[Trending News] Novo Bank is worth 5 billion? “If it's worth it, I'm more enthusiastic about what BCP can be worth,” says Miguel Maya

Millennium BCP closed the year 2024 with profits of 906.4 million euros, plus 5.9% than in the previous exercise. Are the higher profits ever For the largest Portuguese private bank – and, for now, the only quoted in the Lisbon Stock Exchange. And, at a time when it was reported that Novo Banco is preparing a sale of part of the capital, possibly on stock market, Miguel Maya repeats that “It's not in the race” for the purchase of Novo Banco although it has “obligation to analyze any operation that comes to the market”. And make sense of investment houses evaluations that say Novo Banco is worth five billion? “If it is worth it, I am enthusiastic about what the BCP can be worth“Miguel Maya said.

The results were revealed by Millennium BCP in a statement sent to the Securities Market Commission and presented at a press conference at the Bank headquarters at Tagus Park in Oeiras. In the previous year, the bank had had net results of 856 million. Of the total results of 2024, 786.4 million concern the activity in Portugalmain operation where profits rose 8.5%, also benefiting from the increase in the financial margin – the difference between interest charged in credits and the interest that the bank pays to finance itself (especially interest paid in deposits). THE financial margin grew slightly, 0.2%, to 2,830.9 million euros.

At a press conference, the chairman of the executive committee considered the “good”, “not exception” resultsand are “product of work of several years and not just one year”, alluding to the process of restructuring the operation and the balance that the bank has had in recent years, in particular since 2016. Bank does not have “excess of results” When analyzing what happened in the bank since 2012.

“We have no excess of results, we have excessive capital requirements – the capital base is a much greater number,” argued Nuno Amado, recognizing that after these results the bank is in “new cycle”That goes through“invest and grow“.

This presentation of BCP results comes at a time when Novo Banco publicly manifests to be preparing a capital sales operation (30%) on the stock market. At the same time, it has been reported that there may be other banks that may be interested in buying the institution – from Caixa Geral de Depósitos to BCP, passing through BPI (CaixaBank) and Santander.

Asked about this theme at the press conference, Miguel Maya replied that the intention of Novo Banco (the Lone Star fund) is known to sell part of the capital: “We follow the news, we have nothing to add to what we have said.” And what has been said is that “BCP growth is through organic growth.”

“We are not in any race for the new bankWe don't need any acquisition, ”said Miguel Maya. However, he added: “We have an obligation to analyze all operations that go to the market and that can create value for shareholders. ” If Novo Banco is for the scholarship, he stressed, “it will be very welcome”, as “it is better to be accompanied than alone,” said the president of BCP, who is the only bank quoted on the Lisbon Stock Exchange.

Regarding evaluations that have been released on Novo Banco, which estimates the bank's amount by about five billion euros, Miguel Maya says it is “very happy”: “With [o Novo Banco] This value is even more enthusiastic about what the BCP can be worth“.

Mário Centeno, governor of Banco de Portugal, said he would like to see more scholarship banks. Miguel Maya did not want to comment on the renewal (or not) of Centeno: “It was what was missing, as supervised entity, BCP make comments about whether the governor should be reappointed.” “We have a very positive relationship with Banco de Portugal, and the governor has had a contribution to the improvement of financial stability.”

After Centeno implied that a merger with Caixa Geral de Depósitos would have “systemic” consequences, Miguel Maya stressed that “the governor has a more complete view, it is good to hear the governor.” “I do not know the arguments but I recognize that MR Governor to make this information will be supported by data that is not of our knowledge, so it is right,” said the chairman of the BCP executive committee.

The bank charged plus 4.8% in commissions, to 808.5 million euroswhat Miguel Maya justifies with the “increased customer base” and the increase in the number of customers who “use BCP as their main bank”. Already the operating costs increased 12.4% In this year, to about 1.307 million – personnel costs have increased 14.3% (10.4% in Portugal), “reflecting the context in which the bank works and the challenges it has in different geographies” and the “need to retain decisive pictures within the bank,” said Miguel Maya.

As a result of this profit, the executive committee will propose the distribution of a dividend shareholder of 450 million eurosas well as a 200 million stock repurchase program – Another way that the bank has to value shareholders since, when repurchasing the shares, it removes circulation actions and contributes to support their value. Capital ratios, even after these initiatives, are “very, very solid” in the order of 16.3% (core tier 1).

Operation Polaca made a profit of 167.1 million although this operation has recognized another 750 million euros in imparities related to the Swiss French mortgage credit portfolio, a problem that has been dragging on for several years and that has been related to the granting of Credits to Housing in Poland with Swiss francs – something that happened in the first decade of the century. In the previous year, Operation Polish had had profits of 133.7 million euros.

BCP also has an operation in Mozambique, Banco Bim, which obtained a net result of 48.5 million in 2024, despite the record of provisions arising from the cutting of rating Mozambican public debt, associated with political instability following recent elections. Still, BIM profits fell over the 105.5 million of the previous year.