Portuguese bank Banco Comercial Português registered a €544m net loss during the first half of 2012 after impairments charges for estimated losses and results associated with the Greek operation totaled €502.2m, reads a statement sent by the bank to stock market regulator CMVM.

Net interest income fell from €807.7m in the first half of 2011 to €592.9m in the first six months of 2012.

The bank explained its losses with “the performance of the subsidiary company in Greece, in particular by the losses of €52.2m posted in the first half of 2012, and by the accounting of impairment for estimated losses in the amount of €450.0m, related to the economic and financial situation in Greece”.

Portuguese operations were badly hit with “impairment and provision charges, posted in the first half of 2012, in the total amount of €534.4m”, the statement reads.

BCP’s Core Tier I ratio stood at 12.1% from 8.5% in the same period of 2011, after the recapitalisation plan in which the bank tapped the €12bn fund made available to banks by the state.