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Portugal BPI bank's H1 profit up 8 pct, beats fcast
July 25, 2012 / 4:16 PM / 5 years ago

Portugal BPI bank's H1 profit up 8 pct, beats fcast

LISBON, July 25 (Reuters) - Banco BPI, Portugal’s third largest listed bank, posted on Wednesday an unexpected rise in first-half net profit, even though net interest income fell and provisions for bad loans rose amid the country’s recession and debt crisis.

Net profit rose almost 8 percent to 85.1 million euros ($103.2 million), while analysts surveyed by Reuters had expected, on average, a net profit of 65 million euros. The profit comes after a big loss last year mostly due to a write-down on holdings of Greek debt.

BPI’s net interest income -- the difference between interest charged on loans and interest paid on clients’ deposits -- fell 4 percent in the January-June period to 292 million euros.

The bank said trading gains jumped 33 percent to 178 million euros and commissions rose almost 6 percent to 157 million euros.

BPI’s overseas business, mostly in Angola where the bank holds a majority stake in BFA bank, accounted for nearly 40 million euros of the total profit. ($1 = 0.8248 euros) (Reporting By Sergio Goncalves and Daniel Alvarenga, writing by Andrei Khalip)

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