Troubled BCP bank racked up losses of €488m in the first half of this year and the bank’s President said that the financial institution would begin repaying its state bailout loan on schedule in 2014.
Portugal’s private bank Millennium BCP racked up losses of €488m in the first half of this year, better than last year’s €544m negative result and in line with both its plan and the economic cycle, announced bank President Nuno Amado late on Monday evening.
Total bank assets fell back 10% in year-on-year terms to stand at around €84bn with total credits dropping 6% to €61.4bn while client deposits picked up by 4.7% to reach €47.5bn and bank operational costs fell back 2.3% to €612m.
Amado said that further job losses and branch closures were on their way while also adding that the first six months had seen a further 230 employees leave the bank, following on from the 600 redundancies agreed last year.
Half of the departures are outsourcing related (…) with also a strong component of early retirement and some mutually agreed redundancies,” the bank president explained before stating that no further details could be given because Millennium BCP remained in negotiations with the State over rescaling the bank.
However, Amado did emphasise that the financial institution would begin repaying its state bailout loan on schedule in 2014, that its reserve ratios were sound and that earnings for its international operations (excluding Greece) were up by 12.7% annually and turning in an approximate €84m profit.