Banco Comercial Português (BCP) Q3 2026 (Media) earnings summary

Executive summary

• 9M26 net income was €873.7m, up 12.6% YoY; net operating revenue rose 6.0% to €2,993.1m and profit before tax increased 20.8% to €1,451.2m.

• Growth reflected higher core income and lower impairment and provision charges, partly offset by operating costs rising 5.3% to €1,087.0m.

• Customer loans grew 7.8% to €66.2bn and customer funds rose 7.1% to €116.3bn; NPE stock declined €157m to €1,442m.

Financial highlights

• Net interest income rose 5.8% to €2,293.0m and net fees and commissions increased 5.0% to €660.4m in 9M26.

• Profit before impairment and provisions was €1,906.0m, up 6.3%; impairment and provisions fell 23.0% to €454.8m, including lower Polish CHF mortgage legal-risk charges.

• Net income attributable to shareholders was €873.7m versus €775.9m; basic and diluted EPS were €0.057 versus €0.050.

• Q3 2026 net income was €307.9m, up 18.4% QoQ and 12.5% YoY; net operating revenue was €1,042.7m, up 7.8% QoQ.

• Total assets increased 4.8% to €114.2bn and equity rose 9.8% to €9.6bn.

Outlook and guidance

• Updated 2028 targets include business volumes above €200bn, customer funds above €130bn, more than 8m customers, ROE of at least 17.5% and cost-to-income of no more than 37%.

• The updated 2025–28 plan targets cumulative net income of €4.75–5.25bn and shareholder distributions of €4.0–4.5bn, subject to capital, business targets and supervisory approval.

• 2028 cost-of-risk targets are below 43bp overall and below 35bp in Portugal; the CET1 target is at least 14.25%.