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BANCO COMERCIAL PORTUGUES' FIRST HALF OF 1993 NET INCOME UP TO PTE 9.6 BILLION

 LISBON, Portugal, July 23 /PRNewswire/ -- Banco Comercial Portugues, one of Portugal's leading private commercial banks and the country's largest quoted company (NYSE: BPC), today announced net income for the first half of 1993 of PTE 9.6 billion ($56.7 million), up 2.3 percent over net income of PTE 9.4 billion in the first six months of 1992.
 Developing its activity in a more adverse climate, BCP has managed to maintain an expressive business growth, adequate levels of profitability, quality of the loan portfolio comparatively favorable and a sound and balanced financial structure.
 "The sustained growth of interest earning assets, supported by the increase of total deposits, the favorable trend of commissions and other operating income due to cross-selling efforts and a recovery of net interest income since the escudo devaluation in May, were the factors that most influenced quarterly earnings," commented Mr. Jardim Goncalves, BCP's chairman and CEO.
 As at June 30, 1993 the ratio of provisions to non-performing loans more than 90 days overdue was 146 percent, while non-performing loans represented 1.99 percent of total loans. "Although these ratios compare favorably with other banks, our commitment to rigorous appraisal of credit risks and setting aside adequate provisions remains a binding strategic guideline, in the current economic recession," emphasized BCP's chairman.
 "Business growth continues..."
 --Total assets were up 26.7 percent, from PTE 1,350 billion to PTE 1,710 billion between June 30, 1992 and June 30, 1993;
 --Total deposits increased 30.1 percent from PTE 1,056 billion to PTE 1,373 billion in the same period;
 --Loans and advances to customers grew 33.8 percent to PTE 763 billion as at June 30, 1993;
 --Shareholders equity and subordinated debt amounted to PTE 180 billion at the end of the first half of 1993, an increase of 7.6 percent over June 30, 1992.
 "Profitability levels maintained..."
 --Net income attributable to the Bank for the first half of 1993 was PTE 9.580 billion, an increase of 2.3 percent compared to PTE 9.369 billion in the previous year. Net income for the second quarter of 1993 reached PTE 4.425 billion, up 9 percent compared to PTE 4.060 billion in the second quarter of 1992;
 --Cash-flow in the first half went up 9.2 percent, from PTE 25.4 billion in 1992 to PTE 27.7 billion in 1993;
 --The contribution of subsidiary companies to net income increased from PTE 1.286 billion (13.7 percent of consolidated net income) to PTE 2.148 billion (22.4 percent) between the first half of 1992 and 1993.
 --In the first half of 1993, earnings per share was PTE 88, return on assets was 1.2 percent, return on equity attained 12.3 percent and net interest income was 4.7 percent.
 "Loan portfolio quality comparatively favorable..."
 --The ratio of non-performing loans more than 90 days overdue to total loans was up from 1.86 percent at 1992 year end to 1.99 percent as at June 30, 1993;
 --Non-performing loans more than 90 days overdue went up from PTE 11.7 billion to PTE 15.3 billion in the first six months of 1993. The ratio of provisions for possible loan losses to non-performing loans more than 90 days overdue decreased from 173 percent at 1992 year-end to 146 percent as at June 30, 1993.
 In April, BCP's unsecured long-term liabilities rating of "A+", the highest attributed to any Portuguese bank by an international rating agency was confirmed by IBCA. In June, BCP was awarded, for the second time, with "The most admired company in Portugal" based on an inquiry of 3,500 Portuguese companies. Also in the first half of 1993, BCP was granted the "Award of Excellence" by Euromoney, being considered the best bank in Portugal. "The convergence of opinions about the strategy and the achievements of the bank encourage us to continue improving service quality levels and customer dedication," concluded Mr. Goncalves.
 BANCO COMERCIAL PORTUGUES
 Consolidated Statement of Income
 (Amounts expressed in millions of Escudos)
 Accumulated Quarters
 6/30/93 6/30/92 6/30/93 3/31/93
 Interest income 102,104 86,896 53,846 48,258
 Interest expense 70,135 59,469 37,483 32,652
 Net interest income 31,969 27,427 16,363 15,606
