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BANCO COMERCIAL PORTUGUES FIRST QUARTER 1992 CASH FLOW UP 56 PERCENT

 BANCO COMERCIAL PORTUGUES FIRST QUARTER 1992 CASH FLOW UP 56 PERCENT
 LISBON, Portugal, April 20 /PRNewswire/ -- Banco Comercial Portugues, Portugal's leading private commercial bank and the country's largest quoted company, today announced financial results for the first quarter of 1992.
 BCP reported strong growth with significant improvement in both business and profitability for this period. This achievement was despite more intense competition and pressure on margins in the domestic banking sector.
 "Sustained Business Growth..."
 Key points from the bank's March 31, 1992, consolidated financial statements included:
 -- Total assets rose 49 percent from PTE 845 billion to PTE 1,258 billion (US$8,792 million) between March 31, 1991 and 1992;
 -- Total deposits were up 60 percent at PTE 1,017 billion ($7,182 million) by the end of the first quarter of 1992;
 -- Loans and advances to clients and leasing rose 54 percent from PTE 323 billion to PTE 498 billion ($3,517 million) between end March 1991 and 1992;
 -- Pre-tax profit for the first quarter was PTE 7.2 billion ($50.8 million), a rise of 18 percent over the PTE 6.1 billion reported in the same period last year;
 -- Cash-flow was up 56 percent to PTE 12.9 billion ($91 million) in the first quarter;
 -- Earnings per share rose from PTE 92 to PTE 108.5 between the first quarter 1991 and 1992.
 Among the most important BCP Group developments were the start-up in France of the Banco Popular Comercial in association with Banco Popular Espanol; incorporation and launch of SOFICRE - Sociedade Financeira para Aquisicoes a Credito (a consumer credit company); ongoing branch network expansion; development work in launching new projects, namely the Rede de Comercios e Empresarios, a new network aimed at entrepreneurs and small commercial and industrial companies; and the initiation of an additional increase in BCP's capital.
 NOTE: Exchange rate $1 equals 141.61 Esc at March 31, 1992.
 -0- 4/20/92
 /CONTACT: Nuno Alves of BCP, in Lisbon, 351-1-727-0110, or John T. McInerney in New York, 212-688-6840, or Sarah Tubbs overseas, +71-638-9571, both for BCP/ CO: Banco Comercial Portugues ST: IN: FIN SU:


GK-TS -- NY022 -- 9939 04/20/92 10:15 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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