May 19, 2020 / 4:19 PM / 17 days ago

Portugal's Millennium bcp profit slumps 77% on coronavirus provisions

LISBON, May 19 (Reuters) - Portuguese lender Millennium bcp reported a 77% decline in first-quarter net profit to 35.3 million euros ($38.6 million) on Tuesday due to provisions put in place to soften the economic impact of the coronavirus.

The outbreak is set to dent Portugal’s economy, with the International Monetary Fund expecting gross domestic product to contract by 8% this year, above the European Commission’s predictions this week of a 6.8% drop. (Reporting by Sergio Goncalves, writing by Catarina Demony, editing by David Evans)

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