Banco Comercial Português (BCP) Q2 2026 (Media) earnings summary

Executive summary

• Net income reached €565.8 million in H1 2026, up 12.7% year-over-year, driven by strong performance in Portugal (€470.2 million, +10.9% YoY) and international operations (€183.5 million, +25.2% YoY), with Bank Millennium in Poland up 38.7%.

• Growth was supported by higher core income, increased net trading income, and a significant reduction in impairments and provisions, despite higher operating costs.

• Bank Millennium in Poland saw net income surge 37.9% (FX effect excluded), mainly due to a 65.1% drop in CHF mortgage-related charges.

• Solid capital and liquidity positions maintained, with CET1 at 15.1%, total capital ratio at 19.3%, LCR at 326%, and NSFR at 183%.

• Customer base expanded 4% YoY to 7.4 million, with mobile customers up 8% and digital penetration at 75%.

Financial highlights

• Net interest income rose 3.4% YoY to €1,493.8 million; net fees and commissions increased 5.8% to €438.0 million.

• Core operating profit grew 3.2% to €1,211.7 million; profit before impairment and provisions up 5.6% to €1,230.1 million.

• Operating costs increased 5.4% YoY to €720.2 million; cost-to-income ratio stable at 37%.

• Loan impairments (net of recoveries) up 16.3% to €104.4 million; other impairments and provisions down 32.8% to €188.5 million.

• Total assets grew 8.9% to €114.8 billion; customer funds up 9.8% to €116.7 billion.

Outlook and guidance

• Strategic targets for 2025-2028 include business volumes above €190 billion, mobile customer penetration above 80%, cost-to-income below 40%, and CET1 ratio above 13.5%.

• Shareholder distribution policy targets up to 75% of cumulative net income for 2025-2028, subject to capital and business targets.

• Management remains focused on supporting economic recovery, prudent risk management, and digital transformation.