing assets and loans to 4.6 billion euros. (Reporting by Sergio Goncalves, writing by Andrei Khalip)

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