Final Results

Banco Comercial Portugues S.A.
26 January 2000

                                   
                                   
                   BANCO COMERCIAL PORTUGUES ('BCP')
  NET INCOME UP 59.2% to EUR 430 million (PTE 86.3 billion) in 1999,
    reflecting inter alia the impact of an extraordinary provision
                               during Q4
                                   

(Lisbon, January 25, 2000): Banco Comercial Portugues (BCP, NYSE: BPC,
BCPPRA),  Portugal's leading private bank, today reported consolidated
net  income of EUR 430.4 million (PTE 86.3 billion) in 1999, 59.2%  up
on  EUR 270 million for 1998. Earnings per share increased to EUR 0.43
(PTE 86.5) from EUR 0.29, while return on equity improved to 25.0% and
return on assets to 1.2%.

PROFITABILITY INDICATORS                  1999   1999    1998   Change
                                           PTE    EUR     EUR    99/98
Net Income (PTE billion and EUR million)  86.285 430.397 270.37  59.2%
Earnings per share                          86.5    0.43   0.29  46.7%
ROE                                                       25.0%  21.7%       
ROA                                                        1.2%   0.9%       


'In 1999, the BCPAtlantico Group consolidated its leading position in
several areas of its domestic financial business, while developing and
strengthening  its dynamic commercial activity, especially  in  loans,
insurance and asset management. The good performance of the Portuguese
economy  favoured  the Group's expansion and our  domestic  leadership
strategy,   allowing  both  for  taking  advantage  of   consolidation
opportunities and for the strong organic growth of our franchises, and
so  strengthened  our  ability  to  face  the  challenges  of  growing
globalisation in financial services', commented Mr. Jardim  Goncalves,
Chairman and CEO of BCP, adding: 'Our response to competition  and  to
the impact of the introduction of the euro, which accelerated the pace
of  domestic  and  international  change  in  the  financial  services
industry, was effective. We have widened our international strategy to
include new markets, through the establishment of new partnerships and
the  setting-up of new projects, so capitalising upon the  skills  and
the potential of our business model'.

Net  income  for 1999 also includes net capital gains in the  sale  of
holdings  and  the one-off provisioning for pension  funds,  to  fully
cover non-compulsory employees  benefits and early retirement charges.
Excluding these impacts and compared to net income for 1998,  deducted
from  the net gain of the flotation of 32.2% of BCP's shareholding  in
Atlantico, net income would have increased by 29.4%, amounting to  EUR
270 million (PTE 54.1 billion).

Business  growth and profitability objectives were fully  accomplished
in  1999  through a commercial position supported by a wide  range  of
innovative proposals that strengthened the Group's presence in several
areas of the financial business. The success in the implementation  of
a  structure based on  'factories' of financial products and  services,
made  available through innovative and effective distribution networks
using different channels (branches, ATMs, telephone, internet, dealers
and  agents),  was  reflected in the growth of  net  interest  income,
commissions and the main business indicators.

The  growth of loans to customers led net interest income to  increase
to  EUR 864 million (PTE 173.3 billion) in 1999, up 8.9% from EUR  794
million in 1998, compensating for the effect of the reduction  of  the
net interest margin to 2.9% in 1999 from 3.1% in 1998.

OPERATING INDICATORS                  1999      1998
Net Interest Margin                    2.9%      3.1%
Other Income/Total Income (1)         63.3%     61.0%
Operating Costs/Total Income (1)      42.4%     45.4%

(1) Excluding  the impact of  the  break-up of  the strategic
    agreement between BCP  and  BSCH,  the  one-off provisions
    for  pension funds  in 1999 and the flotation of a  32.2%
    shareholding in Atlantico, in 1998.


The  strategic  focus  on  the  growth  of  cross-selling  income  was
intensified during 1999, more than offsetting the impact  of  the  net
interest  margin decrease and more intense competition. The weight  of
other  income  as  a  percentage of total income increased  to  63.3%,
benefiting from the good performance of commissions related to  cards,
mutual funds and personalised asset management.

Operating  costs  showed  controlled growth  in  accordance  with  the
strategic  goal of reducing their impact on earnings. The benefits  of
an  organisational  structure  based on  the  integration  of  support
services  and  common units under a single platform (ServiBanca)  were
once  again  confirmed by the improving trend in operating efficiency.
Operating costs decreased as a percentage of total income to 42.4%  in
1999  from 45.4% in 1998, despite the impact of preparations for  Y2K,
the  advertising of the Group's supply, the launching of new  business
initiatives  and  the  expansion of the distribution  network  to  915
branches at the end of 1999 from 826 branches at year-end 1998.

Loans  to customers amounted to EUR 23,736 million (PTE 4,759 billion)
at  the end of 1999, up 30.6% from EUR 18,171 million at December  31,
1998.  This  was mainly due to the growth of loans to both individuals
and to services and commerce companies.

