LISBON May 8 Portugal's second-largest bank
Millennium bcp, posted on Monday a 7.4 percent rise in
first quarter net profit to 50.1 million euros, beating
expectations on the back of a strong rise in net interest
"The first quarter result benefitted from continued
expansion in core results, which reached 254.8 million euros, a
gain of 20 percent compared with the first quarter a year ago,"
said chief executive Nuno Amado.
Net interest income - the difference between interest
charged on loans and interest paid on deposits - rose nearly 14
percent to 332.3 million euros, helped by the bank now having
paid off all outstanding contingent convertible bonds(CoCo) to
Still, impairments rose 27.7 percent to 203 million euros in
the first quarter.
Millennium carried out a capital increase in February of
1.33 billion euros, allowing it to pay off the last 700 million
euros of outstanding CoCos. China's Fosun raised its stake in
Millennium to 23.92 percent in the capital hike.
Its fully-loaded core Tier 1 capital ratio rose to 11.2
percent in the first quarter, up from 10.1 percent a year
(Reporting By Sergio Goncalves, writing by Axel Bugge)