Millennium bcp's profit rises 12% to record, plans dividend hike

Reuters01:23

Millennium bcp's profit rises 12% to record, plans dividend hike

LISBON, Feb 25 (Reuters) - Millennium bcp BCP.LS, Portugal’s largest listed bank, said on Wednesday its 2025 net profit rose 12% to a record high, driven by strong earnings at its Polish unit, and announced plans to increase shareholder payouts.

It booked a consolidated net profit of 1.02 billion euros ($1.20 billion), slightly beating the average forecast of 996 million euros in an LSEG poll.

Millennium bcp said in a statement that it will propose at its shareholders' meeting a plan for the bank to distribute 50% of net income as dividends through 2028, complemented by a regular share buyback programme that would lift total shareholder remuneration to as much as 90% of profits. The bank currently returns up to 75% of profits to shareholders.

Net income of its half-owned Polish subsidiary Millennium bank MILP.WA soared 67% to 283.7 million euros despite heavy charges related to its Swiss franc mortgage loan portfolio decreased.

($1 = 0.8473 euros)

(reporting by Sergio Goncalves; Editing by Emma Pinedo)

((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net))

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