Special Supplement: Portugal - Back In Balance - Millennium BCP Is Emerging From A Spate Of Troubles That Hit Its Share Value Hard. Focusing Closely On Core Business Has Helped The Turnaround.

Banker, The, June, 2004

Misfortunes never come alone. Banco Comercial Portugues, Portugal's biggest listed bank, now called Millennium BCP, has discovered the truth in this proverb in the past three years as a series of setbacks undermined its share value and weakened its capital base. But, after disinvesting from international insurance operations, refocusing on its core banking business, strengthening its capital and rebranding its Portuguese networks under the single name Millennium BCP, the group is regaining investor confidence and advancing with its growth strategy in Poland and Greece.

Net profits rose by 60% to E438m in 2003, substantially higher than analysts had forecast, with operating revenue growing 4% despite the recession in Portugal. Net interest income was stable at...

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