Final Results

Banco Comercial Portugues S.A.
22 January 2002

FOR IMMEDIATE RELEASE     22 JANUARY 2002



                       BANCO COMERCIAL PORTUGUES ('BCP')


                NET INCOME FOR 2001 UP 13% TO EUR 571.7 MILLION

(Lisbon, January 22, 2002): Banco Comercial Portugues (BCP, NYSE: BPC, BCPPRA)
today reported a 13.1% growth in its consolidated net income to Euro 571.7
million in 2001. This increase already reflects non-recurring items related to
the branch rationalisation programme and a lower than anticipated appropriation
of profits from Eureko.

Return on equity stood at 26.2% in 2001, compared to 27.7% in 2000. This
performance reflected the Bank's share capital increase, which also affected the
evolution of earnings per share, which amounted to 0.25 euros in 2001. Return on
assets stood at 0.9%, in line with 2000.



                          PROFITABILITY                                     2001            2000         Change
                           INIDCATORS                                                                  2001 / 2000
Net income (Millions of euros)                                             571.67          505.50         13.1%
ROE                                                                         26.2%           27.7%           -
ROA                                                                          0.9%            0.9%           -
ROA before minority interests and pre-acquisition net income                 1.1%            1.2%           -



Commenting on the year's results, Mr. Jardim Goncalves, Chairman and CEO of
Banco Comercial Portugues, noted: '2001 was an important landmark for Banco
Comercial Portugues. We have successfully concluded the integration and domestic
consolidation processes started in 2000, and have also taken significant steps
regarding our international strategy, increasing our involvement in our main
operations abroad, namely Big Bank Gdanski, Eureko and NovaBank. The 13.1%
increase in our net income and the achievement of a 26.2% return on equity
within this particular context, in spite of a difficult economic framework, both
at domestic and international levels, and of significant non-recurring charges,
is particularly noteworthy. This clear sign of the Bank's strength and dynamism
should be highlighted'.

Consolidated net interest income amounted to Euro 1,352 million in 2001, up 7.9%
from Euro 1,253 million in 2000. This performance was mainly attributable to the
growth of business volumes, with the net interest margin standing at 2.6%,
roughly the same level as 2000. Spreads on customer's business increased as the
difference between average yields on customer loans and customer deposits went
from 4.0% in 2000 to 4.2% in 2001. The careful monitoring of pricing conditions,
notwithstanding continuing strong competition, and the benefits arising from a
renewed commercial model led to this evolution.



                      OPERATING INDICATORS                                  2001            2000
Net Interest Margin                                                          2.6%            2.6%
Other Income / Total Income (1)
                                                                            45.4%           49.0%
     - Domestic activity
     - Total                                                                44.7%           48.1%
Operating Costs / Total Income (1)
                                                                            53.6%           54.7%
     - Domestic activity
     - Total                                                                56.6%           56.4%

(1) Excludes non-recurring transactions



Other income, namely that related to brokerage, asset management and trading,
reflected the performance of capital markets and events subsequent to the
terrorist attacks on the US, on the one hand, and the transfer of assets under
management related to institutional portfolios to F&C, following the
strengthening of BCP's partnership with Eureko, on the other. Fees on payment
cards showed strong growth, nonetheless.

Net commissions totalled Euro 487 million, compared to Euro 575 million in 2000.
We have witnessed a deeper level of involvement with customers, as cross-selling
indicators in the SottoMayor network were brought close to the levels seen in
other BCP networks, also profiting from the Group's improved commercial model.
Commissions also benefited from a more adequate pricing of the Group's banking
services, in accordance with the value perceived by customers.

Operating costs (staff costs, other administrative expenses and depreciation)
amounted to Euro 1,384 million, roughly in line with the amount booked in 2000
(Euro 1,362 million). The rationalisation programmes implemented following the
acquisitions of Banco Mello and Banco Pinto & SottoMayor in 2000, following
which headcount decreased by 4,523 people in 2000 and 2001, were paramount to
this performance.

The impact of measures taken, which also included the rationalisation of the
Group's branch network and the centralisation of several support units in
ServiBanca, has compensated for the increase in expenses related to the growth
of the Group's activity abroad, to the promotion of the Group's offer and to
revamping and repositioning the Group's brands, specifically SottoMayor.
Efficiency has seen sustained improvement from 2000, as cost to income stood at
56.6% (56.4% in 2000, on a comparable basis). Excluding the Group's business
abroad, cost to income was 53.6%, a sharp improvement from 54.7% in 2000.

