Bloomberg News

BCP Rises as Polish Unit’s Net Tops Estimates: Lisbon Mover

February 01, 2012

(Updates with closing share price.)

Jan. 31 (Bloomberg) -- Banco Comercial Portugues SA, Portugal’s second-biggest bank, climbed 1.5 percent in Lisbon trading after its Polish unit posted fourth-quarter profit that beat analysts’ estimates.

Bank Millennium SA’s net income rose 12 percent to 125.1 million zloty ($38.8 million), exceeding the 117 million-zloty average estimate of nine analysts surveyed by Bloomberg.

The unit, which has a policy to pay 35 percent to 50 percent of annual profit as a dividend, won’t make a payout for 2011 and will retain the earnings to comply with the Polish financial market regulator’s recommendation. The watchdog wants the country’s banks to strengthen their capital bases in anticipation of slower economic growth this year.

Banco Comercial rose 0.2 euro cents to 13.5 cents in Lisbon. The stock plunged 75 percent last year as Portugal was engulfed by the sovereign-debt crisis.

Separately, the Portuguese lender said yesterday that Nuno Amado, former chief executive officer at the Portuguese unit of Banco Santander SA, accepted an invitation from shareholders to be a candidate for the post of CEO at Banco Comercial. The nomination will be discussed at a stockholder meeting, according to a regulatory filing.

--Editors: Stephen Taylor, Steve Bailey

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Tim Quinson at tquinson@bloomberg.net


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