3rd Quarter & 9 Mths Results

Banco Comercial Portugues S.A.
23 October 2001

FOR IMMEDIATE RELEASE     OCTOBER 23, 2001


                      BANCO COMERCIAL PORTUGUES ('BCP')

          NET INCOME UP 63% TO EUR 515.9 MILLION (PTE 103.4 BILLION)

                       IN THE FIRST NINE MONTHS OF 2001


(Lisbon, October 23, 2001): Banco Comercial Portugues (BCP, NYSE: BPC, BCPPRA)
today reported consolidated net income of EUR 515.9 million (PTE 103.4
billion) for the first nine months of 2001, up 63.4% from EUR 315.8 million
for the same period of 2000. Earnings per share stood at 22.88 EUR cents (PTE
45.9), roughly the same level as for the first nine months of 2000, in spite
of the impact of BCP's share capital increase. Return on equity and return on
assets stood at 31.6% and 1.1%, respectively.

PROFITABILITY                               30 Sep. 2001   30 Sep. 2000  Change
INDICATORS                                                                2001/
                                            PTE      EUR           EUR     2000

Net Income (PTE billion and EUR million)    103.419 515.85       315.78   63.4%
Earnings per share (PTE , Euro cents)          45.9  22.88        22.82    0.3%
ROE                                                  31.6%        25.0%       -
ROA                                                   1.1%         0.7%       -

ROA before minority interests and
pre-acquisition income
ROA before minority interests and                                             
pre-acquisition income                                1.3%         1.2%       -


'The increase in BCP's net income led to a positive development in Earnings
per Share, which already show a growth rebound. This is a clear signal that
BCP's profitability has compensated for the dilutive effect of the last
capital increase, and we anticipate an improvement with regards to EPS'
declared Mr. Jorge Jardim Goncalves, BCP Chairman, adding that 'In spite of
the deterioration experienced in the domestic and international economic
environment significantly affecting all capital market related activities, BCP
succeeded in maintaining controlled growth of its activity, with a sustained
improvement in net interest margin and a reduction in the domestic cost
structure. As planned, we are delivering our strategic commitment to expand
commercial relationships with Clients and improving efficiency, aiming at
achieving full synergy benefits from the acquisitions made in 2000, in order
to improve profitability, while preserving the quality of our credit book with
adequate risk levels'.

Net interest income was up 8.1% to EUR 1,013 million (PTE 203 billion) in the
nine month-period ended September 30, 20001, from EUR 937 million in the same
period of 2000. This performance can be attributed was attributable to
increased business levels - with loan growth, although at a slower pace than
that of when compared to previous periods, being particularly noteworthy worth
of a special note - and to the evolution favourable evolution of the net
interest margin. This indicator stood at 2.6% in the first nine months of
20001, exceeding net interest margins for the first half of 2001the last
quarters, as a result of the emphasis given to a rational pricing management
as well as of and the benefits arising from a reorganised commercial approach.

         OPERATING INDICATORS                  30 Sep. 2001        30 Sep. 2000
Net Interest Margin                                    2.6%                2.6%
Other Income/Total Income                             45.6%               48.7%
Operating Costs/Total Income                          55.6%               56.2%

Other income was affected by the continuation maintenance of difficult market
conditionscontext, worsened by the September 11 events, having a particular
impact ion capital markets-related activities. Net commissions, , that were
9.5% down to EUR 363 million (PTE 72.8 billion) from the figure for the first
nine months of 2000, (net of BCP's business that was transferred to F&C), were
unfavourably influenced by lower fees from securities operations and asset
management, while trading gains decreased 24.2% to EUR 111 million (PTE 22.2
billion). This evolution was partially compensated for by higher recoveries of
written-off loans and increased fees on credit and debit cards.

Operating costs (staff costs, other administrative expenses and depreciation)
amounted to EUR 1,036 million (PTE 208 billion), roughly at the same level as
for the first nine months of 2000 (EUR 1,026 million). Efficiency improved, as
cost-to-income was down to 55.6% from 56.2% between the first nine months of
2001 and the same period of the previous year. Rationalisation measures -
notably the staff resizing programme which , that had a clear impact on staff
costs - contributed to this performance, although this was partially offset by
increased expenses related to the development of the Group's businesses abroad
and to the promotion of the Group's brands.

