Nine Months Results - Net Income Up 90.6%

BANCO COMERCIAL PORTUGUES SA
27 October 1999
                                   
                   BANCO COMERCIAL PORTUGUES ('BCP')
       NET INCOME UP 90.6% TO EUR 393 MILLION (PTE 78.7 BILLION)
                   FOR THE FIRST NINE MONTHS OF 1999

(Lisbon, October 26, 1999)  Banco Comercial Portugues (BCP, NYSE  BPC,
BCPPRA),  Portugal's leading private bank, today reported consolidated net 
income of EUR 392.6 million (PTE 78.7 billion) for the first nine months  of 
1999,  90.6% up on the same period of 1998.  Earnings  per share increased to
EUR 1.97 (PTE 394.6) from EUR 1.15, while return on equity improved to 31.5%
and return on assets to 1.5%.

                          30 Sept. 99    30 Sept. 99    30 Sept. 98    Change
                          Accumulated    Accumulated    Accumulated     99/98
PROFITABILITY INDICATORS      PTE            EUR            EUR
-----------------------------------------------------------------------------
Net Income (PTE billion     
and EUR million)                78.71         392.59        206.014     90.6%
Earnings per share              394.6           1.97           1.15     71.5%
ROE                                            31.5%          23.6%        -
ROA                                             1.5%           0.9%        -
-----------------------------------------------------------------------------

'The first nine months of 1999 have seen the BCPAtlantico Group consolidate 
its  position  as the market  leader  in  the  Portuguese financial  sector. 
We  are pleased to report that  we  have  met  our targets for revenue and
earnings growth and remain confident about the outlook  for  the  remainder 
of  the  year',  commented  Mr.  Jardim Goncalves, Chairman and CEO of BCP,
adding: 'We continue to experience strong  growth  in  client  activity 
across  several  franchises,  in particular loan granting and insurance and
card businesses. The  level of  profitability attained reflects the adoption
of rigorous risk  and pricing policies without compromising overall business
growth. At  the same  time, we are reaping the benefits of continuous
improvements in productivity and efficiency which stem from significant and
well-timed investments  in  innovative distribution channels  and  in 
exploiting synergies at ServiBanca'.

BCPAtlantico has strengthened its prominent  position  in  Portugal, within a
framework characterised by continuing intense competition and by increasingly
difficult differentiation of financial groups' offers.  At  the end of
September 1999, BCPAtlantico Group accounted for 15% of total assets, 20% of
total loans to customers and 14% of total balance sheet customers' funds
within the Portuguese banking sector. The Group is  also  the  domestic 
leader  in insurance,  asset  management and specialised finance (leasing and
factoring).

Net  income for the first nine months of 1999 includes the  impact  of the
break-up of the strategic alliance with BSCH in the second quarter of  the 
year,  while  during the first nine months  of  1998  it  was influenced  by 
the  flotation of a 32.2% shareholding  in  Atlantico.  Excluding these
factors, net income rose 33.4%, amounting to  EUR  193 million (PTE 38.6
billion). Commercial activity performed well - the growth  of  loans  granted 
being worth-noting - while  the  growing diversification  of  income,
reflected in the growth  of  commissions, more  than  offset  the  narrowing
of the  net  interest  margin.  The increase in operating costs was slower
than the expansion of business, so maintaining the improving trend in
efficiency. 

Net  interest  income increased by 10.4% up to EUR  648  million  (PTE 130.0 
billion) for the first nine months of 1999 from EUR 587 million during  the 
same period of 1998. This was due to the  result  of  the increase  in  the
amount of loans granted which more than  compensated for  the  impact of the
slight decrease in the net interest margin  to 3.0%.

                                   30 Sept. 99    30 Sept. 98
                                   Accumulated    Accumulated
OPERATING INDICATORS      
-------------------------------------------------------------
Net Interest Margin                       3.0%           3.1%
Other Income/Total Income (1)            60.1%          59.7%
Operating Costs/Total Income (1)         45.2%          47.1%
-------------------------------------------------------------

(1) Excluding the impact of the break-up of the strategic agreement between
BCP and BSCH.

Reflecting the Group's strategy to diversify the income structure, the weight 
of  other income as a percentage of total income continued  to increase,
rising to 60.1% for the first nine months of 1999 from 59.7% for  the  same
period of 1998. This was mainly due to the contribution from  net  commissions
(particularly regarding cards  and  guarantees which  more  than  compensated
for the decrease  in  commissions  from securities' operations  as a result of
the poor  performance  of  the Portuguese  stock  exchange) arising from the 
Group's  cross-selling activities and reflected in growing involvement with
customers.

Operating costs showed controlled growth, amounting to EUR 735 million (PTE 
147.3 billion) for the first nine months of 1999, up  7.2%  from the  same 
period  of  1998. The increase in the  cost  structure  was proportionally 
less  than business growth, so causing  the  improving trend in efficiency to
be continued. This reflects the positive effect of centralising operating and
strategic units under a common platform, despite  investment in the expansion
of the distribution networks  and in  new businesses. Operating costs
represented 45.2% of total income, compared  to 47.1% for the first nine
months of 1998. As a  percentage of  average  total assets, operating costs
decreased to  2.8%  in  the first nine months of 1999 from 3.0% in the same
period of 1998.

