Banco Comercial Português (BCP) Q4 2025 earnings summary

Executive summary

• Net income rose 12.4% year-over-year to EUR 1,018.6 million, with ROE at 14.1% and EPS up 14.3%.

• Portugal net income increased 10.6% to EUR 869.4 million; international operations up 33% to EUR 291.9 million, with Poland's profits up 67% to EUR 283.7 million.

• Over 7.3 million active customers, with mobile customers up 9% and representing 74% of the base.

• CET1 ratio at 15.9% and total capital at 19.9%, both well above regulatory requirements.

• Customer funds grew 8.6% to over EUR 111.8 billion, loans up 7.3% to EUR 62.6 billion.

Financial highlights

• Net interest income grew 2.4% to EUR 2,898.1 million; net fees and commissions up 4.3% to EUR 847.4 million.

• Operating costs increased 8.3% to EUR 1,415.1 million; cost-to-income ratio at 36.5%.

• Profit before impairments and provisions up 5.9% to EUR 2,400.1 million.

• Cost of risk at 32 basis points; NPE ratio improved to 1.7% from 2.5% year-over-year.

• Loans to customers up 7.3% to EUR 62.6 billion; customer funds up 8.6% to EUR 111.8 billion.

Outlook and guidance

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

• NII and fees in Portugal expected to grow mid to high single digits in 2026 and beyond; costs to grow in line with revenues.

• Cost-to-income ratio targeted below 40% and CET1 ratio above 13.5% through 2028.

• Up to 75% of cumulative net income to be distributed to shareholders, subject to capital and business targets.

• Mozambique expected to recover over the medium term, with long-term ROE above 20% but short-term volatility.