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Portugal Millennium BCP bank sharply reduces first-half loss
July 28, 2014 / 4:51 PM / 3 years ago

Portugal Millennium BCP bank sharply reduces first-half loss

LISBON, July 28 (Reuters) - Millennium bcp, Portugal’s second-largest listed bank by assets, dramatically reduced its first-half net loss from a year ago as its net interest income rose 30 percent, the bank said on Monday.

The net loss of 62 million euros ($83 million) came in lower than the 76 million loss expected on average by analysts, even as impairments on bad loans and heavy costs of state capitalisation support to which the bank resorted in 2012, at the height of Portugal’s debt crisis, still weighed on earnings.

A year ago, BCP’s loss was 488 million euros, partly weighed down by its loss-making Greek unit that has since been sold.

Net interest income - the difference between interest charged on loans and interest paid on deposits - rose to 496 million euros in the first half of 2014.

$1 = 0.7442 Euros Reporting By Andrei Khalip

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