Banco Comercial Portugues SA (BCP), Portugal’s second-biggest bank, fell to the lowest in a week in Lisbon trading after posting a loss on impairments related to the sovereign-debt crisis.
The stock fell as much as 3.2 percent to 9 euro cents, the lowest since July 23, and was down 1.1 percent to 9.2 cents at 9:43 a.m. in the Portuguese capital, giving the lender a market value of 693 million euros ($850 million).
“Banco Comercial’s reaction in today’s session is related to the negative results announced on Friday,” said Pedro Oliveira, a trader at Go Bulling in Lisbon.
The lender posted a first-half loss of 544.3 million euros after the close of trading on July 27, compared with net income of 114.3 million euros in the same period a year earlier. The bank said the results were affected by impairments for estimated losses of 450 million euros related to the economic and financial situation in Greece.
Shares of other Portuguese banks rose. Banco Espirito Santo SA (BES) gained 0.6 percent to 49.8 cents, and Banco BPI SA (BPI) increased 1 percent to 50.5 cents.
To contact the reporter on this story: Henrique Almeida in Lisbon at email@example.com
To contact the editor responsible for this story: Jerrold Colten at firstname.lastname@example.org