Banco Comercial Português (BPCGF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, Miguel Maya speaking. Welcome to BCP's conference call. As usual, I will begin with the highlights of our performance, being followed by Miguel Barganca and Bernardo Collaço, who will provide additional detail. The first half of this year continued to be shaped by a complex global environment marked by persistent geopolitical tensions and their impacts on energy markets, international trade and inflation. These dynamics have weighed on global economic growth. Despite this backdrop, the Portuguese economy has maintained a solid trajectory. The Polish economy continues to grow at a robust pace, and the Mozambican economy also shows clear signs of normalization. Against this challenging context, the group delivered another quarter with a strong set of results. Net income reached 565.8 million euros in the first half and a 12.7% year-on-year increase. This performance reflects the bank's sustained capacity to generate value and the resilience of our business model as outlined in our strategic plan. In Portugal, we achieved a net income of 470.2 million, an increase of approximately 11%, Reinforcing the profitability trajectory of previous quarters. This performance was driven by a strong growth in net interest income, underpinned by the strength of our commercial franchise, disciplined cost management despite continuing investment in digital transformation, and effective balance sheet management involving interest rate environment. Turning to our international operations, net income increased by over 25%, reaching 183.5 million. This was notably driven by Bank Milan in Poland, which recorded a net income of 167 million, representing a nearly 39% increase compared with the same period last year. For this significant improvement contributed the nearly 65% r...