2001 Full Year Results

Banco Comercial Portugues S.A.
23 January 2001


                      BANCO COMERCIAL PORTUGUES ('BCP')

   CONSOLIDATED NET INCOME OF EUR 505.5 MILLION (PTE 101.3 BILLION) FOR 2000
                   84.5% GROWTH ON A COMPARABLE BASIS


(Lisbon, January 23, 2001): Banco Comercial Portugues (BCP, NYSE: BPC,
BCPPRA) today reported consolidated net income of EUR 505.5 million (PTE
101.3 billion) for 2000. On a comparable basis, net income amounted to EUR
498.2 billion (PTE 99.9 billion), up 84.5% from pro forma EUR 270 million in
1999. Earnings per share were up 18.6% to EUR 0.32 (PTE 64.4) from EUR 0.27
in 1999 on a comparable basis, despite the dilutive effect of the share
capital increases that took place during the year. Return on equity and
return on assets stood at 27.7% and 0.9%, respectively.

The acquisitions of SottoMayor, Banco Mello and Interbanco and their
consolidation into the BCP Group by the global method during 2000, as well as
non-recurring items included in reported net income for 1999, hinder a direct
comparison of the financial statements for these periods. The three Banks
referred to are globally consolidated in the Group's financials for 2000,
with net income not attributable to the Group being deducted under minority
interests and pre-acquisition income. Additionally, we have prepared pro
forma financial statements for 1999 according to the criteria referred to
above, but excluding the impact related to the sale of shareholdings.

                                                            1999
                                              2000          Pro forma  1999
PROFITABILITY INDICATORS                  PTE       EUR     EUR        EUR
Net Income (PTE billion and EUR million)  101.343   505.50  270.03     430.39
Earnings per share                        65.3      0.33    0.27       0.43
ROE                                                 27.7%   16.9%      25.0%
ROA                                                 0.9%    0.5%       1.3%
ROA before minority interests and
     pre-acquisition income                         1.2%    0.9%       1.7%

'The growth in BCP's business in 2000, which enabled us to consolidate our
leadership in different areas of financial activities, was characterised by a
significant increase in our client base and by the strengthening of ties with
them, driven by a strong commercial performance focused on cross-selling and
leveraged by intensifying the Group s initiatives of innovation and the
optimisation of our distribution and operating platforms', commented Mr.
Jardim Goncalves, Chairman and CEO of Banco Comercial Portugues, adding 'In a
context of market volatility, underscored by the continuation of a very
competitive environment, our consolidation initiatives led BCP to sustained
high growth rates and improved profitability and efficiency levels, in line
with the stated objectives of the Group. This performance must be seen as
remarkable given that, throughout 2000, we carried out significant efforts in
terms of reorganisation and rationalisation of the Group, its structure and
business areas.'

The evolution of consolidated net income benefited from growing acceptance of
the Group's offer, from intensified involvement with an enlarged customer
base through cross-selling, from the favourable impact of income
diversification, from the rationalisation of operating units into a common
platform and from strict evaluation of risks.

Net income for 2000 includes non-recurring impacts of EUR 7.3 million. This
relates related to the amount to be received from Big Bank Gdanski following
the sale by BCP of the economic interest it held in Millennium - which
generated a net effect of EUR 31.9 million -, and to the sale of treasury
stock, which originated a net gain of EUR 12.8 million. These effects were
partially offset by a provision in the total amount of EUR 37.4 million,
related to the restructuring of the mortgage loans business within the BCP
Group.

Net interest income amounted to EUR 1,253 million (PTE 251 billion),
exceeding the pro forma amount for 1999 by 3.2%. This performance confirmed
that the strategic move towards dimension as a way to compensate the
maintenance of historically low net interest margins was the correct one
average interest earning assets rose as a result of the expansion of loans to
customers, while the narrowing trend of the net interest margin was
maintained, with this figure standing at 2.6% in 2000 (2.7% in 1999, on a
similar basis). This was in spite of commercial efforts aimed at countering
narrowing spreads, the results of which are now starting to be seen.

                                           1999
OPERATING INDICATORS             2000      Pro forma   1999
Net Interest Margin              2.6%      2.7%        2.8%
Other Income/Total Income (1)    50.3%     44.8%       47.9%
Operating Costs/Total Income (1) 54.1%     61.7%       60.3%

Net commissions totalled EUR 575 million (PTE 115 billion), increasing 20.3%
from the pro forma figure for 1999. Commissions were boosted by the
favourable performances of the debit and credit cards  business and of the
income resulting from trading activity on behalf of customers, supported by
the Group's growing focus on online brokerage.

