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BANCO COMERCIAL PORTUGUES ANNOUNCES THIRD QUARTER RESULTS IN LINE WITH PAST PERFORMANCE

 BANCO COMERCIAL PORTUGUES ANNOUNCES THIRD QUARTER RESULTS
 IN LINE WITH PAST PERFORMANCE
 NEW YORK, Oct. 23 /PRNewswire/ -- Sustained growth, continuing satisfactory profitability levels and strengthened financial soundness were the main features of the evolution of Banco Comercial Portugues (NYSE: BPC) in the third quarter of 1992, the bank announced today. As a result, between Sept. 30, 1991 and 1992:
 -- Total assets were up 42 percent from PTE 1.029 billion to PTE 1.481 billion;
 -- Total deposits increased 50 percent from PTE 782 billion to PTE 1.185 billion;
 -- Loans and advances to customers rose from PTE 409 billion to PTE 633 billion, which corresponds to an increase of 55 percent;
 -- Cash flow was up 32 percent, attaining PTE 37.2 billion in the first nine months of 1992;
 -- Net income attributable to the bank reached PTE 13.5 billion in the three quarters ending Sept. 30, 1992. This figure was slightly above the corresponding value in the previous year, despite the PTE 2.3 billion contribution to the bottom line of gains in the sale of investments in subsidiaries to foreign strategic partners, which took place in 1991. Not considering this capital gain, net income increased 22 percent;
 -- Shareholders' equity went up from PTE 119 billion to PTE 152 billion;
 -- Non-performing loans more than 90 days overdue were 1.7 percent of the loan portfolio as at Sept. 30, 1992; meanwhile, provisions for loan losses represented 169 percent of outstanding non-performing loans more than 90 days overdue.
 BANCO COMERCIAL PORTUGUES
 Consolidated Statement of Income
 (Amounts expressed in thousands of Escudos)
 Nine months ended Sept. 30 1992 1991
 Interest income 133,436,851 93,147,852
 Interest expense 91,677,348 63,037,100
 Net interest income 41,759,503 30,110,752
 Provision for possible loan losses 4,600,015 2,753,574
 Net income after provision for
 possible loan losses 37,159,488 27,357,178
 Other operating income:
 Income from securities 83,333 62,522
 Commissions 9,378,867 7,431,475
 Profits arising from trading activity 17,265,794 8,155,658
 Insurance premiums 4,021,986 2,105,187
 Other income 4,157,147 1,757,067
 Gains on sale of shares of subsidiaries -- 3,446,453
 Total 34,907,127 22,958,362
 Other operating costs:
 Commissions 1,235,543 785,962
 Losses arising from trading activity 5,111,181 3,376,837
 Staff costs 18,056,974 11,882,906
 Other administrative costs 12,376,290 7,161,822
 Depreciation 9,087,691 5,068,790
 Other provisions 3,676,264 1,648,060
 Other expenses 2,707,783 1,707,602
 Total 52,251,726 31,631,979
 Income before income taxes 19,814,889 18,683,561
 Income taxes 4,548,053 3,197,621
 Net income 15,266,836 15,485,940
 Minority interests 1,759,139 1,999,270
 Net income attributable to the bank 13,507,697 13,486,670
 BANCO COMERCIAL PORTUGUES
 Consolidated Balance Sheet
 (Amounts expressed in thousands of Escudos)
 As at Sept. 30 1992 1991
 ASSETS
 Cash and deposits at central banks 149,422,710 98,898,948
 Loans and advances to credit institutions:
 Repayable on demand 36,028,724 31,379,116
 Others loans and advances 149,981,210 73,777,804
 Credits accepted 632,640,789 409,063,273
 Securities 363,057,675 290,594,667
 Investments 2,484,358 1,628,158
 Intangible assets 12,798,331 11,415,117
 Tangible assets 84,404,759 75,511,343
 Other debtors 12,223,760 7,841,847
 Prepayments and accrued income 38,257,922 29,141,768
 Total 1,481,300,238 1,029,252,041
 LIABILITIES
 Amounts owed to credit institutions:
 Repayable on demand 6,663,153 2,686,685
 With agreed maturity 276,787,175 172,520,814
 Amounts owed to customers:
 Repayable on demand 278,065,951 160,514,703
 With agreed maturity 585,459,708 333,895,920
 Debt securities 57,017,663 148,992,000
 Other liabilities 24,625,731 25,881,726
 Accruals and deferred income 33,693,142 32,173,779
 Provision for liabilities and charges 27,016,526 16,293,648
 Total 1,289,329,049 892,959,275
 SUBORDINATED CAPITAL
 Convertible bonds 24,417,540 --
 Total liabilities 1,313,746,589 892,959,275
 SHAREHOLDERS' EQUITY
 Share capital 91,405,000 66,000,000
 Share premium 29,046,333 30,302,500
 Reserves and retained earnings 32,959,583 25,505,998
 Treasury stock (1,579,972) (2,799,053)
 Total shareholders' equity 151,830,944 119,009,445
 Minority interests 15,722,705 17,283,321
 Total 1,481,300,238 1,029,252,041
 -0- 10/23/92
 /CONTACT: Nuno Alves of Banco Comercial Portugues, in Portugal, 011-351-1-727-0110; or John McInerney of Dewe Rogerson, 212-688-6840, for Banco Comercial Portugues/
 (BPC) CO: Banco Comercial Portugues ST: IN: FIN SU: ERN


GK-OS -- NY017 -- 4262 10/23/92 15:03 EDT
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Date:Oct 23, 1992
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