1st Quarter Results

Banco Comercial Portugues S.A.
23 April 2001


                        BANCO COMERCIAL PORTUGUES('BCP')
           NET INCOME UP 122% TO EUR 160.2 MILLION (PTE 32.1 BILLION)
                          IN THE FIRST QUARTER OF 2001

(Lisbon. April 23, 200l): Banco Comercial Portugues (BCP, NYSE: BPC, BCPPRA)
today reported consolidated net income of EUR 160.2 million (PTE 32.1 billion)
for the first quarter of 2001, up 122% from EUR 72.3 million for the same period
of 2000. Earnings per share were up 5.1% to EUR 0.08 (PTE 15.2) from EUR 0.07 in
the  first quarter of 2000, despite the dilutive effect arising from BCP's share
capital increase. Return on equity and return on assets stood at 34.6% and 1.1%.
respectively.

Due to the consolidation of SottoMayor from April 2000, the financial statements
for the first quarter of 2001 are not directly comparable to those for the same
period  of  2000. We have therefore prepared pro forma financials for the  first
quarter of 2000, including SottoMayor from the beginning of the year.

       PROFITABILITY            1st Quarter 2001   1st Quarter    1st Quarter
        INDICATORS              PTE          EUR     2000            2000
                                                   Pro forma                    
                                                      EUR             EUR  

 Net Income (PTE billion 
 and EUR million)               32.12   160.22     72.31          72.31
 Earnings per share             15.2      0.08      0.07           0.07
 ROE                                     34.6%     21.4%          20.7%
 ROA                                      1.1%      0.5%           0.7%
 ROA before minority interests 
 and pre-aquisition income                1.2%      1.2%           1.1%

'The evolution of the BCP Group's activity naturally reflects its increased
scale, resulting both from the integration of the recently acquired institutions
and from the significant expansion of its customer base. The development of
cross-selling, in particular, is leveraged by this new dimension, either
maintaining our leadership in several business areas, such as insurance and
asset management, or strengthening it in investment banking and mortgage loans',
commented Mr.Jardim Goncalves, Chairman and CEO of BCP, adding:

'The consolidation of different loan portfolios leads to the assessment of the
new levels of exposure and has an impact on its expansion at this particular
moment in time.  Nonetheless, net interest  income  was  significantly  up,
reflecting the effectiveness of our commercial policies despite  strong
competition, while the performance of commissions and trading gains was affected
by the evolution of the capital markets. In pursuing our goals of seeking
significant gains in efficiency and productivity, we have achieved a level of
cost control which has significantly contributed to the increased profitability
of the Group'.

Consolidated net interest income amounted to EUR 329 million (PTE 66.0 billion),
a 6.7% pro forma increase from the first three months of 2000. This
evolution resulted mainly from the growth of business volumes, while the
continued effort to maintain adequate spreads contributed to the increase in the
net interest margin, compared to the last quarter of 2000.
                                              
                                              1st Quarter
                                1st Quarter     2000         1st Quarter 
     OPERATING INDICATORS           2001       Pro forma         2000    
                                       
 Net Interest Margin               2.5%         2.6%             2.6%
 Other Income/Total Income        44.5%        48.2%            49.3%
 Operating Costs/Total Income     56.8%        57.6%            58.1%

The weight of other income as a percentage of total income amounted to 44.5%,
compared to 48.2% in the first quarter of 2000.  The evolution of net
commissions, down to EUR 118 million (PTE 23.7 billion) from EUR 139  million 
in the first three months of 2000, was hindered by the poor performance of the
capital markets, which also contributed to the decrease in trading gains, while
the transfer of assets under management related to institutional portfolios to
Foreign & Colonial, following the strengthening of BCP's partnership with
Eureko, influenced the evolution of asset management fees.  Nonetheless, the
outstanding performance of the fees earned on cards partly compensated for these
impacts.

The impact on income from securities - which stood at EUR 45.5 million (PTE     
9.1 billion) in the first quarter of 2001 - of the increased appropriation of
profits of associates abroad, namely of Eureko and Banco Sabadell, is also worth
noting.  This heading amounted to EUR 33.4 on in the first three months of
2000, after excluding income related to the former subsidiaries of BPSM.

Operating costs (staff costs, other administrative expenses and depreciation),
that stood at EUR 337 million (PTE 67.6 billion) in the first three months of
2001, benefited from the impact of the rationalisation programmes implemented
following the 2000 acquisitions, decreasing 1.8% from the comparable amount for
the first quarter of 2000, and representing 56.8% of total income (57.6% in the
first three months of 2000). The evolution of staff costs, that decreased 2.7%,
benefited from the effect of the resizing programme, more than compensating for
the impact of the wages' increase agreed with trade unions in April, which has
already been accounted for in the first quarter of 2001.
  
The main activity indicators improved, notwithstanding the slowdown of the
growth of the loan portfolio. Loans to customers totalled EUR 41,294 million
(PTE 8,279 billion) at March 31 2001, up 14.1% from the pro forma amount at the
end of the first quarter of 2000, while total customers' funds - including
amounts due to customers including securities, assets under management and
capitalisation insurance - stood at EUR 45.849 million (PTE 9,192 billion).
increasing 4.7% from the same figure at the end of March 2000 on a comparable
basis.