The weight of other income as a percentage of total income increased from
44.8% in 1999 to 50.3% in 2000, benefiting, apart from the evolution of
commissions, from subsidiaries income and from the exploitation of trading
opportunities, since income from non-recurring transactions was not material.
The rational pricing of the Group's financial solutions and the widening of
the cross-selling activity, which is a pillar of its development, is expected
to strengthen customer relationships in the future.

Operating costs - which include staff costs, other administrative expenses
and depreciation - stood at the same level as 1999 (pro forma), amounting to
EUR 1,362 million (PTE 273 billion) in 2000. The staff reduction of 2,965
employees, 16% of the effective banking staff, concluded ahead of plan, was
instrumental in the stabilisation of total costs. The impact of this
initiative, together with the rationalisation achieved through the
integration of back-office units into ServiBanca, offset the effect of
increased activity, resulting in growing efficiency. Operating costs
decreased as a percentage of total income from 61.7% in 1999 (pro forma) to
54.1% in 2000.

The conclusion of the integration process of the operating units and common
back-office structures of Banco Mello and SottoMayor into ServiBanca is also
worth mentioning, with SottoMayor's system migration to be concluded before
the end of April 2001.

Main activity indicators reflect the increasing role of the BCP Group in the
Portuguese financial sector. Loans to customers amounted to EUR 41,113
million (PTE 8,242 billion), up 20.5% from the figure for the end of 1999 on
a comparable basis. Total customers  funds - customers' deposits,
certificates of deposit, assets under management and capitalisation insurance
- stood at EUR 56,642 million (PTE 11,356 billion) at December 31, 2000, up
10.0% on the end of 1999 (pro forma).

                                               1999               Change
ACTIVITY INDICATORS           2000     2000    Pro forma  1999    00/99
(PTE billion and EUR million) PTE     EUR      EUR        EUR     Pro forma
Total Assets                  12,426  61,979   54,719     35,299  13.3%
Total Customers  Funds (1)    11,356  56,642   51,511     33.383  10.0%
Loans to Customers            8,242   41,113   34,113     23,736  20.5%
Own Funds (2)                 924     4,609    5,332      3,482   -13.6%

(1) Customers' deposits, certificates of deposit, assets under management and
capitalisation insurance.
(2) Shareholders' equity, preference shares and subordinated debt.

Credit quality, which was affected by the integration of the new portfolios,
showed an improvement based on the reduction of the weight of loans overdue
in total loans (which decreased to 1.3% at the end of 2000 from 1.7% at the
end of 1999) and on increased coverage by provisions. At December 31, 2000,
loans overdue were covered by provisions at 172.8%, improving from 140.8% at
the end of 1999.

LOAN QUALITY INDICATORS                      Dec. 31    Dec. 31    Dec. 31
                                             2000       1999       1999
                                                        Pro forma
Loans more than 90 days overdue/Total loans  1.1%       1.5%       1.0%
Total overdue loans/Total loans              1.3%       1.7%       1.1%
Provisions/Loans more than 90 days overdue   213.0%     159.3%     202.3%
Provisions/Total overdue loans               172.8%     140.8%     177.8%

Own funds stayed at adequate levels, with the transactions aimed at
strengthening own funds having compensated not only for the acquisitions that
took place during 2000, but also for the increase of assets and off-balance
sheet items inherent in the Group's increased dimension and improved
performance. It is also worth mentioning that share capital more than doubled
in 2000, from EUR 1,000,000,000 at the end of 1999 to EUR 2,101,562,549 at
December 31, 2000, benefiting from investors' confidence in BCP, which was
reflected in the high acceptance of the swap of shares of the new companies
of the BCP Group for BCP's shares. The solvency ratio, estimated in
accordance with the rules of the Bank of Portugal, accounted for 8.2% at the
end of 2000 (9.1% according to BIS).

International activity
'The Group saw significant growth in our international activities. We
launched banking ventures in Greece, through our partnership with a local
partner, in the North-American market, and increased our presence in Poland',
said Mr. Jardim Goncalves. 'The European focus of our initiatives was clearly
demonstrated by the strengthening of our partnership with Eureko B.V., leader
of a major European insurance and asset management financial services group,
and by the further development of our online bank projects to be launched
with Banco Sabadell'.

