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Financials

Portugal's Millennium bcp 2020 profit drops 39% on COVID-19 provisions

LISBON, Feb 25 (Reuters) - Portugal’s largest listed bank Millennium bcp on Thursday reported a 39.4% drop in its 2020 net profit to 183 million euros ($223.83 million), hit by higher impairments and provisions in the wake of the COVID-19 pandemic.

Loan provisions increased by 30.7% to around 509.9 million euros in 2020 from a year ago, while other impairments and provisions surged 118.9% to 331.4 million euros, the bank said in its statement.

Its net interest income, a measure of earnings on loans minus deposit costs, fell 1% to 1.53 billion euros compared with the previous year.

Poland’s Bank Millennium, which is half owned by Millennium bcp, announced earlier this month its 2020 net profit fell 96% to 5.1 million euros, mainly due to provisions for legal risk related to its portfolio of foreign currency mortgage loans.

$1 = 0.8176 euros Reporting by Sergio Goncalves; Editing by Victoria Waldersee and Jane Merriman

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