 Provision for possible
 loan losses 5,622 3,201 2,400 3,222
 Net interest income after
 provision for possible
 loan losses 26,347 24,226 13,963 12,384
 Other Operating Income:
 Income from securities 574 70 523 51
 Commissions 10,349 6,038 5,335 5,014
 Profit arising from
 trading activity 10,517 11,183 5,316 5,201
 Insurance premiums 4,431 2,668 2,563 1,868
 Other income 2,493 3,497 1,413 1,075
 Gains on sales of shares
 of subsidiaries 0 0 0 0
 Total 28,364 23,458 15,155 13,209
 Other Operating Expenses
 Commissions 989 915 508 481
 Losses arising from
 trading activity 4,217 3,158 2,342 1,875
 Staff costs 14,227 11,128 8,328 5,899
 Other administrative costs 10,277 8,287 5,478 4,799
 Depreciation 7,040 5,733 3,560 3,480
 Other provisions 2,872 2,353 1,731 1,141
 Other expenses 2,888 1,999 1,582 1,306
 Total 42,510 33,573 23,529 18,981
 Income before income taxes 12,201 14,109 5,589 6,612
 Income taxes 2,513 3,324 1,389 1,124
 Net income 9,688 10,785 4,200 5,488
 Minority interests 108 1,416 (225) 333
 Net income attributable
 to the bank 9,580 9,369 4,425 5,155
 Number of shares 109,686 96,666 109,686 109,686
 Earnings per share in Escudos 87.98 96.92 40.98 47.00
 Quarters
 12/31/92 9/30/92 6/30/92 3/31/92
 Interest income 49,703 46,541 44,712 42,185
 Interest expense 33,350 32,209 30,543 28,926
 Net interest income 16,353 14,332 14,169 13,259
 Provision for possible
 loan losses 1,969 1,399 2,498 713
 Net interest income after
 provision for possible
 loan losses 14,364 12,933 11,681 12,546
 Other Operating Income:
 Income from securities 48 14 59 11
 Commissions 4,860 2,341 3,321 5,718
 Profit arising from
 trading activity 4,950 6,083 5,402 5,781
 Insurance premiums 8,049 1,354 1,383 1,285
 Other income 270 660 1,346 2,151
 Gains on sales of shares
 of subsidiaries 1,335 0 0 0
 Total 19,512 11,452 11,511 11,346
 Other Operating Expenses
 Commissions 302 321 465 450
 Losses arising from
 trading activity 3,294 1,953 1,248 1,910
 Staff costs 7,764 6,928 6,406 4,722
 Other administrative costs 4,614 4,089 4,502 3,785
 Depreciation 3,630 3,355 2,913 2,820
 Other provisions 6,443 1,323 766 1,587
 Other expenses 548 708 1,032 966
 Total 27,095 18,678 17,332 16,242
 Income before income taxes 6,781 5,707 5,860 8,250
 Income taxes (501) 1,224 1,128 2,197
 Net income 7,382 4,483 4,732 6,053
 Minority interests 188 344 672 744
 Net income attributable
 to the bank 7,194 4,139 4,060 5,309
 Number of shares 109,686 96,686 100,932 92,400
 Earnings per share in Escudos 65.59 37.73 40.23 57.46
 (Amounts expressed in thousands of Escudos)
 1993 1992
 Assets:
 Cash and deposits at central banks 139,907,364 146,175,954
 Loans and advances
 to credit institutions
 Repayable on demand 34,072,026 46,094,615
 Other loans and advances 309,659,791 76,489,076
 Loans and advances to customers 763,105,591 570,422,240
 Securities 258,489,273 359,627,364
 Investments 21,026,334 2,084,358
 Intangible assets 12,345,837 12,586,766
 Tangible assets 84,302,632 82,372,292
 Other debtors 12,788,282 16,765,044
 Prepayments and accrued income 74,578,922 37,150,463
 Total 1,710,276,052 1,349,768,172
 Liabilities:
 Amounts owed to credit institutions
 Repayable on demand 1,992,376 8,685,273
 With agreed maturity date 288,763,461 217,637,606
 Amounts owed to customers
 Repayable on demand 432,862,404 221,124,768
 With agreed maturity date 641,687,633 526,134,287
 Debt securities 25,640,931 100,976,370
 Other liabilities 35,337,818 23,705,620
 Accruals and deferred income 51,980,757 38,496,631
 Provision for liabilities and charges 38,660,861 25,173,136
 Subordinated convertible bonds 24,163,655 23,948,400
 Total liabilities 1,541,089,896 1,185,882,091
 Shareholders' equity
 Share capital 109,686,000 91,405,000
 Share premium 10,765,333 29,050,070
 Reserves and retained earnings 35,488,965 31,050,104
 Treasury stock (481,777) (8,562,740)
 Total shareholders' equity 155,458,521 142,942,434
 Minority interests 13,727,635 20,943,647
 Total 1,710,276,052 1,349,768,172
 -0- 7/23/93
 /CONTACT: Nuno Alves of BCP, 011-351-1-7270110, or John McInerney of Dewe Rogerson, 212-688-6840, for BCP/
 (BPC)


CO: Banco Comercial Portugues ST: IN: FIN SU: ERN

CK -- NY001A -- 5077 07/23/93 11:03 EDT
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Date:Jul 23, 1993
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