($1 = 0.9438 euros) (Reporting by Sergio Goncalves Editing by Mark Potter)
Messaging: sergio.goncalves.reuters.com@reuters.net)) LISBON, Feb 27 (Reuters) - Portugal's largest listed
bank, Millennium bcp , posted on Monday a 50.3% jump in
2022 consolidated net profit, with interest rate hikes boosting
the group's core income, despite heavy losses at its Polish
subsidiary.
The bank netted 207.5 million euros ($219.9 million) last
year, up from 138 million euros in 2021. Profit in its domestic
business more than doubled to 353.6 million euros.
Its Polish subsidiary, Bank Millennium , said last
month it reduced losses by 26% to 217 million euros in 2022,
despite 525.6 million euros of costs related to legal risks over
its portfolio of foreign currency mortgage loans.
After years of record low rates putting pressure on lenders'
financial margins, Millennium bcp benefited in 2022 from
interest rate hikes by the European Central Bank and the Polish
central bank to control inflation.
Millennium bcp's consolidated net interest income, or
earnings on loans minus deposit costs, rose 35.3% to 2.15
billion euros in 2022. Its fees and commissions grew 6.1% to
771.9 million euros.
Its recurring core income grew by 44.4% to 1.86 billion
euros, while its recurring operating costs increased only 3% to
around 1 billion euros.
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