Interim Results

Banco Comercial Portugues S.A.
24 July 2001



                                        JULY 24, 2001

                      BANCO COMERCIAL PORTUGUES ('BCP')

          NET INCOME UP 95% TO EUR 353.8 MILLION (PTE 70.9 BILLION)

                          IN THE FIRST HALF OF 2001

(Lisbon, July 24, 2001): Banco Comercial Portugues (BCP, NYSE: BPC, BCPPRA)
today reported consolidated net income of EUR 353.8 million (PTE 70.9 billion)
for the first half of 2001, up 95% from EUR 181.7 million for the same period
of 2000. Earnings per share were down to EUR 0.16 (PTE 32.0) from EUR 0.17 in
the first half of 2000, reflecting the dilutive effect arising from BCP's
share capital increase. Return on equity and return on assets stood at 32.6%
and 1.2%, respectively.

                 PROFITABILITY                   1st Half    1st Half   Change
                                                   2001        2000
                  INDICATORS                                             2001/
                                                 PTE   EUR      EUR      2000
                                                 

Net Income (PTE billion and EUR million)        70.92 353.75    181.72    94.7%
Earnings per share                               32.0   0.16      0.17    -7.8%
ROE                                                    32.6%     26.1%       -
ROA                                                     1.2%      0.7%       -
ROA before minority interests and                       1.3%      1.2%       -
pre-acquisition income

'The growth of BCP's net income reflected our continued focus on domestic
expansion, as well as on our international efforts, increased cross-selling
and the enhanced dynamics of our distribution networks, which have been
operating in a very satisfactory way. Operations have gone according to plan,
within the prudent framework required by the current domestic and
international economic climate' commented Mr. Jardim Goncalves, Chairman and
CEO of BCP, who added 'in spite of the significant effort to integrate new
entities, as SottoMayor, the branches networks' rationalisation programme, and
the growing involvement in operations abroad, the facts prove that we kept
successful growth in the number of customers, business volumes and spreads,
and have generated record levels of net income, strengthened our market
leadership in several business areas and launched new projects, such as
ActivoBank'.

Consolidated net interest income amounted to EUR 670 million (PTE 134 billion)
in the first half of 2001, 7.9% up from EUR 620 million during the first six
months of the previous year. This performance was mainly the result of the
Group's focus on securing adequate interest spreads - reflected in the
maintenance of the net interest margin at 2.5%, the same level as in the first
quarter of 2001 -, of loan growth (although at a slower pace than in previous
periods) and also of the favourable impact of the transactions aimed at
strengthening own funds.

         OPERATING INDICATORS             1st Half 2001       1st Half 2000

Net Interest Margin                                 2.5%                2.6%
Other Income/Total Income                          46.2%               49.3%
Operating Costs/Total Income                       55.1%               56.3%



Other income accounted for 46.2% of total income in the first half of 2001,
compared to 49.3% in the same period of 2000. The poor performance of the
capital markets affected both gains arising from trading activities - down
24.2% to EUR 69.8 million (PTE 14.0 billion) from 92.0 million in the first
half of 2000 - and commissions on securities trading and on asset management,
resulting in total net commissions decreasing to EUR 241 million (PTE 48.2
billion) from EUR 283 million during the six-month period ended June 30, 2000.
Fees from the asset management business were also affected by the transfer of
AF Investimentos' insurance-related business to Foreign & Colonial, under
BCP's partnership with Eureko.

The revised fee schedule on services rendered to customers and the good
performance of commissions on debit and credit cards - mainly as a consequence
of increased usage by customers and a higher number of cards issued - had a
favourable impact on total income. Other income was also positively influenced
by dividends received as a result of the Group's shareholdings in EDP, Cimpor
and Brisa, and also by increased recoveries of previously written-off loans.

Operating costs (staff costs, other administrative expenses and depreciation)
amounted to EUR 686 million (PTE 138 billion), down 0.5% from EUR 689 million
in the first six months of 2000. The favourable impact resulting from the
staff resizing programme and from rationalisation and integration measures
more than offset the increase in costs arising from the Group's international
expansion, increased debit and credit cards' business and higher advertising
expenses.

Loans to customers showed a strong performance, increasing 12.0% to EUR 42,931
million (PTE 8,607 billion) from EUR 38,315 million at June 30, 2000, a slower
growth when compared to previous periods. Total customers' funds - amounts due
to customers including securities, assets under management and capitalisation
insurance - were influenced by lower unit trust funds, reflecting the poor
performance of stock exchanges, that led to both the depreciation of funds
under management and decreased subscriptions. This aggregate stood at EUR
45,752 million (PTE 9,172 billion), down 3.7% from EUR 47,506 million at the
end of the first half of 2000.

       ACTIVITY INDICATORS        June 30, 2001   June 30, 2000      Change

  (PTE billion and EUR million)   PTE     EUR             EUR        2001/2000
                                   
Total Assets                      12,620  62,946          58,828          7.0%
Total Customers' Funds (1)         9,172  45,752          47,506         -3.7%
Loans to Customers                 8,607  42,931          38,315         12.0%
Own Funds (2)                      1,245   6,212           5,173         20.1%

(1) Amounts Due to Customers (including securities), Assets Under Management
and Capitalisation Insurance. Excludes the business transferred to Foreign &
Colonial.

(2) Shareholders' Equity, Preference Shares and Subordinated Debt.

