Banco Comercial Português (BCP) Q3 2025 earnings summary

Executive summary

• Net income for the first nine months of 2025 reached €775.9 million, up 8.7% year-over-year, with ROE at 14.6% and ROTE at 15.2%.

• Portugal net income rose 8% to €654.5 million, while international operations grew 19.8% to €230.7 million, led by Bank Millennium in Poland (+56% to €202 million) despite CHF mortgage provisions.

• Customer base surpassed 7.2 million, with mobile customers up 9% and now representing 74% of active customers; digital sales and transactions rose sharply, with 99.6% of transactions now digital.

• Mozambique net income dropped nearly 60% to €25.4 million due to sovereign debt downgrades and higher impairments.

Financial highlights

• Net interest income grew 2.6% to €2,166.6 million; core income up 2.9% to €2,795.4 million; commissions rose 4% to €628.8 million.

• Core operating profit reached €1.8 billion; profit before tax up 13.8% to €1,201.7 million.

• Customer funds increased 8.6% to €109.5 billion; loans to customers up 4.9% to €61.5 billion.

• Cost-to-income ratio at 35-37% group-wide, 34% in Portugal.

• EPS grew 11.5%; book value per share plus dividend per share up 17%.

Outlook and guidance

• Strategic plan targets business volumes above €190 billion and over 8 million customers by 2028, with mid-single digit growth in NII and loans.

• CET1 ratio target above 13.5%, with up to 75% of cumulative net income distributed to shareholders, subject to capital and business targets.

• Effective tax rate in Portugal expected to trend toward 25-26% as statutory rates decline.

• Capital ratio expected to decrease gradually as excess capital is used to fund growth.