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Markets News

Portugal's Millennium bcp 9-month profit drops 46% on higher provisions

LISBON, Oct 29 (Reuters) - Portugal’s largest listed bank Millennium bcp reported on Thursday a 46% drop in its 9-month net profit to 146.3 million euros ($173 million), dragged down by higher provisions in the wake of the coronavirus pandemic.

However, its net interest income (NII), a measure of earnings on loans minus deposit costs, was little changed at 1.15 billion euros from a year ago, the bank said in a statement.

Loan provisions increased 25% to 374.2 million euros in January-September 2020 from a year ago, while other provisions and impairments skyrocketed 126% to 176.4 million euros, it said.

$1 = 0.8461 euros By Sergio Goncalves, Editing by Victoria Waldersee and Andrei Khalip

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