Total customers  funds - customers' deposits, certificates of deposit,
assets  under management and capitalisation insurance - stood  at  EUR
32,483 million (PTE 6,512 billion) at December 31, 1999, up 7.3%  from
EUR  30,260  million the end of 1998, despite the economic  framework,
which favoured consumption more than savings, and the poor performance
of  the domestic stock market which limited the growth of assets under
management and discouraged potential investors.

ACTIVITY INDICATORS       31 Dec. 99  31 Dec.99  31 Dec. 98   Change
                            PTE         EUR           EUR      99/98
Total Assets under
   Management (1)           10,685      53,295      45,387     17.4%
Total Assets                 7,855      39,179      32,038     22.3%
Total Customers' Funds (2)   6,512      32,483      30,260      7.3%
Loans to Customers           4,759      23,736      18,171     30.6%
Own Funds (3)                  698       3,482       2,763     26.0%

(1) Total assets, Mutual funds and Assets under personalised
    management.
(2) Customers deposits, Certificates of deposit, Assets under
    management and Capitalisation insurance.
(3) Shareholders equity, Preference shares and Subordinated debt.
   (PTE billion and EUR million)


Despite the continued favourable credit environment, characterised  by
low  interest rates and intense competition, the Group kept a  prudent
credit underwriting policy, reflected in low loan loss levels and high
provision  coverage. Loans overdue amounted to EUR  272  million  (PTE
54.6 billion) at the end of 1999, compared to EUR 296 million at year-
end  1998.  Total loans overdue accounted for 1.1% of total  loans  at
December 31, 1999, compared to 1.6% at the end 1998, while coverage by
provisions  of loans overdue increased to 177.8% at the  end  of  1999
(143.7% at December 31, 1998).

LOAN QUALITY INDICATORS            Dec. 31 1999   Dec. 31 1998
Loans more than 90 days overdue/
  Total loans                            1.0%         1.5%
Total overdue loans/Total loans          1.1%         1.6%
Provisions/Loans more than 90
  days overdue                         202.3%       157.9%
Provisions/Total overdue loans         177.8%       143.7%


Reflecting  continued high solvency levels, own funds - comprised  of
shareholders'  equity,  preference  shares  and  subordinated  debt -
amounted to EUR 3,482 million (PTE 698 billion) at December 31,  1999,
up  26.0% on EUR 2,763 million at the end of 1998. The solvency ratio,
estimated in accordance with the rules of the Bank of Portugal,  stood
at 10.1% at the end of 1999 (11.0% according to BIS).

BCP's Senior Board, in a meeting held today, approved the proposal for
the appropriation of profits to be presented by the Board of Directors
to  the  General Shareholder's Meeting to be held on March  15,  2000.
This  proposal establishes a EUR 0.15 (PTE 30.07) dividend per  share,
up  29.3% on EUR 0.12 for 1998 (adjusted for the stock-split that took
place  in  November).  The  significant  increase  in  the  amount  of
dividends paid - from EUR 114 million in 1998 to EUR 150 million  (PTE
30.1  billion) in 1999, together with the appreciation of BCP's  share
price  during 1999, represents a 7.9% total shareholder yield  in  the
year.


PROPOSAL FOR THE APPROPRIATION OF PROFITS 1999   1999    1998   Change
                                          PTE    EUR     EUR    99/98

Net Income (EUR million and PTE billion) 86.285  430.39  270.37  59.2%
Dividends (EUR million and PTE billion)  30.072  150.00  114.24  31.3%
Dividend per share                        30.07    0.15    0.12  29.3%
'Dividend pay-out'                                 34.9%   42.3%       
'Dividend yield'                                    2.7%    2.2%       
Dividend per share adjusted by the stock-split.


Outlook for 2000

'Our intentions regarding further consolidation of the financial
sector, which are known by the market and are in line with the Group's
strategy, are expected to lead to intense efforts to integrate and
harmonise distribution and operating platforms in 2000, the impact of
which in terms of value will be felt in the future', commented Mr.
Jardim Goncalves, concluding  'We will continue our efforts to further
expand our strategic alliances, exploring opportunities resulting from
new technologies in distribution so as to further the Group's
development and improve its profitability, efficiency and
competitiveness'.


