Printer Friendly

BANCO COMERCIAL PORTUGUES FIRST QUARTER RESULTS UP 5.8% TO PTE 5.5 BILLION

 LISBON, Portugal, April 19 /PRNewswire/ -- Banco Comercial Portugues (NYSE: BPC) ("BCP"), one of Portugal's leading private commercial banks and the country's largest quoted company, today announced net income for the first quarter of 1994 of PTE 5.452 billion ($31.9 million), up 5.8% over net income of PTE 5.155 billion in the first three months of 1993. BCP has managed to achieve a satisfactory business growth, improved profitability levels, quality of the loan portfolio comparatively favorable and a very sound financial structure.
 "The Bank's performance has benefitted from the ongoing improvement in net interest margin, supported by the significant broadening of the retail customer base and greater degrees of involvement. Sustained growth in commissions and other operating income, as a result of cross- selling efforts, and the slowdown in operating costs, as a result of improved efficiency levels, were also behind earnings growth," commented Mr. Jardim Goncalves, BCP's Chairman and CEO.
 "In the first quarter of 1994, net income was still considerably affected by provisions set aside for possible loan losses totaling PTE 3 billion. The Bank has preserved sound risk-quality indicators, while diversifying its portfolio into lower-risk activities and fine- tuning decision criteria and improving its monitoring and controlling systems. Several recent indicators suggest that the economic recovery could be already under way in Portugal and our comfortable ratio of provisions to non-performing loans more than 90 days overdue of 103% should exert a positive influence on earnings in the medium-term," concluded Mr. Jardim Goncalves.
 -- Total Assets were up 17.2%, from PTE 1,612 to PTE 1,889 billion between March 31, 1993 and March 31, 1994;
 -- Total Deposits increased 14.4%, from PTE 1,292 to PTE 1,478 billion at March 31, 1994; in the same period, the overall volume of assets managed through mutual funds more than doubled from PTE 263 to PTE 575 billion;
 -- Loans and Advances to customers grew 15.2% to PTE 834 billion as of March 31, 1994;
 -- Net Income attributable to the Bank for the first quarter of 1994 was PTE 5,452 billion, an increase of 5.8% compared to PTE 5,155 billion in the previous year;
 -- Cash-Flow in the first three months went up 24%, from PTE 14.5 billion in 1993 to PTE 18 billion in 1994;
 -- The contribution of subsidiary companies to Net Income increased from PTE 1.04 billion (20.2% of consolidated net income) to PTE 1.64 billion (30%) between the first three months of 1993 and 1994;
 -- In the first quarter of 1994, Earnings per share was PTE 49.7, Return on Assets was 1.1%, Return on equity attained 13.1% and Net Interest Margin was 4.9%;
 -- The ratio of non-performing loans more than 90 days overdue to total loans was up from 2.71% at 1993 year-end to 3.11% as at March 31, 1994; Provisions for possible loan losses accounted for 103% of non- performing loans more than 90 days overdue.
 BANCO COMERCIAL PORTUGUES
 Consolidated Balance Sheet as at March 31, 1994 and 1993
 (Amounts expressed in thousands of Escudos)
 1994 1993
 ASSETS
 Cash and deposits at central banks 131,190,584 169,488,389
 Loans and advances to credit institutions
 Repayable on demand 25,007,242 27,853,396
 Other loans and advances 417,435,230 213,833,278
 Loans and advances to customers 833,777,414 724,072,136
 Securities 268,067,696 303,111,311
 Investments 45,051,905 21,072,010
 Intangible assets 9,678,683 12,824,654
 Tangible assets 85,324,699 63,955,556
 Other debtors 14,445,346 12,015,783
 Prepayments and accrued income 59,506,839 43,920,157
 Total assets 1,889,485,638 1,612,146,670
 LIABILITIES
 Amounts owed to credit institutions
 Repayable on demand 9,612,050 4,766,134
 With agreed maturity date 215,459,273 285,065,548
 Amounts owed to customers
 Repayable on demand 477,586,572 420,407,820
 With agreed maturity date 501,541,325 558,146,421
 Debt securities 313,830,126 43,014,581
 Other liabilities 30,576,654 38,916,931
 Accruals and deferred income 40,921,947 33,170,121