The expansion of the Group's branch networks as planned (including  45 new 
Atlantico  Stores, 17 new NovaRede branches and 15  new  Expresso Atlantico 
stores between the end of September 1998 and September  30, 1999)  and  the 
strengthening of commercial  areas  have  led  to  an increase in costs more
directly linked to the Group's business growth.  In  particular, staff and
communication costs - the latter  influenced by  intensified  telemarketing
campaigns and  by  the  development  of remote  distribution channels - as
well as costs related to customers' increased usage of payment cards should be
mentioned. The increase  in operating  costs was also affected by the
preparation of the  Group's information systems for Y2K which involved
extensive testing  of  both external  and internal entities and the design of
business  continuity plans.

                          30 Sept. 99    30 Sept. 99    30 Sept. 98    Change
                          Accumulated    Accumulated    Accumulated     99/98
ACTIVITY INDICATORS               PTE            EUR            EUR
-----------------------------------------------------------------------------
Total Assets under 
Management (1)                 10,078         50,269         43,079     16.7%
Total Assets                    7,388         36,852         30,512     20.8%
Total Customers' Funds (2)      6,265         31,249         29,294      6.7%
Loans to Customers              4,517         22,532         16,659     35.3%
Own Funds (3)                     698          3,480          2,730     27.5%
-----------------------------------------------------------------------------

(1)  Total  assets, Investment 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)

Loans  to customers amounted to EUR 22,532 million (PTE 4,517 billion) at  the
end  of the third quarter of 1999, 35.3% up on September  30, 1998.  This
performance was mainly due to the growth of loans  granted to  individuals
(mortgage loans and consumer credit) as well as to the increase of loans
granted to services and commerce companies.

Total customers  funds - customers' deposits, certificates of deposit, assets
under management and capitalisation insurance - were EUR 31,249 million  (PTE 
6,265  billion)  at September  30,  1999,  up  6.7%  on September  30, 1998.
This growth was despite the fall of the  domestic stock  market which
restricted the share price growth of assets  under management and which
discouraged potential investors. 

Despite the maintenance of a highly favourable environment to credit -
characterised by historically low interest rates, intense  competition and by
a strong consumption incentive due to the low profitability  of savings 
instruments - the Group kept a prudent  credit  underwriting policy.  Loans
overdue by more than 90 days accounted for 1.1% of total loans  at September
30, 1999, compared to 1.6% at September 30, 1998.  The  provisioning of loans,
based on an appraisal of potential  risks, was  maintained at a comfortable
degree, with coverage  by  provisions for  loans  overdue  by  more than 90
days  increasing  to  179.9%  at September 30, 1999 (145.2% on the same date
in 1998).

                                   30 Sept. 99    30 Sept. 98
LOAN QUALITY INDICATORS      
-------------------------------------------------------------
Loans more than 90 days overdue/
 Total loans                              1.1%           1.6%
Total overdue loans/Total loans           1.3%           1.8% 
Provisions/Loans more than 90    
 days overdue                           179.9%         145.2%
Provisions/Total overdue loans          151.5%         132.0%
-------------------------------------------------------------

Reflecting  continued high solvency levels, own funds - comprised  of
shareholders' equity,  preference  shares  and  subordinated  debt - amounted
to  EUR 3,480 million, up 27.5% on September 30,  1998.  The solvency ratio,
estimated in accordance with the rules of the Bank  of Portugal,  stood at
11.1%, compared to 11.0% at the end of  the  third quarter of 1998, while this
same indicator stood at 12.0% according to BIS.

'Having  announced  our  intention to bid for  the  Mundial-Confianca Group, 
we are keen to achieve our objectives by taking all the  steps required  for 
a  transparent  and market-driven  solution.  We  shall proceed  with the
definitive filing of our Public Offers for  Mundial-Confianca  and  its
banking subsidiaries', said Mr. Jardim  Goncalves, who  concluded: 'Our 
proposals, the rationale  of  which  have  been recognised  by the main
analysts covering the Portuguese  market,  are directed  at  all  the 
shareholders of the target  entities.  We  are confident  that  the success of
these Offers will  contribute  to  the creation  of  a strong group, both in a
financial and in  a  strategic sense,  as well as enhancing and re-positioning
the Portuguese  market and its participants within Europe'.


