July 28, 2020 / 4:12 PM / 6 days ago

Portugal's Millennium bcp profit drops 55% as pandemic bites

LISBON, July 28 (Reuters) - Portugal's largest private bank, Millennium bcp, reported on Tuesday a drop of 55.3% in its first half net profit to 76 million euros, after costly provisions to offset the economic impact of the coronavirus outbreak.

Provisions and impairments increased 44.5% to around 351 million euros in the first six months of 2020 compared to the same period last year, the bank said in a statement.

Reporting by Sergio Goncalves and Maria Goncalves, Editing by Catarina Demony and Kevin Liffey

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