1st Quarter Results

Banco Comercial Portugues S.A.
26 April 2000


         BANCO COMERCIAL PORTUGUES ('BCP') NET INCOME UP 20.5%
                TO EUR 72.3 MILLION (PTE 14.5 BILLION)
                     IN THE FIRST QUARTER OF 2000


(Lisbon, April 26, 2000)  Banco Comercial Portugues (BCP, NYSE:  BPC,
BCPPRA), Portugal's leading private bank, today reported consolidated
Net income of EUR 72.3 million (PTE 14.5 billion) for the first
quarter of 2000, up 20.5% on EUR 60.0 million for the same period of
1999. Earnings per share amounted to EUR 0.07 (PTE 14.5), compared to
EUR 0.06 for the first three months of 1999 (adjusted by the stock-
split that took place in November 1999), while return on equity and
return on assets stood at 20.7% and 0.7%, respectively.

The financial statements presented were calculated in accordance with
the Bank of Portugal's principles, i.e. consolidating the insurance
activity by the equity accounting method, and Banco Mello and
Interbanco by the purchase accounting method. Therefore, the financial
statements for the first quarter of 2000 are not directly comparable
with those reported for the first three months of 1999. We have
prepared financial statements for the first quarter of 2000
consolidating the referred subsidiaries by the equity accounting
method, in order to enable a comparison with the first quarter of
1999.


                                                
PROFITABILITY INDICATORS    1st Quarter  1st Quarter 1st Quarter Change
                               2000        2000*        1999     00*/99
                            PTE     EUR     EUR         EUR

Net Income                 14.498  72.31   72.31       60.00     20.5%
  (PTE billion and EUR
  million)
Earnings per share           14.5   0.07   0.07         0.06     19.6%
ROE                                 20.7%  20.7%        15.7%       -
ROA                                  0.7%   0.7%         0.8%       -

* Excluding Banco Mello and Interbanco (consolidated by the equity
  accounting method only).


'In the first quarter of 2000, the BCP Group enjoyed a period of
remarkable growth, with special mention to the evolution of loans to
clients, customers  funds and to the contribution of the distribution
networks' sustained and successful focus on cross-selling' commented
Mr. Jardim Goncalves, Chairman and CEO of BCP, who added 'For the
first time we are presenting financial statements that consolidate the
acquisitions of Interbanco and the financial companies of the Jose de
Mello Group, having concluded the planning of their integration, which
will be executed swiftly. We believe that the full integration of
these acquisitions will lead to sustained growth and quite positive
results in terms of the efficiency, productivity and profitability of
the BCP Group'.

Benefiting from the growth of the loan portfolio, Net interest income
increased to EUR 240 million (PTE 48.2 billion) in the first quarter
of 2000 (EUR 185 in the same period of 1999). On a comparable basis,
Net interest income would have increased 2.8% to EUR 190 million. The
expansion of interest earning assets (notably loans to customers)
allowed the decrease of the net interest margin to 2.6% (2.9% in the
first quarter of 1999) to be compensated.

OPERATING INDICATORS                    1st      1st       1st
                                      Quarter  Quarter   Quarter
                                       2000     2000*     1999
Net Interest Margin                     2.6%      2.6%     2.9%
Other Income/Total Income              49.3%     51.3%    45.4%
Operating Costs (excl. goodwill        58.1%     55.2%    59.7%
 depreciation)/Total Income

* Excluding Banco Mello and Interbanco (consolidated by the equity
  accounting method only).


Growing cross-selling income resulted in an increased diversification
of income (especially relevant in a context of low interest margins
and strong competition) and was reflected in improved
desintermediation indicators. Positively influenced by increased
commission-generating transactions, namely securities' operations and
cards, the weight of Other income in Total income amounted to 49.3% in
the first quarter of 2000 (45.4% in the first three months of 1999).
On a basis comparable with the first quarter of 1999, Other income
would have accounted for 51.3% of Total income. The wider customer
base arising from the integration of Banco Mello, Interbanco and, in
the future, Banco Pinto & Sotto Mayor, provides increased income
diversification potential.

Operating costs grew less proportionally than income and showed a
slowdown in the first quarter of 2000, reaping the benefits of the
integration in a common platform. The impact of costs in the income
statement further decreased - as evidenced by the evolution of cost
(excluding goodwill depreciation) to income from 59.7% in the first
quarter of 1999 to 58.1% in the same period of 2000 (55.2% on a
comparable basis) -, despite the effect of activity-related expenses,
increased distribution networks, advertising the Group's offer and
launching new financial initiatives.

The main commercial activity indicators evolved favourably, reflecting
the strong performance of the Group s commercial areas and the
effectiveness of a multi-brand, multi-channel business model,
supported by intense cross-selling. The balance sheet indicators were
also positively influenced by the consolidation of Banco Mello and
Interbanco by the purchase method.