Past due loans accounted for 1.5% of total loans, a proportion similar to the
end of the first quarter of 2001 (1.4% at June 30, 2000), despite the impact
of the economic slowdown. Coverage by provisions of total past due loans
amounted to 153.8%, compared to 155.5% at June 30, 2000.

           LOAN QUALITY INDICATORS              June 30, 2001   June 30, 2000

Loans more than 90 days overdue/Total loans               1.3%            1.2%
Total overdue loans/Total loans                           1.5%            1.4%
Provisions/Loans more than 90 days overdue              178.5%          187.3%
Provisions/Total overdue loans                          153.8%          155.5%



Solvency indicators were favourably influenced by the strengthening of own
funds, resulting, inter alia, from the increase in BCP's share capital to EUR
2,327 million from EUR 2,043 million at June 30, 2000. The estimated solvency
ratio stood at 10.6% according to BIS principles (Tier One: 7.7%) and to 9.6%
under the rules of the Bank of Portugal. Pursuant to the staff resizing and
business consolidation programmes, and dependent on the Bank of Portugal's
authorisation, EUR 396 million were charged to consolidated reserves at June
30, 2001.

'BCP's capitalisation, strengthened through the share capital increase which
we undertook during the first half of 2001, is currently adequate to
consistently pursue our international strategy, making it possible for our
operations outside of Portugal to significantly contribute to the Group's
future net income, given the significant potential of those markets', 
Mr. Jardim Goncalves concluded.



For further information:

Miguel Duarte Banco Comercial Portugues Tel: [phone]

Toby Moore/Emma Pickford Citigate Dewe Rogerson Tel: [phone]


                           BANCO COMERCIAL PORTUGUES
            Consolidated Balance Sheet as at 30 June, 2001 and 2000

                                        2001              2001           2000

                                       (Millions of      (Thousands of Euros)
                                         Escudos)
      Assets

      Cash and deposits at central        208,353      1,039,259       1,344,123
      banks
      Loans and advances to credit
      institutions
      Repayable on demand                 216,280      1,078,801       1,106,944
      Other loans and advances          1,193,273      5,952,022       5,214,238
      Loans and advances to             8,606,893     42,931,002      38,315,158
      customers
      Securities                          979,117      4,883,813       6,125,149
      Treasury stock                        1,517          7,566         626,647
      Investments                         520,918      2,598,330       1,224,087
      Intangible assets                    20,734        103,422          83,340
      Tangible assets                     252,118      1,257,561       1,193,108
      Other debtors                       186,946        932,483       1,018,493
      Prepayments and accrued             433,398      2,161,774       2,577,136
      income
                                       12,619,547     62,946,033      58,828,423

      Liabilities

      Amounts owed to credit
      institutions
      Repayable on demand                  92,060        459,192         418,176
      With agreed maturity date         3,196,337     15,943,261      14,167,069
      Amounts owed to customers
      Repayable on demand               2,185,912     10,903,282      12,237,565
      With agreed maturity date         3,253,687     16,229,322      16,999,643
      Debt securities                   2,020,698     10,079,201       7,116,062
      Other liabilities                    58,655        292,569         431,003
      Accruals and deferred income        338,736      1,689,603       1,375,102
      Provision for liabilities and       220,702      1,100,858         668,146
      charges
      Subordinated debt                   551,049      2,748,622       1,345,209
      Total Liabilities                11,917,836     59,445,910      54,757,975

      Shareholders' Equity

      Share capital                       466,464      2,326,715       2,042,972
      Share premium                       143,385        715,203       2,634,950
      Reserves and retained             (162,192)      (809,012)     (1,985,038)
      earnings
      Total Shareholders' Equity          447,657     2,232,906        2,692,884

      Minority interests                    7,279        36,310          242,574
      Minority interests in               246,775     1,230,907        1,134,990
      preference shares
      Total Minority Interests            254,054     1,267,217        1,377,564
                                       12,619,547    62,946,033       58,828,423


                           BANCO COMERCIAL PORTUGUES
                       Consolidated Statement of Income
                for the six months ended 30 June, 2001 and 2000

                                           2001            2001          2000

                                          (Millions of    (Thousands of Euros)
                                            Escudos)

      Interest income                       345,101       1,721,360    1,418,681
      Interest expense                      210,825       1,051,591      798,222
      Net interest income                   134,276         669,769      620,459
      Provision for loan losses              21,028         104,889      122,376

      Net interest income after             113,248         564,880      498,083
      provision for loan losses


      Other operating income

      Income from securities                 26,369         131,526      106,935
      Commissions                            55,914         278,896      316,204
      Profit arising from trading            51,203         255,400      323,827
      activity
      Other income                           33,350         166,351      165,834
                                            166,836         832,173      912,800

      Other operating expenses

      Commissions                             7,673          38,272       33,432
      Losses arising from trading            37,210         185,604      231,807
      activity
      Staff costs                            73,317         365,704      381,446
      Other administrative costs             50,336         251,074      236,127
      Depreciation                           13,910          69,385       71,884
      Other provisions                          594           2,961       20,629
      Other expenses                          6,735          33,591       44,211
                                            189,775         946,591    1,019,536
      Income before income taxes             90,309         450,462      391,347
      Income taxes                          (9,630)        (48,034)     (51,601)
      Net income                             80,679         402,428      339,746
      Minority interests                    (9,758)        (48,675)     (55,984)
      Pre-acquisition net income                  -               -    (102,041)

      Net income for the period              70,921         353,753      181,721
      attributable to the Bank