                               31 Mar.2001     31 Mar.  31 Mar.    Change
 ACTIVITY INDICATORS                            2000     2000    2001/2000
(PTE billion and EUR million) PTE       EUR  Pro forma           Pro forma
                                                 EUR      EUR

 Total Assets                12,537    62,532   56,993   45,193    9.7%
 Total Customers'Funds (1)    9,192    45,849   43,788   42,448    4.7%
 Loans to Customers           8,279    41,294   36,191   30,836   14.1%
 Own Funds (2)                1,129     5,632    5,304    3,134    6.2%

 (1) Amounts Due to Customers (including securities). Assets Under Management   
     and Capitalisation Insurance.    
 (2) Shareholders' Equity, Preference Shares and Subordinated Debt.

The weight of past due loans to total loans decreased to 1.5% from 1.6% (pro
forma) at March 31 2000, despite having deteriorated slightly from year-end
2000, partly as a result of the acquisition and consolidation of Banco
Comercial de Mocambique. Provision coverage amounted to 155.6% (144.7% at the
end of the first quarter of 2000).

                                                 31 Mar.   31 Mar.   31 Mar.
      LOAN QUALITY INDICATORS                     2001      2000      2000
                                                          Pro forma

 Loans more than 90 days overdue/Total loans      1.2%     1.4%      1.2%
 Total overdue loans/Total loans                  1.5%     1.6%      1.4%
 Provisions/Loans more than 90 days overdue     194.5%   168.5%    180.6%
 Provisions/Total overdue loans                 155.6%   144.7%    151.4%

Solvency indicators accounted for the strengthening of own funds - resulting 
from BCP's share capital increase from EUR 1,000 million at March 31 2000 to 
EUR 2,270 million at the end of the first quarter of 2001 - which has 
compensated for the impact of the acquisitions and of increased business 
volumes.  The solvency ratio stood at an estimated 10.4% according to BIS
principles and at 9.3% under the rules of the Bank of Portugal.

'We are facing renewed challenges at the beginning of 2001, both domestically
and in the international markets where we are present. Our initiatives follow a
careful yet demanding plan aimed at implementing the best operating solutions
and at building the pillars for sustained organic growth within the shortest
period of time. The evolution of our partnerships abroad is very encouraging,
making  us confident that our goals will be achieved leading to the
consolidation of BCP's internationalisation strategy'.  Mr. Jardim Goncalves 
concluded.

                          BANCO COMERCIAL PORTUGUES

            Consolidated Balance Sheet as at 31 March, 2001 and 2000

                                                2001         2001       2000
                                  (Millions of Escudos)   (Thousands of Euros)
     Assets

 Cash and deposits at central banks          182,601      910,809    967,306
 Loans and advances to credit institutions
   Repayable on demand                       240,342    1,198,821    595,238
   Other loans and advances                1,357,131    6,769,340  2,731,234
 Loans and advances to customers           8,278,680   41,293,882 30,836,497
 Securities                                1,149,882    5,735,588  4,561,832
 Investments                                 494,769    2,467,898  1,011,148
 Intangible assets                            19,639       97,960    520,730
 Tangible assets                             249,577    1,244,887  1,103,368
 Other debtors                               177,981      887,763    794,758
 Prepayments and accrued income              385,927    1,924,994  2,064,705

                                          12,536,529   62,531,942 45,192,816
    Liabilities
 Amounts owed to credit institutions
   Repayable on demand                        98,355      490,592    296,401
   With agreed maturity date               3,461,408   17,265,428 12,810,155
 Amounts owed to customers
   Repayable on demand                     2,125,473   10,601,817  8,460,472
   With agreed maturity date               3,313,190   16,526,124 11,413,029
 Debt securities                           1,813,556    9,045,978  6,013,687
 Other liabilities                            76,881      383,482    497,945
 Accruals and deferred income                325,692    1,624,541  1,330,755
 Provision for liabilities and charges       183,195      913,774    614,340
 Subordinated debt                           393,852    1,964,526  1,003,285

       Total Liabilities                  11,791,602   58,816,262 42,440,069

Shareholders' Equity

Share capital                                455,032    2,269,688  1,000,000
Share premium                                143,562      716,083    587,202
Reserves and retained earnings              (108,796)    (542,669)  (460,894)

       Total Shareholders' Equity            489,798    2,443,102  1,126,308

Minority Interests                             9,720       48,482    622,105
Minority interests in preference share       245,409    1,224,096  1,004,334

      Total Minority Interests               255,129    1,272,578  1,626,439

                                          12,536,529   62,531,942 45,192,816

 
                       Consolidated Statement of Income
                 for the three month ended 31 March, 2001 and 2000

                                     2000         2001           2000
                            (Millions of Escudos)   (Thousands of Euros)

     Interest income               170,808     851,985         557,000
     Interest expense              104,834     522,912         316,778

       Net interest Income          65,974     329,073         240,222
     Provision for loan losses      10,115      50,455          58,178

      Net interest income after
      provision for loan losses     55,859     278,618         182,044

     Other operating income

       Income from securities        9,131      45,547          29,608
       Commissions                  27,784     138,588         128,392
       Profit arising from trading
            activity                24,996     124,679         136,342
       Other income                 16,776      83,677          65,335
                                    78,687     392,491         359,677

     Other Operating expenses

      Commissions                    4,056      20,230          13,452
      Losses arising from trading 
        activity                    18,471      92,135          99,151
      Staff costs                   36,402     181,572         142,647
      Other administrative costs    23,640     117,915          98,100
      Depreciation                   7,539      37,603          41,216
      Other provisions                  45         222           3,465
      Other expenses                 3,167      15,799          13,504

                                    93,320     465,476         411,535

        Income before income taxes  41,226     205,633         130,186
      Income taxes                   4,281      21,355          14,475

       Net income                   36,945     184,278         115,711
     Minority interests              4,823      24,058          43,397

       Net income for the year 
     attributable to the Bank       32,122     160,220          72,314