Loans to customers amounted to EUR 30,836 million (PTE 6,182 billion)
at the end of the first quarter of 2000, an increase of 59.6% from the
same date of last year. On a comparable basis, Loans to customers
would have stood at EUR 25,755 million, still evidencing a 33.3%
increase on the end of the first quarter of 1999. The growth of loans
granted to individuals (mortgage and consumer loans), as well as to
services and commerce companies, is worth noting.

Total customers  funds - amounts due to customers (including
securities), assets under management and capitalisation insurance - 
rose 35.7% (10.6% on a comparable basis), standing at EUR 42,448
million (PTE 8,510 billion) as at March 31, 2000 (EUR 31,273 on the
same date of 1999). This increase reflected the competitiveness and
diversity of the Group's offer as long as alternative savings
instruments are concerned, and also benefited from the favourable
performance of the domestic stock market.


                            31 Mar. 2000   31 Mar.   31 Mar.  Change
ACTIVITY INDICATORS                         2000*     1999    00*/99
                             PTE     EUR    EUR       EUR
Total Assets under         13,729  68,480  56,478    46,790    20.7%
Management (1)
Total Assets               9,060   45,193  37,797    29,897    26.4%
Total Customers  Funds (2) 8,510   42,448  34,597    31,273    10.6%
Loans to Customers         6,182   30,836  25,755    19,317    33.3%
Own Funds (3)              628     3,134   2,822     2,741     3.0%

* Excluding Banco Mello and Interbanco (consolidated by the equity
  accounting method only).

(1) Total assets including insurance activity, Mutual funds and
    Assets under personalised management.

(2) Amounts due to customers (including securities), Assets under
    management and Capitalisation insurance.

(3) Shareholders' equity, Preference shares and Subordinated debt.

(PTE billion and EUR million)


For informative purposes, considering the impact of the acquisition of
Banco Pinto & Sotto Mayor the main activity indicators as at March 31,
2000 would be as follows:

                                                 31 Mar. 2000 Proforma*
ACTIVITY INDICATORS                                  PTE         EUR

Total Assets under Management (1)                   16,454       82,071
Total Assets                                        11,633       58,027
Total Customers  Funds (2)                          10,237       51,064
Loans to Customers                                   7,239       36,108

* Considering the impact of the acquisition of Banco Pinto & Sotto
  Mayor.

(1) Total assets including insurance activity, Mutual funds and Assets
    under personalised management.

(2) Amounts due to customers (including securities), Assets under
    management and Capitalisation insurance.

(PTE billion and EUR million)


Given the low delinquency levels, the loan portfolio quality was kept
high, although reflecting Banco Mello's consolidation. At the end of
the first quarter of 2000, past due loans accounted for 1.4% of total
loans (1.0%, on a comparable basis), which compares to 1.5% at March
31, 1999. Provision coverage of past due loans amounted to 151.4%
(186.1%, on comparable terms) at the end of March 2000 (133.0% at the
end of the first quarter of 1999).

LOAN QUALITY INDICATORS                 31 Mar.     31 Mar.    31 Mar.
                                         2000        2000*       1999
Loans more than 90 days overdue/
Total loans                               1.2%        0.9%      1.4%
Total overdue loans/Total loans           1.4%        1.0%      1.5%
Provisions/Loans more than 90 days
overdue                                 180.6%      219.9%    149.9%
Provisions/Total overdue loans          151.4%      186.1%    133.0%

* Excluding Banco Mello and Interbanco (consolidated by the equity
  accounting method only).


'At the end of the first quarter, BCP and Caixa Geral de Depositos
have entered a partnership agreement which led to BCP's acquisition of
a controlling stake in Banco Pinto & Sotto Mayor, assuring BCP of
being successful in its Public Offer launched for the acquisition of
that bank. As in our previous acquisitions, we are totally committed
to achieve a swift integration of BPSM in order to provide an high-
quality offer of service and products to its clients and staff, which
will contribute to realising the value-creation potential offered by
such prestigious brand' concluded Mr. Jardim Goncalves.

For further information:

Rui Lopes                 Banco Comercial Portugues Tel: [phone]
Kevin Soady/Emma Pickford Citigate Dewe Rogerson    Tel: [phone]
Cindy Lyman/              Citigate Dewe Rogerson    Tel: [phone]
Melissa Payne-Smith


                       BANCO COMERCIAL PORTUGUES
                                   
                   Consolidated Statement of Income
        for the three months ended 31 March, 2000 and 1999 (i)

                                      2000       2000        1999
                                     (Thousands (Thousands of Escudos)
                                      of Euros)
                                                           
Interest income                      557,000    111,668,396    80,268,621
Interest expense                     316,778     63,508,275    43,205,418
                                    --------    -----------   -----------
                                                           