In this context, it is also worth emphasising the increase of BCP's stake in
Eureko, forecast to reach approximately 24.5%, and the joint-creation of an
asset management company that, following the acquisition by Eureko of 90% of
Foreign & Colonial Management Ltd.'s share capital, will integrate the whole
portfolio of its partners, which is estimated to reach EUR 120 billion (PTE
24,100 billion).

New value proposals
During 2000, important steps were taken to establish BCP's strong presence in
several business areas related to new distribution technologies, with
emphasis on

- Launching of cidadebcp.pt, the first financial portal aimed at the offer
  of products and services to individuals

- Strategic partnership with Banco Sabadell, aiming at the promotion of
  joint initiatives in the Internet domain and of its application to the
  financial business. In this context, the two partners acquired a
  shareholding in Ibersecurities - a reference company in the Spanish
  brokerage market - which will be an essential element in the success of the
  new online Bank, and are concluding the development of a portal for
  companies

- Agreement with EDP for a strategic association regarding e-finance, non-
  financial services through the Internet and telecommunications, in the 
  context of which BCP became a shareholder of ONI and of ONItelecom.

Appropriation of profits
Banco Comercial Portugues' Senior Board today agreed with the proposal for
the appropriation of profits that the Board of Directors will present to the
General Shareholder's Meeting on March 21, 2001. This proposal encompasses
the attribution of new shares to shareholders through the distribution of
reserves booked for a total amount of EUR 315.2 million, which corresponds to
a dividend of EUR 0.15 per share.

The Group's decision to recommend the payment of dividends in stock at the
same level as last year reflects BCP s commitment to reinforce and develop
the Group s capital base in line with the stated intention to focus on
consolidating market leadership and growth.

PROPOSAL FOR THE
    APPROPRIATION OF PROFITS              2000     2000    1999    Change
                                          PTE      EUR     EUR     00/99
Net Income (EUR million and PTE billion)  101.343  505.50  430.39  87.2%
Dividends (EUR million and PTE billion)                    150.00
Charge of reserves for share attribution
       (EUR million and PTE billion)      63.199   315.23          110.2%
Dividend per share (stock)                30.07    0.15               -
Dividend per share (cash)                                  0.15       -
 Stock dividend / Dividend pay-out                 62.4%   34.9%

Outlook for 2001
'The approach of the BCP Group in 2001 will continue to be characterised by
the development of the projects established with our strategic partners, with
an emphasis on the alliances with EDP, Banco Sabadell and Eureko, and by
pursuing initiatives for the optimisation and rationalisation of the
distribution networks and operating platforms, in Portugal and abroad, which
are a significant factor in the improvement of profitability and efficiency
that we look for', said Mr. Jardim Goncalves.

'Pursuing the Group's strategic goals, of consolidating market leadership and
increasing our international dimension, and bearing in mind the increasing
pace of our domestic and international initiatives, we believe that a program
for the reinforcement of our capital is appropriate', commented Mr. Jardim
Goncalves, adding   The creation of shareholder value, the main guideline for
our strategic goals, also depends on a competitive ability deriving from a
strong financial position, which this program will further strengthen. We
will confer a new impetus of rationalisation to networks and operating
structures in the Portuguese market, accelerate the development of projects
that give the BCP Group a greater dimension and international
diversification, and consolidate initiatives that will reinforce our role in
the extremely dynamic context of the information society', concluded Mr.
Jardim Goncalves.

For further information:

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


                          BANCO COMERCIAL PORTUGUES
                                      
         Consolidated Balance Sheet as at 31 December, 2000 and 1999

                                         2000          2000           1999
                                      _________   ____________   ___________
                                    ('000s of         ('000s of Escudos)
                                       Euros')
Assets
Cash and deposits at central banks   1,304,509     261,530,508   176,039,142
Loans and advances to credit
   institutions
 Repayable on demand                 1,284,103     257,439,524   139,487,755
 Other loans and advances            5,625,206   1,127,752,460   437,213,098
Loans and advances to customers     41,113,230   8,242,462,521 4,758,606,895
Securities                           5,657,824   1,134,291,841   673,895,884
Treasury stock                         128,875      25,837,076    49,985,676
Investments                          2,674,107     536,110,383   147,173,591
Intangible assets                       95,838      19,213,737    95,284,118
Tangible assets                      1,240,768     248,751,602   170,462,912
Other debtors                          941,062     188,666,005   150,561,596
Prepayments and accrued income       1,913,482     383,619,092   278,025,523
                                     _________    ____________   ___________

