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Portugal BCP bank's loss narrows, but larger than expected
February 2, 2015 / 5:32 PM / 3 years ago

Portugal BCP bank's loss narrows, but larger than expected

LISBON, Feb 2 (Reuters) - Portugal’s largest listed bank Millennium bcp cut its 2014 net loss to 218 million euros from 740 million in 2013 as net interest income rose, but still failed to staunch losses in the last quarter as it had hoped due to one-off tax adjustments.

CEO Nuno Amado told reporters that without taking into account one-off impacts, “the bank clearly reached break-even” in the fourth quarter.

The net loss in the fourth quarter alone reached almost 120 million euros, higher than the 111 million expected on average by analysts, but down from 143 million posted a year ago.

A year earlier, BCP’s net loss totaled 740.5 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 nearly 39 percent to 325 million in the quarter, slightly exceeding the average forecast of 312 million euros. For the whole year net interest income rose almost 32 percent to around 1.12 billion euros. (Reporting By Sergio Goncalves, writing by Andrei Khalip)

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