Banco Comercial Português (BCP) Q4 2025 earnings summary

Executive summary

• Net income rose 12.4% year-over-year to €1,018.6 million, with ROE at 14.1% and EPS up 14.3%.

• Portugal net income increased 10.6% to €869.4 million; international operations up 33% to €291.9 million, mainly from Poland, where Bank Millennium profits surged 67%.

• Over 7.3 million active customers, with mobile customers up 9% to 5.4 million and representing 74% of the base.

• CET1 ratio at 15.9% and total capital at 19.9%, both well above regulatory requirements.

• Strategic focus on technology, digital transformation, and operational efficiency, with cost-to-income ratio anchored below 40%.

Financial highlights

• Net interest income grew 2.4% to €2,898.1 million; net fees and commissions up 4.3% to €847.4 million.

• Loans to customers increased 7.3% to €62.6 billion; customer funds up 8.6% to €111.8 billion.

• Core income rose 2.8% to €3,745.4 million; operating costs increased 8.3% to €1,415.1 million.

• Cost of risk at 32 bps (vs. 31 bps in 2024); NPE ratio improved to 1.7% from 2.5% year-over-year.

• Profit before impairment and provisions up 5.9% to €2,400.1 million.

Outlook and guidance

• Confident in overachieving 2028 business plan targets, with sustainable mid-teens ROTE and EPS growth.

• Strategic plan targets business volumes above €190 billion and over 8 million customers by 2028.

• Cost-to-income ratio targeted below 40% and CET1 ratio above 13.5% through 2028.

• Up to 75% of cumulative net income to be distributed to shareholders, subject to capital and business targets.

• NII and fees in Portugal expected to grow mid to high single digits; costs to grow in line with revenues.