                                    61,979,004  12,425,674,749 7,076,736,190
                                    ==========  ============== =============

Liabilities
Amounts owed to credit institutions
 Repayable on demand                   488,517      97,938,844    18,554,828
 With agreed maturity date          16,024,210   3,212,565,587 2,199,161,636
Amounts owed to customers
 Repayable on demand                12,063,972   2,418,609,305 1,448,323,564
 With agreed maturity date          16,856,249   3,379,374,466 1,666,776,109
Debt Securities                      8,421,991   1,688,457,697   671,400,070
Other liabilities                      522,756     104,803,259    33,912,513
Accruals and deferred income         1,988,814     398,721,742   152,175,650
Provision for liabilities and charges  938,055     188,063,109   107,592,024
Subordinated debt                    1,572,984     315,354,947   150,654,295
                                     _________    ____________   ___________

 Total Liabilities                  58,877,548  11,803,888,956 6,448,550,689
                                     _________    ____________   ___________

Shareholders  Equity
Share capital                        2,101,563     421,325,463   200,482,000
Share premium                          170,130      34,107,914   117,723,467
Reserves and retained earnings       (451,186)    (90,454,767)    45,314,449
                                     _________    ____________   ___________

Total Shareholders  Equity           1,820,507     364,978,610   363,519,916
                                     _________    ____________   ___________

Minority interests                      65,195      13,070,314    80,713,581
Minority interests in
  preference shares                  1,215,754     243,736,869   183,952,004
                                     _________    ____________   ___________

 Total Minority Interests            1,280,949     256,807,183   264,665,585
                                     _________    ____________   ___________
                                    61,979,004  12,425,674,749 7,076,736,190
                                    ==========  ============== =============


                          BANCO COMERCIAL PORTUGUES
                                      
                      Consolidated Statement of Income
               for the years ended 31 December, 2000 and 1999

                                            2000        2000       1999
                                          ________   __________   __________
                                          ('000s        ('000s of Escudos)
                                          of Euros)

Interest income                          3,044,807  610,428,993  308,599,639
Interest expense                         1,792,223  359,308,515  157,124,790
                                          ________   __________   __________

 Net interest income                     1,252,584  251,120,478  151,474,849
Provision for loan losses                  235,090   47,131,360   30,178,943
                                          ________   __________   __________

 Net interest income after provision
   for loan losses                       1,017,494  203,989,118  121,295,906
                                          ________   __________   __________

Other operating income
  Income from securities                   185,300   37,149,321   13,829,784
  Commissions                              639,628  128,233,829   72,887,000
  Profit arising from trading activity     728,213  145,993,621   51,079,742
  Other income                             370,637   74,306,035   37,956,896
  Gains on sale of shares of subsidiaries
    and associated companies                30,195    6,053,501   78,709,481
                                          ________   __________   __________

                                         1,953,973  391,736,307  254,462,903
                                          ________   __________   __________

Other operating expenses
  Commissions                               64,571   12,945,224    5,312,136
  Losses arising from trading activity     513,476  102,942,749   24,727,552
  Staff costs                              743,920  149,142,527   90,659,084
  Other administrative costs               475,231   95,275,339   59,020,046
  Depreciation                             142,955   28,659,823   25,587,713
  Other provisions                         142,915   28,651,883   44,110,705
  Other expenses                            80,157   16,070,033    6,414,018
                                          ________   __________   __________

                                         2,163,225  433,687,578  255,831,254
                                          ________   __________   __________


 Income before income taxes                808,242  162,037,847  119,927,555
Income taxes                               129,698   26,002,043   10,814,246
                                          ________   __________   __________


 Net income                                678,544  136,035,804  109,113,309
Minority interests                          66,879   13,407,982   22,828,542
Pre-acquisition net income                 106,167   21,284,660            -
                                          ________   __________   __________

Net income for the year attributable
  to the Bank                              505,498  101,343,162   86,284,767
                                         =========   ==========   ==========