Millennium bcp bank's Jan-Sept profit jumps more than seven times

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- Portugal's largest listed bank, Millennium bcp BCP.LS, posted on Monday a nine-month net profit more than seven times higher than a year ago, thanks to rising European interest rates and cost controls, despite high provisions at its Polish unit.

It reported a consolidated net profit of 650.7 million euros ($690 million) between January and September, up from 89.8 million euros a year earlier.

Consolidated net interest income (NII), or earnings on loans minus deposit costs, rose 37% to 2.1 billion euros in the nine months, benefiting from interest rate hikes by the European Central Bank and the Polish central bank to curb inflation.

Its half-owned Polish subsidiary, Bank Millennium MILP.WA, on Friday posted a net profit of 100.7 million euros in the nine months, compared to a loss of 276 billion euros a year ago, despite 482.5 million euros in provisions due to legal risks over its portfolio of Swiss franc mortgage loans.

($1 = 4.2250 zlotys)

($1 = 0.9431 euros)


(Reporting by Sergio Goncalves; editing by Andrei Khalip)

((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net))

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