Banco Comercial Portugues Falls on First-Half Loss: Lisbon Mover
Banco Comercial Portugues SA (BCP), Portugal’s second-biggest bank, fell to the lowest in a week in Lisbon trading after posting a loss on impairments related to the sovereign-debt crisis.
The stock fell as much as 3.2 percent to 9 euro cents, the lowest since July 23, and was down 1.1 percent to 9.2 cents at 9:43 a.m. in the Portuguese capital, giving the lender a market value of 693 million euros ($850 million).
“Banco Comercial’s reaction in today’s session is related to the negative results announced on Friday,” said Pedro Oliveira, a trader at Go Bulling in Lisbon.
The lender posted a first-half loss of 544.3 million euros after the close of trading on July 27, compared with net income of 114.3 million euros in the same period a year earlier. The bank said the results were affected by impairments for estimated losses of 450 million euros related to the economic and financial situation in Greece.
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