Loans to customers totalled Euro 42,938 million at December 31, 2001, 4.4% up
from Euro 41,113 million at year-end 2000. The increase in loans was influenced
by the securitisation of mortgages and consumer loans that took place during the
year, and also by the cautious concentration on lower risk customers and by the
reduction of several large exposures arising from the consolidation of the loan
portfolios of the banks acquired in 2000.

Total customers' funds stood at Euro 49,068 million at the end of 2001,
increasing 3.1% from the amount at December 31, 2000, net of assets whose
management was transferred to F&C, as referred to above. Deposits benefited from
the effectiveness of commercial networks in placing products bearing tax
benefits and from the increase in salary-payment accounts, reflecting increased
customer loyalty. Securities and capitalisation insurance also increased, as a
result of the Group's increased offer on bond loans for the retail market and of
the effectiveness of efforts to sell unit linked products. The growth of these
areas has compensated for the impact of the performance of capital markets,
which could be seen particularly in the evolution of equity unit trusts.



                            ACTIVITY                                 31 Dec. 2001    31 Dec. 2000        Change
                           INIDCATORS                                                                  2001 / 2000
                       (Millions of Euros)

Total Assets                                                               62,961          61,979         1.6%
Total Customers' Funds (1)                                                 49,068          47,610         3.1%
Loans to Customers                                                         42,938          41,113         4.4%
Own Funds (2)                                                               6,294           4,609         36.6%

     1. Amounts Due to Customers (including securities), Assets Under Management
        and Capitalisation Insurance. Excludes the business transferred to F&C
     2. Shareholders' Equity, Preference Shares and Subordinated Debt



The careful criteria that has governed the Group's analysis and granting of
loans was reflected in low levels of default, that were also influenced by the
securitisation transactions that took place during the year. Past due loans
accounted for 1.7% of total loans at year-end 2001 (1.3% at the end of 2000),
while provision charges for the year contributed to the maintenance of high
levels of provision coverage: 146.3% at December 31, 2001 (172.8% at year-end
2000).



                        LOAN QUALITY INDICATORS                             31 Dec. 2001    31 Dec. 2000
Loans more than 90 days overdue / Total loans                                       1.4%            1.1%
Total overdue loans / Total loans                                                   1.7%            1.3%
Provisions / Loans more than 90 days overdue                                      169.6%          213.0%
Provisions / Total overdue loans                                                  146.3%          172.8%



The strengthening of own funds during 2001 led to the maintenance of solvency
indicators, more than compensating for the impact of business growth. The
consolidated solvency ratio, estimated in accordance with the rules of the Bank
of Portugal, stood at 8.3% at the end of 2001 (8.1% at year-end 2000), while in
accordance with BIS principles it is estimated to have stood at 9.3% (tier one:
6.5%), compared to 9.2% at December 31, 2000 (tier one: 7.1%).

Banco Comercial Portugues' Senior Board today agreed with the proposal for the
appropriation of profits that the Board of Directors will present to the General
Shareholders' Meeting on March 18, 2002. This proposal establishes a dividend
per share of 0.15 euros, the same level as for the past two years.



                          PROPOSAL FOR                                       2001            2000         Change
                  THE APPROPRIATION OF PROFITS                                                         2001 / 2000
Net Income (Millions of euros)                                             571.67          505.50         13.1%
Dividends (Millions of euros)                                              349.01               -           -
Charge of reserves for share attribution
     (Millions of euros)                                                        -          315.23           -
Dividend per share (stock)                                                                   0.15           -
Dividend per share (cash)                                                    0.15                           -
'Stock dividend' / 'Dividend pay-out'                                       60.1%           62.4%



'The activity of Banco Comercial Portugues since its foundation has been driven
by the creation of Shareholder value, as has been clearly acknowledged by the
market. BCP's stock has returned an annualised yield, including dividends, in
excess of 20% from 1995 to 2001, thus strongly outperforming not only its
domestic peers, but also the main banking and regional indexes, such as the PSI
20 and the Eurostoxx 50. BCP's growing involvement in the management of the main
international projects in which it has a stake and the new domestic commercial
model, the implementation of which was made possible by the conclusion of the
integration processes, are crucial to the development of the Bank in this new
phase of its activity. They bring together the benefits of the leadership we
have achieved domestically and the potential for growth and profitability of our
international operations', 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 31 December, 2001 and 2000
                                                                         2001                2001               2000