     Net interest income             240,222     48,160,121    37,063,203
Provision for loan losses             58,178     11,663,580     6,740,677
                                    --------    -----------   -----------     
                                                     
     Net interest income after                             
        provision for loan losses    182,044     36,496,541    30,322,526
                                    --------    -----------   -----------     
                                                     
Other operating income                                     
     Income from securities           29,608      5,935,830     4,648,298
     Commissions                     128,392     25,740,229    17,717,284
     Profit arising from trading     136,342     27,334,217    14,771,060
       activity
     Other income                     65,335     13,098,493     6,518,159
                                    --------    -----------   -----------     
                                                     
                                     359,677     72,108,769    43,654,801
                                    --------    -----------   -----------     
                                                     
Other operating expenses                                   
     Commissions                      13,452      2,696,983     1,526,077
     Losses arising from trading      99,151     19,877,975     9,807,341
      activity
     Staff costs                     142,647     28,598,127    20,413,355
     Other administrative costs       98,100     19,677,187    15,208,834
     Depreciation                     41,216      8,263,164     6,855,949
     Other provisions                  3,465        694,762    (1,536,077)    
     Other expenses                   13,504      2,707,086     1,514,541
                                    --------    -----------   -----------

                                     411,535     82,505,284    53,790,020
                                    --------    -----------   -----------     
                                                     
     Income before income taxes      130,186     26,100,026    20,187,307
Income taxes                          14,475      2,901,979     2,863,702
                                    --------    -----------   -----------     
                                                     
     Net income                      115,711     23,198,047    17,323,605
Minority interests                    43,397      8,700,331     5,294,676
                                    --------    -----------   -----------
                                                           
     Net income for the year          72,314     14,497,716    12,028,929
      attributable to the Bank

(i) Financial Statements incorporating the insurance subsidiary
    companies by the equity method of consolidation.


                       BANCO COMERCIAL PORTUGUES
                                   
     Consolidated Balance Sheet as at 31 March, 2000 and 1999 (i)
                                   
                                      2000         2000          1999
                                  (Thousands    (Thousands of Escudos)
                                    of Euros)
                                                         
Assets                                                   
Cash and deposits at central banks  967,306    193,927,486    86,407,687

Loans and advances to credit                             
institutions
     Repayable on demand            595,238    119,334,575    96,028,973
     Other loans and advances     2,737,234    548,766,235   611,206,001
Loans and advances to customers  30,836,497  6,182,162,678 3,872,785,672
Securities                        4,561,832    914,565,200   582,253,666
Treasury stock                            -              -     2,806,500
Investments                       1,011,148    202,716,954   134,155,565
Intangible assets                   520,730    104,396,916   146,505,294
Tangible assets                   1,103,368    221,205,368   162,288,647
Other debtors                       794,758    159,334,721    97,384,467
Prepayments and accrued income    2,064,705    413,936,025   201,961,650
                                 ----------  ------------- -------------
                                 45,192,816  9,060,346,158 5,993,784,122
                                 ==========  ============= =============

Liabilities                                              
Amounts owed to credit                                   
institutions
     Repayable on demand            296,401     59,423,152    70,679,027
     With agreed maturity date   12,810,155  2,568,205,557 1,636,767,406
Amounts owed to customers                                
     Repayable on demand          8,460,472  1,696,172,336 1,266,883,899
     With agreed maturity date   11,413,029  2,288,106,965 1,732,156,958
Debt securities                   6,013,687  1,205,635,951   329,115,077
Other liabilities                   497,945     99,828,961    76,536,325
Accruals and deferred income      1,330,755    266,792,305   184,310,625
Provision for liabilities
 and charges                        614,340    123,164,146    65,283,459
Subordinated debt                 1,003,285    201,140,582   147,597,333
                                 ----------  ------------- -------------      
Total liabilities                42,440,069  8,508,469,955 5,509,330,109
                                 ----------  ------------- -------------      
                                                         
Shareholders  Equity                                     
Share capital                     1,000,000    200,482,000   200,000,000
Share premium                       587,202    117,723,467   118,337,336
Reserves and retained earnings     (460,894)   (92,400,961)  (13,472,633)
                                 ----------  ------------- -------------      
                                                         
Total Shareholders Equity         1,126,308    225,804,506   304,864,703
                                 ----------  ------------- -------------      
                                                         
Minority interests                  622,105    124,720,730    82,552,901
Minority interests in             1,004,334    201,350,967    97,036,409
 preference shares
                                 ----------  ------------- -------------      
                                                         
Total Minority Interests          1,626,439    326,071,697   179,589,310
                                 ----------  ------------- -------------      
                                 45,192,816  9,060,346,158 5,993,784,122
                                 ==========  ============= =============      
                            
(i) Financial Statements incorporating the insurance subsidiary companies
    by the equity method of consolidation.