Banco Comercial Português (BCP) Q3 2025 (Media) earnings summary

Executive summary

• Net income reached €775.9 million in 9M25, up 8.7% year-over-year, with ROE at 14.6% and ROTE at 15.2%.

• Growth driven by both Portugal (+8.0% net income to €654.5 million) and international operations (+19.8% net income to €230.7 million), notably Poland.

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

• Significant reduction in non-performing exposures (NPE) by €332 million year-over-year in Portugal, with NPE at €803 million.

• Digital transformation accelerated, with mobile customers up 9% and digital transactions representing 99.6% of total.

Financial highlights

• Net interest income increased 2.6% to €2,166.6 million; net fees and commissions up 4.0% to €628.8 million.

• Operating costs rose 9.2% to €1,032.5 million, mainly due to higher staff costs (+10.1%).

• Cost of risk at 31bp, down from 38bp year-over-year.

• Profit before income tax up 13.8% to €1,201.7 million.

• NPE ratio dropped to 2.6% from 3.3%; NPL >90 days ratio at 1.3%.

Outlook and guidance

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

• CET1 ratio target above 13.5% and cost-to-income below 40% by 2028.

• Shareholder distribution up to 75% of cumulative net income for 2025-2028, subject to capital and business targets.

• Capital and liquidity positions remain robust, with LCR at 321% and NSFR at 180%.

• Macroeconomic environment expected to remain stable, with moderate growth in core markets.