Loans to customers totalled EUR 43,674 million (PTE 8,756 billion), up 10.2%
from EUR 39,624 million at the end of the third quarter of 2000. Apart from
the effect of current economic and financial conditions, the BCP Group has
also been trying to limit some large exposures resulting from the
consolidation of the loan portfolios of the institutions acquired in 2000,
thus contributing to a slower loan growth.

Total customers' funds - amounts due to customers, including securities,
assets under management and capitalisation insurance - amounted to EUR 45,521
million at September 30, 2000 (PTE 9,106 billion), decreasing 3.7% from EUR
47,273 million one year earlier, after deducting assets under management that
were transferred to F&C. The poor performance of stock markets has contributed
to both the depreciation of funds under management and to funds redemption in
excess of new subscriptions, causing assets under management (unit trust funds
and amounts under personalised management) to decrease to EUR 9,320 million
(PTE 1,868 billion) at September 30, 2001, from EUR 11,166 million at the end
of the third quarter of 2000. The strong performance of capitalisation
insurance and structured products, as a consequence of the effectiveness of
the Group's distribution channels, compensated in part ofor this decrease.


       ACTIVITY INDICATORS         30 Sep. 2001    30 Sep. 2000      Change
   (PTE billion and EUR million)    PTE    EUR         EUR          2001/2000
                                    
Total Assets                       12,463 62,166           59,847          3.9%
Total Customers' Funds (1)          9,126 45,521           47,273         -3.7%
Loans to Customers                  8,756 43,674           39,624         10.2%
Own Funds (2)                       1,272  6,345            4,718         34.5%


        (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.


The weighting of past due loans was kept at the same level as at the end of
the first half of 2001, representing 1.5% of total loans (1.4% at September
30, 2000), in spite of poor economic conditions. Provision coverage remained
high, with provisions for loan losses accounting for 151.3% of total past due
loans (156.5% at September 30, 2000).

            LOAN QUALITY INDICATORS                30 Sep. 2001    30 Sep. 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               175.1%          192.5%
Provisions/Total overdue loans                           151.3%          156.5%

The strengthening of own funds, including the increase in BCP's share capital
to Eur 2,327 in September 30, 2001, from Eur 2,043 million at the same date of
2000, contributed to comfortable solvency indicators. The solvency ratio is
estimated to have stood at 10.3% according to BIS principles (Tier One: 7.8%)
and ato 9.2% under the rules of the Bank of Portugal.

Referring to the activities abroad, Mr. Jardim Goncalves stated: 'On the
international front, BCP is making significant steps in the development of its
strategic projects. A special word to stress our intention to increase our
stake in Big Bank Gdanski in Poland up to 50% -- which is already showing
visible improvement as a result of the reorganization and expansion plan being
on course. I would also like to mention the growing involvement of Eureko in
Poland through the acquisition of an additional 21% stake in PZU. As a result,
the combined position of Eureko and BBG will reach 51% of the share capital in
the leading insurance company in Eastern Europe. In parallel, BCP is
proceeding at a good pace with the development of NovaBank in Greece, and the
success we are achieving in the Greek market provides positive signals for
enhancing our activities in the region'. To conclude, he noted that 'Bearing
in mind our ability to generate profits and to efficiently execute our
investment plans, it is our belief that we currently have sufficient capital
to fund these projects, which offer significant potential to create
shareholder value'.

Referring to BCP's activities abroad, Mr. Jardim Goncalves stated: 'On the
international front BCP is making significant steps on the development of its
strategic projects. A special word to stress our intention to increase up to
50% our stake on Big Bank Gdanski in Poland - which is already showing visible
improvement as a result of the reorganisation and expansion plan on course -
and the growing involvement of Eureko on that country through the acquisition
of an additional 21% stake in PZU. As a result the combined position of Eureko
and BBG will reach 51% of the capital in the leading insurance company in
Eastern Europe. In parallel we proceed at good speed with the development of
NovaBank in Greece, and the market success we are obtaining provides good
indication for enhancing our activities in the region'. To conclude, Mr.
Jardim Goncalves noted that 'All such projects offer significant potential to
increase shareholders value, and naturally require adequate levels of capital.
BCP currently has the necessary capital levels to fund those projects, based
on our ability to generate profits and execute with prudence and rigor the
investment plans on hand'.

