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BANCO COMERCIAL PORTUGUES ANNOUNCES 1993 FIRST QUARTER RESULTS

 LIBSON, Portugal, April 20 /PRNewswire/ -- Banco Comercial Portugues, one of Portugal's leading private commercial banks and the country's largest quoted company (NYSE: BPC), today reported net income for the first quarter of 1993 of 5.2 billion Portuguese escudos ($34.6 million). In 1992, BCP's net income amounted to PTE 20.7 billion, of which PTE 5.3 billion were earned in the first three months of the year.
 The 1993 first quarter results show the continuation of a very favorable expansion in the business levels in an increasingly competitive environment, coupled with the preservation of the quality of the loan portfolio and the soundness of its capitalization.
 "We recorded strong growth in commissions and other non-interest income as a result of cross-selling efforts, as well as a sustained increase in the volume of interest-earning assets and a clear deceleration of operating expenses," commented Jorge Jardim Goncalves, BCP's chairman and chief executive officer. He added, "Net income was especially affected by the substantial increase of provisions set aside for possible loan losses in order to comply with the Bank of Portugal's requirements for generic provisions of at least 2 percent of total loans and guarantees." The ratio of provisions to non-performing loans rose from 173 percent as of Dec. 31, 1992, to 183 percent as of March 31, 1993, while non-performing loans fell from 1.86 percent as of Dec. 31, 1992, to 1.70 percent of the loan portfolio as of March 31, 1993. "In the current sluggish economic environment, the improvement of the risk- quality indicators is a leverage for earnings growth in the medium- term," concluded Mr. Goncalves.
 Business Volume Growth Remains Satisfactory
 -- Total assets rose 28 percent from PTE 1,258 billion on March 31, 1992, to PTE 1,612 billion as of March 31, 1993;
 -- Total deposits were PTE 1,292 billion as of March 31, 1993, an increase of 29 percent compared to the PTE 999 billion reported at the end of the first quarter of 1992;
 -- Loans and advances to customers increased 45 percent from PTE 498 billion as of March 31, 1992, to PTE 724 billion on March 31, 1993;
 -- Shareholders' equity and subordinated debt rose 51 percent from PTE 119 billion on March 31, 1992, to PTE 180 billion as of March 31, 1993.
 Net Income in the First Quarter of 1993 in Line with
 Overall Earnings in the Previous Year
 -- Net income of PTE 5.2 billion in the first quarter of 1993 was in line with yearly net earnings of PTE 20.7 billion reported in 1992;
 -- Cash flow rose 11.5 percent, reaching PTE 14.5 billion in the first quarter of 1993;
 -- In the first quarter of 1993, return on assets was 1.3 percent, while return on equity stood at 13.2 percent;
 -- The contributions of subsidiary companies rose from PTE 580 million, or 10.3 percent of net income, to PTE 1,296 million, or 25.1 percent of net income, between the first quarters of 1992 and 1993.
 Loan Portfolio Quality Preserved
 -- The ratio of non-performing loans more than 90 days overdue to total loans declined from 1.86 percent to 1.70 percent between Dec. 31, 1992, and March 31, 1993.
 -- Non-performing loans more than 90 days overdue were PTE 12.4 billion as of March 31, 1993, compared with PTE 11.7 billion at the end of 1992. Total provisions for loan losses reached PTE 22.6 billion at the end of the first quarter of 1993, compared to PTE 20.3 billion at Dec. 31, 1992. The ratio of total provisions to non-performing loans more than 90 days overdue rose from 173 percent to 183 percent in the three months ended March 31, 1993.
 BANCO COMERCIAL PORTUGUES
 Consolidated Income Statement
 (In millions of Portuguese escudos)
 First quarter ended March 31 1993 1992
 Interest income 48,258 42,184
 Interest expense 32,652 28,926
 Net interest income 15,606 13,259
 Provision for possible loan losses 3,222 713
 Net interest income after provision
 for possible loan losses 12,384 12,545
 Other operating income:
 Income from securities 51 11
 Commissions 5,014 2,718
 Profit arising from trading activity 5,201 5,781
 Insurance premiums 1,868 1,285
 Other income 1,075 2,151
 Gains on sale of shares of subsidiaries 0 0
 Total 13,209 11,946
 Other operating expenses:
 Commissions 481 450
 Losses arising from trading activity 1,875 1,910
 Staff costs 5,899 4,722
 Other administrative costs 4,799 3,785
 Depreciation 3,480 2,820
 Other provisions 1,141 1,587
 Other expenses 1,306 968
 Total 18,981 16,242
 Income before income taxes 6,612 8,250
 Income taxes 1,124 2,197
 Net income 5,488 6,053
 Minority interests 333 744
 Net income attributable to the bank 5,155 5,309
 BANCO COMERCIAL PORTUGUES
 Consolidated Balance Sheet
 (In millions of Portuguese escudos)
 3/31/93 3/31/92
 ASSETS
 Cash and deposits at Bank of Portugal 169,488 106,973
 Loans and advances to credit institutions:
 Repayable on demand 27,853 34,413
 Other loans and advances 213,833 120,453
 Loans and advances to customers 724,072 498,359
 Securities 303,111 355,843
 Investments 21,072 1,709
 Intangible assets 12,825 43,546
 Tangible assets 83,956 51,909
 Other debtors 12,016 9,311
 Prepayments and accrued income 43,920 35,560
 Total assets 1,612,147 1,258,077
 LIABILITIES
 Amounts owed to credit institutions:
 Repayable on demand 4,766 3,464
 With agreed maturity date 285,066 175,147
 Amounts owed to customers:
 Repayable on demand 420,408 203,874
 With agreed maturity date 558,146 414,981
 Debt securities 43,015 219,684
 Other liabilities 38,917 36,698
 Accruals and deferred income 33,170 41,304
 Provisions for liabilities and charges 36,515 23,109
 Subordinated convertible bonds 24,164 0
 Total liabilities 1,444,166 1,118,260
 SHAREHOLDERS' EQUITY
 Share capital 91,405 66,000
 Share premium 29,046 30,303
 Reserves and retained earnings 35,690 26,985
 Treasury stock (329) (3,945)
 Total shareholders' equity 155,812 119,342
 Minority interests 12,168 20,475
 Total 1,612,147 1,258,077
 -0- 4/20/93
 /CONTACT: Jose Pinto Bastos (media), 351-1-888-3335, or Nuno Alves (investors), 351-1-727-0110, both of BCP in Lisbon; or John McInerney in New York, 212-688-6840, or Sarah Tubbs in London, 44-71-638-9571, both of Dewe Rogerson, for BCP/
 (BPC)


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

GK-OS -- NY025 -- 7887 04/20/93 09:55 EDT
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Date:Apr 20, 1993
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