 Provision for liabilities and charges 57,649,600 36,514,851
 Subordinated debt 52,163,560 24,164,000
 Total liabilities 1,699,341,106 1,444,166,407
 SHAREHOLDERS' EQUITY
 Share capital 109,686,000 91,405,000
 Share premium 10,765,333 29,046,333
 Reserves and retained earnings 43,547,821 35,689,759
 Treasury stock (147,868) (329,124)
 Total Shareholders' Equity 163,851,286 155,811,968
 Minority interests 26,293,247 12,168,295
 Total 1,889,486,638 1,612,146,670
 Consolidated Statement of Income
 (Amounts expressed in millions of Escudos)
 First Quarters Year
 3/31/94 3/31/93 3/31/92 12/31/93 12/31/92
 Interest income 50,620 48,258 42,185 207,619 183,140
 Interest expense 31,685 32,652 28,926 135,759 125,027
 Net interest inc. 18,936 15,606 13,259 71,860 58,112
 Provision for
 possible loan
 losses 2,988 3,222 713 13,376 6,589
 Net interest inc.
 after provision
 for possible
 loan losses 15,948 12,384 12,546 58,484 51,523
 Other operating income:
 Income from
 securities 578 51 11 1,060 131
 Commissions 6,096 5,014 2,718 22,566 14,238
 Profit arising
 from trading
 activity 4,644 5,201 5,781 21,043 22,216
 Insurance
 premiums 4,928 1,868 1,285 22,734 12,071
 Other income 1,863 1,075 2,151 5,837 4,427
 Gains on sale
 of shares of
 subsidiaries 0 0 0 1,152 1,335
 Total 18,109 13,209 11,946 74,392 54,418
 Other operating expenses:
 Commissions 1,339 481 450 3,764 2,038
 Losses arising
 from trading
 activity 2,798 1,875 1,910 8,226 6,406
 Staff costs 7,270 5,899 4,722 32,475 25,821
 Other administrative
 costs 5,706 4,799 3,785 20,474 16,990
 Depreciation 3,666 3,480 2,820 14,342 12,718
 Other provisions 3,740 1,141 1,587 19,706 10,120
 Other expenses 1,887 1,306 968 6,279 3,254
 Total 26,408 18,981 16,242 105,266 79,346
 Income before
 income taxes 7,649 6,612 8,260 27,610 26,596
 Income taxes 1,556 1,124 2,197 3,578 3,947
 Net income 6,093 5,488 6,053 24,032 22,648
 Minority interests 641 333 744 1,477 1,947
 Net income
 attributable
 to the Bank 5,452 5,155 5,309 22,555 20,701
 Number of shares 109,686 109,686 92,400 109,686 103,176
 Earnings per share
 in Escudos 49.70 47.00 57.46 205.63 200.64
 1993 Quarters:
 12/31/93 9/30/93 6/30/93 3/31/93
 Interest income 55,845 49,670 53,846 48,258
 Interest expense 35,151 30,473 37,483 32,652
 Net interest income 20,694 19,197 16,363 15,606
 Provision for possible
 loan losses 4,154 3,600 2,400 3,222
 Net interest income
 after provision for
 possible loan losses 16,540 15,597 13,963 12,384
 Other operating income:
 Income from securities 438 48 523 51
 Commissions 7,627 4,690 5,335 5,014
 Profit arising from
 trading activity 4,398 6,128 5,316 5,201
 Insurance premiums 15,638 2,685 2,563 1,868
 Other income 1,604 1,740 1,418 1,075
 Gains on sale of shares
 of subsidiaries 1,152 0 0 0
 Total 30,857 15,171 15,155 13,209
 Other operating expenses:
 Commissions 2,146 629 508 481
 Losses arising from
 trading activity 1,670 2,339 2,342 1,875
 Staff costs 9,376 8,872 8,328 5,899
 Other administrative costs 5,313 4,884 5,478 4,799
 Depreciation 3,408 3,894 3,560 3,480
 Other provisions 14,582 2,252 1,731 1,141
 Other expenses 2,167 1,224 1,582 1,306
 Total 38,662 24,094 23,529 18,981
 Income before income taxes 8,735 6,674 5,589 6,612
 Income taxes 30 1,035 1,389 1,124
 Net income 8,705 5,639 4,200 5,488
 Minority interests 729 640 (225) 333
 Net income attributable to
 the Bank 7,976 4,999 4,425 5,155
 Number of shares 109,686 109,686 109,686 109,686
 Earnings per share
 in Escudos 72.72 46.68 40.34 47.00
 -0- 4/19/94
 /CONTACT: Jose Pinto Bastos (media), 351-1-888-3335, or Filipe Abecasis (investors), 351-1-727-0110, both of BCP; or John McInerney or Cynthia Blustein of Dewe Rogerson, in New York, 212-688-6840; or Sarah Tubbs of Dewe Rogerson, in London, 4471-638-9571/
 (BPC)


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

CB-MP -- NY061 -- 8179 04/19/94 12:46 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 19, 1994
Words:1524
Previous Article:EMPI ANNOUNCES FIRST-QUARTER SALES, EARNINGS
Next Article:CARLISLE COMPANIES INC. REPORTS FIRST QUARTER RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters