Nine Months Results

Banco Comercial Portugues S.A.
24 October 2000


                     BANCO COMERCIAL PORTUGUES ('BCP') 
          NET INCOME UP 64.0% TO EUR 315.8 MILLION (PTE 63.3 BILLION) 
                     FOR THE FIRST NINE MONTHS OF 2000 

(Maputo, October 24, 2000): Banco Comercial Portugues (BCP, NYSE: BPC, BCPPRA),
Portugal's leading bank, today reported consolidated net income of EUR 316
million (PTE 63.3 billion) for the first nine months of 2000, up 64.0% from pro
forma net income of EUR 193 million for the same period of 1999. Earnings per
share were up 18.2% to EUR 0.23 (PTE 45.8) from EUR 0.19 in the first nine
months of 1999 on a comparable basis, despite the dilutive effect arising from
the share capital increases that took place during this year. Return on equity
and return on assets stood at 25.0% and 0.7%, respectively.

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

    PROFITABILITY          30 Sep. 00        30 Sep. 99  30 Sep. 99   Change
      INDICATORS                             Pro forma                 00/99
                         PTE        EUR         EUR         EUR      Pro forma
Net Income
 (PTE billion and 
  EUR million)           63.308     315.78     192.53     392.59     64.0%
Earnings per share         45.8       0.23       0.19       0.39     18.2%
ROE                                  25.0%      16.9%      31.5%         -
ROA                                   0.7%       0.5%       1.7%         -
ROA before minority interests
and pre-acquisition income            1.2%       1.0%       2.1%         

'The activity of the BCP Group in the third quarter of 2000 has confirmed the
potential for growth offered by our new structure, with regards to both the
expansion of our business portfolio - the impact of very dynamic cross-selling
being particularly noteworthy - and the achievement of synergies related to the
rationalisation of operating platforms and to the optimisation of distribution
networks', commented Mr. Jardim Goncalves, Chairman and CEO of BCP, adding: 'The
BCP Group grew in terms of assets and profitability, with retail networks and
business lines more closely linked to asset gathering - specifically mutual
funds, capitalisation insurance and other structured financial products -
performing particularly well'.

Consolidated net income also benefited from growing acceptance of the Group's
offer, its increased market presence - supported by the commercial revamping of
recently acquired brands - and intensified involvement with an enlarged customer
base. The performance of some of the Group's more innovative projects - notably
Expresso Atlantico and Banco7 - is also noteworthy.

Net interest income amounted to EUR 937 million (PTE 188 billion), exceeding by
1.5% the pro forma amount for the first nine months of 1999. The impact of
increased business volumes, particularly in relation to loans and customers'
funds, dampened the effect of a narrowing net interest margin, that stood at
2.6% (2.8% for the nine-month period ended September 30, 1999, on a similar
basis).


OPERATING INDICATORS                 30 Sep. 00     30 Sep. 99    30 Sep. 99
                                                     Pro forma
     
Net Interest Margin                    2.6%            2.8%          2.8%
Other Income/Total Income             48.7%           42.2%         45.2%
Operating Costs/Total Income          56.2%           61.2%         60.2%

Net commissions totalled EUR 427 million (PTE 85.5 billion), increasing 23.0%
from the pro forma figure for the first nine months of 1999 and leading to high
disintermediation ratios: other income accounted for 48.7% of total income,
compared to a pro forma weight of 42.2% during the first nine months of 1999.
The integration of recent acquisitions and the application of BCP's
cross-selling approach to a three million large customer base are expected to
result in higher diversification of income and profitability.

Operating costs (staff costs, other administrative expenses and depreciation),
which stood at EUR 1,026 million (PTE 206 billion), confirmed a slower rate of
increase than total income, representing 56.2% of the latter during the first
nine months of 2000 (61.2% pro forma in the same period of 1999). The merger of
SottoMayor into BCP and the conclusion of the integration of its operating units
and support structures in ServiBanca - the integration of Banco Mello having
already been concluded - will see expected synergies and efficiency gains fully
materialise, some of which are already apparent in the evolution of staff costs.

The effect of the capital gains obtained through the sales of shareholdings and
of a part of the Group's treasury stock portfolio, net of taxes, was cancelled
out by the charge of a provision for increases in pension-related
responsibilities. Therefore, non-recurring transactions had no net impact on
consolidated net income. 

The evolution of the main activity indicators reflected the growing
effectiveness of commercial networks that, through a wide range of distribution
channels and several brand names, offer innovative products and services,
designed to fulfil customers' financial needs across the board, yet specifically
designed to each of the targeted segments. Loans to customers amounted to EUR
39,624 million (PTE 7,944 billion) at the end of September 2000, growing 24.1%
from the pro forma figure at the end of the third quarter of 1999. Total
customers' funds - amounts due to customers including securities, assets under
management and capitalisation insurance - were positively influenced by the good
performance of asset management, standing at EUR 55,816 million (PTE 11,190
million), up 20.3% pro forma from September 30, 1999.

    ACTIVITY        30 Sep. 00      30 Sep. 99      30 Sep. 99       Change
   INDICATORS                       Pro forma                         00/99
 (PTE billion and   PTE    EUR         EUR             EUR          Pro forma
   EUR million)

Total Assets      11,998  59,847      52,142          33,404          14.8%
Total Customers' 
 Funds (1)        11,190  55,816      46,407          31,851          20.3%
Loans to 
 Customers         7,944  39,624      31,935          22,532          24.1%
Own Funds (2)        946   4,718       5,337           3,480         -11.6%

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

(2) Shareholders' equity, Preference shares and Subordinated debt.              
           
Loan default levels remained low, comparing favourably with September 30, 1999
figures in spite of the impact of the newly-acquired companies. Past due loans
represented 1.4% of total loans at the end of the third quarter of 2000 (1.9% a
year earlier, on a similar basis), while provision coverage stood at 156.5% (pro
forma of 125.4% at September 30, 1999).


LOAN QUALITY INDICATORS             30 Sep. 00     30 Sep. 99     30 Sep. 99
                                                   Pro forma

Loans more than 90 days 
 overdue/Total loans                   1.2%           1.6%           1.1%
Total overdue loans/Total loans        1.4%           1.9%           1.3%
Provisions/Loans more than 
 90 days overdue                     192.5%         147.6%         179.9%
Provisions/Total overdue loans       156.5%         125.4%         151.5%


The Group's concentration on its core business has been combined with a strategy
of selective investment in non-financial areas, important as a means of
enhancing its main business and creating shareholder value.

Capital ratios maintained comfortable levels, benefiting from the impact of the
recent transactions that increased BCP's share capital to EUR 2,043 million at
the end of the third quarter of 2000 from EUR 1,000 million at September 30,
1999. The consolidated solvency ratio, estimated in accordance with the
principles of BIS, stood at 9.1%, with Tier 1 amounting to 7.3%.

'We have concluded the integration of Banco Mello, fully retaining its customers
and business base, while the integration of SottoMayor is well underway. We
therefore have complete confidence in accomplishing our intended plan which will
be achieved through the growth of the customer base and the Group's activity'
commented Mr. Jardim Goncalves, adding: 'I would also like to emphasise our
progress in Internet-related business, together with our partners EDP and Banco
Sabadell, and on the international front where the Group has capitalised upon
its skills in new markets, again with the support of its strategic partners.
NovaBank - the first financial institution to start operating in Greece for a
long time - is a clear example'.




