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

 LISBON, Portugal, July 22 /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.
 -0- 7/22/93
 /CONTACT: Nuno Alves of BCP, 011-351-1-7270110, or John McInerney of Dewe Rogerson, 212-688-6840, for BCP/
 /FIRST AND FINAL ADD -- TABULAR MATERIAL -- TO FOLLOW/
 (BPC)


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

SH-LG -- NY060 -- 4666 07/22/93 14:47 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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