Banco Comercial Português profit jumps 12.7% in H1, shares near annual highs

Banco Comercial Português (BCP) reported a 12.7% rise in first‑half net profit to €565.8 million, driven by strong domestic and Polish operations. After the results, the stock traded around the €1.014 support level and rose about 3%, then jumped 4.92% to €1.07 the following day. Return on equity reached 14.6% and return on tangible equity 15.2%. Financial margin grew 3.4% to €1.4938 billion, while net commissions increased 5.8% to €438 million. Operating costs rose 5.4% to €720.2 million, keeping the efficiency ratio stable at 37%. In Portugal, net profit rose 10.9% to €470.2 million and financial margin to €733.2 million. In Poland, Bank Millennium posted a 38.7% profit increase to €166.9 million, helped by a 64.9% cut in provisions on CHF‑linked mortgage loans. The Mozambique subsidiary’s profit fell to €13.9 million from €23.7 million, reflecting a tougher economic environment. Non‑performing exposures fell by €187 million and the capital position remains comfortable.