The BCP will again distribute dividends to shareholders, advanced this Monday by Nuno Amado, during the presentation of the bank’s 2021 results. “Our intention is to return to dividends, but in a very moderate way,” explained the president of the bank, adding that the amount will be proposed at the general meeting of shareholders in April. We recall that in September, Miguel Maya announced that the bank would wait for the next results (those for the year 2021 now presented) to make a decision, at a time when Poland continues to represent a great “instability” for the bank. .
Poland gobbles up the results
The BCP presented profits of 138.1 million euros in 2021, or 24.6% less than the 183 million recorded in 2020.
In a press release sent to the Securities Market Commission, the bank justifies the deterioration of the result by three elements: charges of 532.6 million linked to the portfolio of loans in Swiss francs granted by the subsidiary in Poland, charges of 90.7 million euros mainly related to the adjustment of personnel and 56.2 million euros of compulsory contributions from the banking sector.
In recent years, the bank has been penalized for the operation it has in Poland. These are loans in Swiss francs granted in 2008 by Bank Millennium. The appreciation of the Swiss currency on the foreign exchange market caused difficulties for the holders of these loans, and in 2019 the European Court of Justice ruled that customers had the right to request the conversion of the loans into local currency, which led the Polish institution owned by the Portuguese bank to make provisions.
Asked when this process can end, Miguel Maya stressed that “there are no easy solutions to difficult problems” and that “we are not in a hurry to reach maximum resolution, we want everything is solved in a rigorous way”. “It is not a question that depends on us, it involves Poland and the European authorities”.