Banco Comercial Português (BCP) Q3 2026 earnings summary

Executive summary

• 9M26 net income rose 12.6% YoY to €873.7m; net operating revenue increased 6.0% to €2,993.1m.

• Customer loans grew 7.8% to €66.2bn and customer funds rose 7.1% to €116.3bn; NPEs declined €157m YoY.

Financial highlights

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

• Operating costs rose 5.3% to €1,087.0m; profit before impairment and provisions increased 6.3% to €1,906.0m.

• Profit before tax increased 20.8% to €1,451.2m; impairment, other provisions and modification results declined 23.0% to €454.8m of charges.

• Q3’26 net income was €307.9m, up 18.4% QoQ and 12.5% YoY; net operating revenue rose 7.8% QoQ to €1,042.7m.

• ROE was 14.9%, ROTE 15.5%, and EPS growth 13.7%; book value per share plus dividend per share increased 15.4%.

Outlook and guidance

• Updated 2025–28 cumulative net income estimate is €4.75bn–€5.25bn; cumulative distributions are estimated at €4bn–€4.5bn, subject to policy conditions.

• 2028 estimates include ROE of at least 17.5%, CET1 of at least 14.25%, business volumes above €200bn and more than 8m customers.

• 2028 cost-to-income estimates are at or below 37% internationally and broadly at or below 34% in Portugal; cost of risk is estimated at or below 43bp.

• Portugal NII is expected to grow in the mid-teens in 2026 and 2027; growth is expected to slow in 2028 while remaining strong in absolute terms.

• Portugal cost of risk is estimated at or below 35bp; Mozambique is expected to remain transitional in 2027, with stabilization around 2028–2029.