                                                                 (Millions of Escudos)         (Thousands of Euros)
      Assets
      Cash and deposits at central banks                               365,272          1,821,968          1,304,509
      Loans and advances to credit institutions
      Repayable on demand                                              276,686          1,380,102          1,284,103
      Other loans and advances                                         852,230          4,250,907          5,625,206
      Loans and advances to customers                                8,608,359         42,938,314         41,113,230
      Securities                                                       957,059          4,773,792          5,657,824
      Treasury stock                                                     1,802              8,986            128,875
      Investments                                                      536,391          2,675,506          2,674,107
      Intangible assets                                                 27,115            135,251             95,838
      Tangible assets                                                  262,921          1,311,444          1,240,768
      Other debtors                                                    257,811          1,285,956            941,062
      Prepayments and accrued income                                   476,843          2,378,482          1,913,482
                                                                    12,622,489         62,960,708         61,979,004

      Liabilities
      Amounts owed to credit institutions
      Repayable on demand                                               80,930            403,676            488,517
      With agreed maturity date                                      2,559,257         12,765,519         16,024,210
      Amounts owed to customers
      Repayable on demand                                            2,548,788         12,713,301         12,063,972
      With agreed maturity date                                      3,353,613         16,727,749         16,856,249
      Debt securities                                                2,148,945         10,718,889          8,421,991
      Other liabilities                                                161,710            806,609            522,756
      Accruals and deferred income                                     297,274          1,482,793          1,988,815
      Provision for liabilities and charges                            185,282            924,182            938,055
      Subordinated debt                                                578,108          2,883,598          1,572,984
      Total Liabilities                                             11,913,907         59,426,316         58,877,549

      Shareholders' Equity
      Share capital                                                    466,464          2,326,715          2,101,563
      Share premium                                                    143,385            715,203            170,130
      Reserves and retained earnings                                 (171,360)          (854,742)          (451,187)
      Total Shareholders' Equity                                       438,489          2,187,176          1,820,506

      Minority interests                                                24,758            123,491             65,195
      Minority interests in preference shares                          245,335          1,223,725          1,215,754
      Total Minority Interests                                         270,093          1,347,216          1,280,949
                                                                    12,622,489         62,960,708         61,979,004






                           BANCO COMERCIAL PORTUGUES


                        Consolidated Statement of Income

              for the six months ended 31 December, 2001 and 2000
                                                                           2001                 2001                2000

                                                                  (Millions of Escudos)         (Thousands of Euros)

     Interest income                                                     680,942           3,396,524           3,044,807
     Interest expense                                                    409,919           2,044,666           1,792,223
     Net interest income                                                 271,023           1,351,858           1,252,584
     Provision for loan losses                                            41,796             208,478             235,090

     Net interest income after
     provision for loan losses                                           229,227           1,143,380           1,017,494

     Other operating income

     Income from securities                                               28,069             140,007             185,300
     Commissions                                                         113,675             567,010             639,628
     Profit arising from trading activity                                104,302             520,255             728,213
     Other income                                                         70,374             351,026             370,637
     Gains on sale of shares of subsidiaries
     and associated companies                                                  -                   -              30,195
                                                                         316,420           1,578,298           1,953,973

     Other operating expenses

     Commissions                                                          15,981              79,714              64,571
     Losses arising from trading activity                                 72,953             363,886             513,476
     Staff costs                                                         145,822             727,358             743,920
     Other administrative costs                                          102,052             509,034             475,231
     Depreciation                                                         29,649             147,891             142,955
     Other provisions                                                      2,362              11,781             142,915
     Other expenses                                                       13,958              69,620              80,157
                                                                         382,777           1,909,284           2,163,225

     Income before income taxes                                          162,870             812,394             808,242
     Income taxes                                                       (16,932)            (84,455)           (129,698)

     Net income                                                          145,938             727,939             678,544
     Minority interests                                                 (18,096)            (90,265)            (66,879)

     Net Income                                                          127,842             637,674             611,665
     Extraordinary cost                                                 (13,232)            (66,002)                   -
     Pre-acquisition net income                                                -                   -           (106,167)

     Net income for the period attributable to the Bank                  114,610             571,672             505,498






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