Banco Comercial Portugues

Banco Comercial Portugues reported a 12.7% year-on-year increase in net income to EUR565.8 million for the first half of 2026, driven by strong net interest income growth and disciplined cost management. Customer loans grew 8.3% to $65.2 billion and total customer funds expanded 9.8% to $116.7 billion, while non-performing exposures fell by EUR187 million, pushing the NPE ratio down to 2.2%. The common equity Tier 1 ratio stood at 15.1%, comfortably above regulatory requirements, and the bank maintained a 90% payout policy including dividends and share buybacks. Bank Millennium in Poland saw net income rise nearly 39% year-on-year, supported by a 65% reduction in Swiss franc mortgage portfolio charges, though the portfolio still incurred EUR96.7 million in charges in the first half. Operating costs increased 5.4% year-on-year due to investments in digital transformation, AI, and cybersecurity, while fee income growth in Portugal tracked at the lower end of mid-single-digit guidance amid cautious retail investor appetite.