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 September, 2001 and 2000

                                            2001            2001       2000
                                        (Millions of      (Thousands of Euros)
                                          Escudos)
Assets
Cash and deposits at central banks   228,676             1,140,629  1,074,199
Loans and advances to credit
institutions
Repayable on demand                  154,395             770,121    996,177
Other loans and advances             984,900             4,912,660  5,206,507
Loans and advances to customers      8,755,919           43,674,340 39,623,711
Securities                           916,554             4,571,751  5,746,534
Treasury stock                       1,667               8,315      470,013
Investments                          555,796             2,772,301  2,255,966
Intangible assets                    20,184              100,675    90,096
Tangible assets                      254,438             1,269,130  1,203,938
Other debtors                        180,770             901,676    1,056,925
Prepayments and accrued income       409,886             2,044,505  2,123,124

                                     12,463,185          62,166,103 59,847,190

Liabilities
Amounts owed to credit institutions
Repayable on demand                  85,728              427,609    481,376
With agreed maturity date            2,922,443           14,577,083 14,844,329
Amounts owed to customers
Repayable on demand                  2,337,725           11,660,524 11,594,600
With agreed maturity date            3,030,380           15,115,473 16,868,549
Debt securities                      2,213,892           11,042,848 8,286,238
Other liabilities                    64,083              319,644    584,663
Accruals and deferred income         316,812             1,580,247  1,549,229
Provision for liabilities and        211,671             1,055,812  711,552
charges
Subordinated debt                    573,143             2,858,823  1,327,451

Total Liabilities                    11,755,877          58,638,063 56,247,987

Shareholders' Equity
Share capital                        466,464             2,326,715  2,042,972
Share premium                        143,385             715,203    2,634,890
Reserves and retained earnings       (155,190)           (774,088)  (2,512,927)

Total Shareholders' Equity           454,659             2,267,830  2,164,935

Minority interests                   8,317               41,488     208,918
Minority interests in preference     244,332             1,218,722  1,225,350
shares

Total Minority Interests             252,649             1,260,210  1,434,268

                                     12,463,185          62,166,103 59,847,190





                          BANCO COMERCIAL PORTUGUES

                       Consolidated Statement of Income

            for the nine months ended 30 September, 2001 and 2000

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

Interest income                      515,641               2,572,004 2,213,470
Interest expense                     312,514               1,558,813 1,276,590

Net interest income                  203,127               1,013,191 936,880
Provision for loan losses            32,112                160,174   177,050

Net interest income after
provision for loan losses            171,015               853,017   759,830

Other operating income
Income from securities               34,577                172,471   147,076
Commissions                          84,527                421,617   472,934
Profit arising from trading activity 72,687                362,562   486,339
Other income                         50,963                254,203   230,963
Gains on sale of shares of
subsidiaries and associated          -                     -         30,195
companies

                                     242,754               1,210,853 1,367,507

Other operating expenses
Commissions                          11,682                58,271    46,299
Losses arising from trading activity 50,511                251,948   340,391
Staff costs                          109,140               544,390   565,589
Other administrative costs           77,379                385,966   354,020
Depreciation                         21,214                105,817   106,731
Other provisions                     1,600                 7,982     52,282
Other expenses                       10,084                50,284    61,028

                                     281,610               1,404,658 1,526,340

Income before income taxes           132,159               659,212   600,997
Income taxes                         (14,321)              (71,434)  (97,150)

Net income                           117,838               587,778   503,847
Minority interests                   (14,419)              (71,924)  (86,028)
Pre-acquisition net income           -                     -         (102,041)

Net income for the period            103,419               515,854   315,778
attributable to the Bank