BCP Millennium obtained profits of 234.3 million in the first quarter of 2024, continue to benefit from the increase in financial margin; In simple terms, the difference between the interest charged on loans and what the bank pays to finance itself (that is, through customer deposits). You Quarterly results increased around 8.4%. compared to 216 million in the same period last year.
The activity in Portugal contributed 203.5 million euros to the bank, profits that increased by more than 18% compared to the same period last year. The rest was obtained through the group’s international activity, mainly in Poland.
The bank closes a year (2023) in which, in the group’s consolidated operation, it more than quadrupled its profits, up to 856 million euros, benefiting from the sudden increase in interest rates initiated by the ECB in the summer of 2022.
In national operations, the bank currently has a financial margin rate of 2.34%, which reflects the difference between what the bank pays to finance itself and the interest it charges. This rate, however, was slightly reduced (two tenths) in the year-on-year comparison of the operation in Portugal, after the bank had already indicated that the “peak” of the financial margin occurred in the third quarter of last year. At a consolidated level, however, the financial margin rate increased by 4.8%.
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In this first quarter, the financial margin increased by 4.8% to 696.2 million, a crucial item for the profitability of banks that continues to increase although not at the same pace as last year. The financial margin and commissions (which rose 1%) caused the so-called “profits center”to increase 3.8% to 892.6 million.
However, the bank increased operating costs by almost 15% to 308.1 million, according to information transmitted this Wednesday. The largest variation in this item occurred in personnel expenses in international operations, since in Portugal (total) operating costs increased by 5.5%.
The return on equity (ROE), which for several years was highlighted by banks as only in the single digits, is already at 15% in this first quarter of 2024. BCP also has a capital ratio (CT1) “very robust,” he said. Miguel Maya at the press conference: 16%.
Source: Observadora