                       BANCO COMERCIAL PORTUGUES
                                   
   Consolidated Balance Sheet as at 30 September, 1999 and 1998 (i)
                                   
                                   1999             1999             1998
                             -----------   --------------   --------------
Assets                       (Thousands                  (Thousands           
                               of Euros)                 of Escudos)
                                                 
Cash and deposits at          
 central banks                  494,832       99,204,977       72,094,159
Loans and advances to                                        
 credit institutions
  Repayable on demand           557,134      111,695,266       88,154,315
  Other loans and advances    2,873,962      576,177,768      762,744,142
Loans and advances to               
 customers                   22,531,781    4,517,216,556    3,339,795,817
Securities                    5,959,833    1,194,839,249    1,094,631,742
Treasury stock                  482,977       96,828,195        5,349,505
Investments                     656,400      131,596,415      100,131,203
Intangible assets               563,416      112,954,683      139,667,876
Tangible assets                 979,527      196,377,587      184,406,049
Other debtors                   779,679      156,311,627      145,982,153
Prepayments and accrued       
income                          972,020      194,872,625      184,081,179
                             -----------   --------------   --------------
                             36,851,562    7,388,074,948    6,117,038,140
                             ===========   ==============   ==============
                                                    
Liabilities                                         
                                                    
Amounts owed to credit institutions
  Repayable on demand           174,180       34,919,937       71,266,846
  With agreed maturity date   9,590,012    1,922,624,724    1,382,542,009
Amounts owed to customers                                    
  Repayable on demand         6,618,569    1,326,903,941    1,178,915,074
  With agreed maturity date   8,583,759    1,720,889,089    1,777,176,581
Debt securities               2,847,364      570,845,291      222,798,013
Other liabilities               633,045      126,914,185      119,485,675
Accruals and deferred income  1,068,243      214,163,449      217,097,370
Provision for liabilities    
and charges                   3,216,360      644,822,319      497,481,918
Subordinated debt               743,712      149,100,948      152,881,254
                             -----------   --------------   --------------
                                                             
     Total Liabilities       33,475,244    6,711,183,883    5,619,644,740
                             -----------   --------------   --------------
                                                             
Shareholders' Equity                                         
                                                             
Share capital                 1,000,000      200,482,000      196,969,000
Share premium                   587,687      117,820,736      115,300,795
Reserves and retained         
earnings                        261,230       52,371,963      (13,939,561)
                             -----------   --------------   --------------
     Total Shareholders'     
     Equity                   1,848,917      370,674,699      298,330,234
                             -----------   --------------   --------------
Minority interests              639,891      128,286,579      102,905,825
Minority interests in         
preference shares               887,510      177,929,787       96,157,341
                             -----------   --------------   --------------
     Total Minority Interests 1,527,401      306,216,366      199,063,166
                             -----------   --------------   --------------
                             36,851,562    7,388,074,948    6,117,038,140
                             ===========   ==============   ==============

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


                       BANCO COMERCIAL PORTUGUES
                                   
                   Consolidated Statement of Income
       for the nine months ended 30 September, 1999 and 1998 (i)

                                   1999             1999             1998
                             -----------   --------------   --------------
                             (Thousands                  (Thousands           
                               of Euros)                 of Escudos)
                                                 
Interest income               1,233,465      247,287,598      264,343,155
Interest expense                585,109      117,303,915      146,615,203
                             -----------   --------------   --------------    
Net interest income             648,356      129,983,683      117,727,952
Provision for loan losses       112,220       22,498,163       20,485,211
                             -----------   --------------   --------------
     Net interest income after
     provision for loan losses  536,136      107,485,520       97,242,741
                             -----------   --------------   --------------
Other operating income                                        
  Income from securities         51,281       10,280,871        9,121,412
  Commissions                   289,287       57,996,866       51,728,336
  Profit arising from         
  trading activity              261,823       52,490,862       65,551,619
  Insurance premiums            811,622      162,715,660      130,886,171
  Other income                  121,216       24,301,668       19,873,095
  Gains on sale of shares                                     
  of subsidiaries and           
  associated companies          373,569       74,893,803       35,850,337
                             -----------   --------------   --------------
                              1,908,798      382,679,730      313,010,970
                             -----------   --------------   --------------
Other operating expenses                                      
  Commissions                    45,849        9,191,856        7,917,769
  Losses arising from         
  trading activity              173,196       34,722,616       38,045,159
  Staff costs                   372,602       74,700,014       69,087,475
  Other administrative costs    250,464       50,213,527       46,029,436
  Depreciation                  111,704       22,394,733       22,339,530
  Other provisions              611,354      122,565,496      102,008,378
  Claims incurred in the      
  insurance activity            307,383       61,624,710       48,790,136  
  Other expenses                 32,966        6,609,212        8,029,863
                             -----------   --------------   --------------
                              1,905,518      382,022,164      342,247,746
                             -----------   --------------   --------------
     Income before income     
     taxes                      539,416      108,143,086       68,005,965
Income taxes                     50,487       10,121,701       10,125,000
                             -----------   --------------   --------------
     Net income                 488,929       98,021,385       57,880,965
Minority interests               96,341       19,314,584       16,579,081
                             -----------   --------------   --------------
     Net income for the      
     year attributable to    
     the Bank                   392,588       78,706,801       41,301,884
                             ===========   ==============   ==============

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