                         BANCO COMERCIAL PORTUGUES

       Consolidated Balance Sheet as at 30 September, 2000 and 1999

                                     2000          2000            1999

                          (Thousands of Euros)    (Thousands of Escudos)

Assets

Cash and deposits at
 central banks                  1,074,199        215,357,595      98,959,742
Loans and advances to
 credit institutions
 Repayable on demand              996,177        199,715,483     105,600,797
 Other loans and advances       5,206,507      1,043,810,997     566,194,807
Loans and advances to
 customers                     39,623,711      7,943,840,827   4,517,282,727
Securities                      5,746,534      1,152,076,534     606,472,892
Treasury stock                    470,013         94,229,229      96,828,195
Investments                     2,255,966        452,280,656     148,015,189
Intangible assets                  90,096         18,062,682      87,224,834
Tangible assets                 1,203,938        241,367,813     166,027,128
Other debtors                   1,056,925        211,894,388     105,688,496
Prepayments and accrued income  2,123,124        425,648,044     198,633,165

                               59,847,190     11,998,284,248   6,696,927,972


Liabilities

Amounts owed to credit
 institutions
 Repayable on demand              481,376         96,507,249      34,988,881
 With agreed maturity date     14,844,329      2,976,020,804   1,919,618,376
Amounts owed to customers
 Repayable on demand           11,594,600      2,324,508,521   1,334,747,648
 With agreed maturity date     16,868,549      3,381,840,450   1,721,007,057
Debt securities                 8,286,238      1,661,241,614     570,845,291
Other liabilities                 584,663        117,214,378      45,229,344
Accruals and deferred income    1,549,229        310,592,377     194,770,378
Provision for liabilities
 and charges                      711,552        142,653,458      91,018,035
Subordinated debt               1,327,451        266,130,045     149,100,948

  Total Liabilities            56,247,987     11,276,708,896   6,061,325,958


Shareholders' Equity

Share capital                   2,042,972        409,579,110     200,482,000
Share premium                   2,634,890        528,248,041     117,820,736
Reserves and retained earnings (2,512,927)      (503,796,628)     52,371,963

  Total Shareholders' Equity    2,164,935        434,030,523     370,674,699


Minority interests                208,918         41,884,167      86,997,528
Minority interests in
 preference shares              1,225,350        245,660,662     177,929,787

  Total Minority Interests      1,434,268        287,544,829     264,927,315

                               59,847,190     11,998,284,248   6,696,927,972



                       BANCO COMERCIAL PORTUGUES

                  Consolidated Statement of Income 
         for the nine months ended 30 September, 2000 and 1999

                                          2000          2000            1999

                                (Thousands of Euros)   (Thousands of Escudos)

Interest income                          2,213,470    443,760,911  231,021,335
Interest expense                         1,276,590    255,933,319  117,335,102

   Net interest income                     936,880    187,827,592  113,686,233
Provision for loan losses                  177,050     35,495,424   22,498,163

   Net interest income after
    provision for loan losses              759,830    152,332,168   91,188,070

Other operating income

 Income from securities                    147,076     29,486,128    9,285,231
 Commissions                              472,934     94,814,826   53,628,935
 Profit arising from trading
  activity                                 486,339     97,502,314   37,162,270
 Other income                              230,963     46,303,976   26,292,928
 Gains on sale of shares of subsidiaries
 and associated companies                   30,195      6,053,501   74,893,803
                              
                                         1,367,507    274,160,745  201,263,167


Other operating expenses

 Commissions                                46,299      9,282,211    3,986,947
 Losses arising from trading activity      340,391     68,242,306   24,308,323
 Staff costs                               565,589    113,390,429   65,866,760
 Other administrative costs                354,020     70,974,708   44,522,237
 Depreciation                              106,731     21,397,705   19,116,438
 Other provisions                           52,282     10,481,580   26,093,678
 Other expenses                             61,028     12,235,004    4,381,992

                                         1,526,340    306,003,943  188,276,375


   Income before income taxes              600,997    120,488,970  104,174,862
Income taxes                                97,150     19,476,871    8,603,509

   Net income                              503,847    101,012,099   95,571,353
Minority interests                          86,028     17,247,098   16,864,552
Pre-acquisition net income                 102,041     20,457,289            -

   Net income for the year attributable
    to the Bank                            315,778     63,307,712   78,706,801