February 21, 2019 / 5:34 PM / 5 months ago

Millennium bcp's profit surges, 1st dividend payout seen since 2011

LISBON, Feb 21 (Reuters) - Portugal’s largest listed lender Millennium bcp reported on Thursday a 62-percent rise in 2018 net profit as its earnings at home tripled and exposure to problematic assets fell, allowing the bank to propose its first dividend payout in eight years.

It said the executive committee proposed to the board “a dividend distribution corresponding to a 10 percent payout”, to be submitted to the annual general shareholder meeting.

Net profit rose to 301 million euros, supported by growing net interest income - the difference between interest charged on loans and interest paid on deposits - and commissions, up 2.3 and 2.6 percent respectively.

Non-performing exposure fell by 2.1 billion euros to 5.5 billion, while the bank reinforced its NPE coverage by impairments to 52 percent from 43 a year earlier.

$1 = 0.8758 euros Reporting By Sergio Goncalves and Andrei Khalip

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