LISBON, May 9 (Reuters) - Net profit at Millennium bcp, Portugal’s largest listed bank, surged 80 percent in the first quarter from a year earlier, driven by lower impairments and higher trading income in its home market.
Overall net income rose to 154 million euros ($173 million)in the first quarter, while in Portugal alone it jumped 112 percent to over 94 million euros.
It said in a statement that results in Portugal were “driven by the positive performance of most items, with particular emphasis on the reduction of impairments and provisions and the increase in net trading income and other net operating income.”
Net trading income rose 75 percent to 60 million euros, which it said “mostly reflects the performance of the activity in Portugal, due the higher level of securities income and lower costs with loan sales.”
Impairment for loan losses fell over 18 percent in the first quarter to 86.5 million euros while other impairment and provisions fell 27 percent from a year earlier to 17.4 million euros. ($1 = 0.8915 euros) (Reporting By Axel Bugge, editing by Andrei Khalip)