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Portuguese bank BCP ready profit of €235.3m in 2015

Portuguese bank BCP ready profit of €235.3m in 2015

LISBON: Portuguese bank BCP made a profit of €235.3 million in 2015, compared with a loss of €226.6 million in 2014, its first annual profit in five years, the bank announced earlier this week.

The bank’s chairman, Nuno Amado, said at a press conference that the profits came after four years “in the red”. In 2015, the bank’s financial margin increased 16.6 percent to €1.3 billion and commissions were up 1.8 percent at €692.9 million (In Portugal the rise was 3.5 percent to €448.2 million), while the banking product rose 9.2 percent to €2.5 billion.

The drop in loans granted in Portugal went down 5 percent to €41.6 billion, while the overseas figure showed a 3.4 percent increase to €13.8 billion. Geographically, the contribution of the Portuguese operation was €44.2 million, after a loss of €387 million in 2014, whereas international operations accounted for €176.5 million, less than the €201.5 million profit seen in 2014.

The drop in foreign profits was due to the performance of the Polish subsidiary, which saw profits drop 16 percent to €130.7 million. The bank made €84.2 million in Mozambique and another €75.7 million in Angola.