Millennium bcp recorded a significant reduction of its Non-Performing Exposures (NPE) over the last year, reducing its stockpile in almost -1.9% from the end of the first quarter of 2018 to same period of 2019; and of which -1.8 billion correspond to the activity in Portugal.
Highlighting the «continuous improvement of asset quality; significant NPE reduction, with improvement in credit coverage», the Portuguese banking group informed in a note that its NPE covergage by impairment improved to 55% in the first trimester (48% as at 31 March 2018) and overall coverage to 110% (104% as at 31 March 2018).
In the same document, Millennium bcp also stressed the «significant improvement the profitability» in the first three months of 2019, driven by the activity in Portugal that more than doubled the contribution of the first three months of 2018, reaching € 94.3 million. The group net profit reached €153.8 million in the quarter ended in March.
Original Story: Jornal Económico | António Vasconcelos Moreira and Maria Teixeira Alves
Photo: Millennium bcp site
Edition & Translation:Prime Yield