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 Statement of Income
          for the years ended 31 December, 1999 and 1998 (i)

                                    1999           1999           1998
                          (Thousands of Euros)   (Thousands of Escudos)
                                                                   
Interest income                  1,648,298      330,454,171   350,208,087
Interest expense                   783,811      157,139,960   191,120,896
                                ----------     ------------   -----------
                                                                   
   Net interest income             864,487      173,314,211   159,087,191
Provision for loan losses          150,532       30,178,943    29,495,016
                                ----------     ------------   -----------
                                                                   
   Net interest income after                                     
     provision for loan losses    713,955      143,135,268    129,592,175
                                ---------      -----------    -----------
                                                                   
Other operating income                                             
   Income from securities          76,565       15,349,819     13,011,707
   Commissions                    396,466       79,484,197     71,645,148
   Profit arising from trading    345,452       69,256,999     88,150,866
        activity
   Insurance premiums           1,236,129      247,821,590    192,151,093
   Other income                   168,189       33,718,906     26,085,635
   Gains on sale of shares of                                    
     subsidiaries and
        associated companies      392,601       78,709,481     35,850,337
                               ----------      -----------    -----------

                                2,615,402      524,340,992    426,894,786
                               ----------      -----------    -----------
                                                                   
Other operating expenses                                           
   Commissions                     61,286       12,286,792     11,162,289
   Losses arising from trading    180,376       36,162,187     51,942,205
     activity
   Staff costs                    513,689      102,985,483     92,239,562
   Other administrative costs     334,863       67,133,993     62,605,118
   Depreciation                   149,996       30,071,501     30,363,619
   Other provisions               973,698      195,208,959    139,594,744
   Claims incurred in the         442,327       88,678,527     69,191,546
     insurance activity
   Other expenses                  47,418        9,506,440     10,191,416
                               ----------      -----------    -----------
                                                                   
                                2,703,653      542,033,882    467,290,499
                               ----------      -----------    -----------
                                                                   
   Income before income taxes     625,704      125,442,378     89,196,462
Income taxes                       65,438       13,119,225     13,143,433
                               ----------      -----------    -----------
                                                                   
   Net income                     560,266      112,323,153     76,053,029
Minority interests                129,879       26,038,386     21,847,796
                               ----------      -----------    -----------
                                                                   
   Net income for the year        430,387       86,284,767     54,205,233
attributable to the Bank

(i) Financial Statements incorporating the insurance subsidiary
    companies by the full consolidation method



                       BANCO COMERCIAL PORTUGUES
                                   
    Consolidated Balance Sheet as at 31 December, 1999 and 1998 (i)
                                   
                                     1999         1999           1998
                                  (Thousands of   (Thousands of Escudos)
                                      Euros)
Assets                                                      
Cash and deposits at central                    
  banks                           879,208       176,265,403     81,482,586
Loans and advances to credit                                
institutions
     Repayable on demand          734,821       147,318,334    132,699,343
     Other loans and advances   2,220,900       445,250,412    588,457,567
Loans and advances to
  customers                    23,735,512     4,758,542,903  3,643,010,496
Securities                      6,610,770     1,325,340,346  1,160,347,213
Treasury stock                    249,328        49,985,676      4,724,100
Investments                       705,254       141,390,805    101,393,186
Intangible assets                 608,237       121,940,626    151,965,861
Tangible assets                 1,005,187       201,521,978    196,026,191
Other debtors                   1,002,406       200,964,446    182,648,471
Prepayments and accrued income  1,427,719       286,232,000    180,348,985
                               ----------     -------------  -------------
                                                            
                               39,179,342     7,854,752,929  6,423,103,999
                               ----------     -------------  -------------
Liabilities                                                 
Amounts owed to credit institutions
     Repayable on demand           92,055        18,455,286    119,930,649
     With agreed maturity date 11,065,557     2,218,445,042  1,527,021,549
Amounts owed to customers                                   
     Repayable on demand        7,132,907     1,430,019,529  1,237,810,456
     With agreed maturity date  8,312,899     1,666,586,576  1,715,609,828
Debt securities                 3,348,929       671,400,070    253,768,815
Other liabilities                 586,194       117,521,315    140,734,187
Accruals and deferred income      976,808       195,832,358    218,423,532
Provision for liabilities                
  and charges                   3,596,367       721,006,826    536,649,002
Subordinated debt                 751,460       150,654,295    149,250,872
                              -----------     -------------  -------------
                                                            
Total liabilities             35,863,176      7,189,921,297  5,899,198,890
                              -----------     -------------  -------------

Shareholders  Equity                                        
Share capital                  1,000,000        200,482,000    196,969,000
Share premium                    587,202        117,723,467    115,197,231
Reserves and retained       
   earnings                      226,028         45,314,449    (3,587,416)
                              -----------     -------------  -------------
Total Shareholders  Equity      1,813,230       363,519,916    308,578,815
                              -----------     -------------  -------------
Minority interests                585,387       117,359,712    119,220,410
Minority interests in                   
  preference shares               917,549       183,952,004     96,105,884
                              -----------     -------------  -------------

Total Minority Interests        1,502,936       301,311,716    215,326,294
                              -----------     -------------  -------------

                               39,179,342     7,854,752,929  6,423,103,999
                              ===========     =============  =============

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