Interim Results

BANCO COMERCIAL PORTUGUES
19 July 1999

                        BANCO COMERCIAL PORTUGUES ('BCP')

                   NET INCOME INCREASES MORE THAN THREEFOLD TO
                    EUR 330 MILLION (PTE 66.1 BILLION) IN THE
                               FIRST HALF OF 1999

(Lisbon, July 19, 1999): Banco Comercial Portugues (BCP, NYSE: BPC, BCPPRA),
Portugal's leading private bank, today reported consolidated net income of EUR
330 million (PTE 66.1 billion) for the first half of 1999.  This amount reflects
a 227% increase over net income of EUR 101 million for the same period of 1998.
Earnings per share amounted to EUR 1.65 (PTE 331.8), comparing to EUR 0.59 for
the first six months of 1998, while return on equity increased to 41.6% from
19.9% and return on assets went up to 2.0% from 0.7% over the same period.

PROFITABILITY INDICATORS      1st Half   1st Half   1st Half   Change
                                 99         99         98      99/98
                                PTE         EUR        EUR 
 
Net Income (PTE billion and     66.105    329.731    100.913   226.7%
EUR million)
Earnings per share               331.8      1.65       0.59    179.9%
ROE                                        41.6%      19.9%        -
ROA (before minority interests)             2.4%       1.1%        -
ROA (after minority interests)              2.0%       0.7%        -

'In the first half of 1999, the BCP/Atlantico Group has presented a extremely
positive performance, evidenced by sustained business growth in its different
areas of activity, by the enlargement of its customer base and the strengthening
of its relationship with the same, as measured by the attainment of high levels
of cross-selling resulting from demanding business objectives' commented Mr.
Jardim Goncalves, Chairman and CEO of BCP, adding 'our competitive positioning
vis-a-vis the strong demand for loans, the rigorous management of risks and
pricing policies, the constant focus on the increase of efficiency and
productivity levels of resources were key drivers of earnings growth, also
influenced by the materialisation of the intrinsic value of the shareholding in
BSCH, induced by the break-up of the strategic alliance we have been building
since 1993'.

The consolidated net income was influenced by the net capital gain on the sale
of the shareholding in Banco Santander Central Hispano and by the impact of
BCP's share price evolution on the treasury stock. These factors had a joint
favourable effect on net income of EUR 200.1 million (PTE 40.1 billion).

Excluding this effect, net income amounted to EUR 130 million (PTE 26 billion)
in the first half of 1999, up 28.5% on the same period of 1998. Commercial
activity - based upon an innovative and complete offer, supported by a wide
array of effective distribution channels - kept a steep pace of expansion, with
the growth of loans, cards and insurance revenues standing out. The evolution of
net income benefited from the performance of net commissions, boosted by the
effective pricing of the Group's financial solutions. The control of operating
costs contributed to offset the impact of a framework characterised by strong
competition and by the maintenance of historically low interest rates. The Group
also pursued an adequate provisioning policy, the increase of the charges for
provisions for loan losses resulting from the expansion of the loan portfolio
and from one-off delinquencies in subsidiaries. Nonetheless, past due loans
decreased as a percentage of total loans, while its provision coverage was
strengthened.

Net interest income was EUR 434 million (PTE 87,1 billion), up 14.5% from EUR
379 for the first half of 1998. The increase of loans granted, notably mortgage
and consumer loans, compensated the impact of the stabilisation of the net
interest margin at 3.1%.

OPERATING INDICATORS              1st Half 99   1st Half 98
Net Interest Margin                    3.1%        3.1%
Other Income/Total Income (1)         62.4%       59.5%
Operating Costs/Total Income (1)      41.8%       48.0%

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

The success of the Group's financial solutions has contributed to the
diversification of the income structure, as reflected by increased
disintermediation ratios. The growth in the card business (including both charge
and credit cards) offset the less buoyant evolution of commissions related to
transactions in the capital markets caused by the poor performance of the
domestic stock market. Net trading income reflected an appropriate position in
hedging contracts related to the securities portfolio, despite the provisioning
- albeit to a lesser degree - of some investment portfolio securities. The
growth of income from securities is related to the increased profitability of
equity accounted subsidiaries. Other income accounted for 62.4% of total income
(59.5% in the first half of 1998).

Operating costs, which amounted to EUR 484 million (PTE 97.0 billion), evidenced
a controlled evolution, its increase (7.5%) being slower that the one
experienced by the main commercial activity indicators. This evolution benefited
from the consolidation of the integration of operating structures and common
management units under a single platform, causing significant synergies to be
achieved while preserving distinct market approaches. The growth of commercial
areas and the branch network expansion caused staff costs to increase, while the
evolution of other administrative costs was influenced by the continuing
preparation for the year 2000 transition, by the promotion of the Group's offer
and by the development of the remote distribution channels.

ACTIVITY INDICATORS               June 30,  June 30,    June 30,   Change
                                    1999      1999        1998     99/98
                                     PTE       EUR         EUR
Total Assets under Management (1)   9,732    48,543      42,762    13.5%
Total Assets                        6,973    34,784      30,053    15.7%
Total Customers' Funds (2)          6,321    31,529      23,539     6.7%
Loans to Customers                  4,211    21,006      15,199    38.2%
Own Funds (3)                         688     3,434       2,672    28.5%

(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 million and EUR billion)

Loans to customers, which stood at EUR 21,006 million (PTE 4,211 billion) at
June 30, 1999, up 38.2% from EUR 15,199 million at the end of the first half of
1998, benefited from the strong growth of mortgage and consumer loans. Mortgage
loans amounted to EUR 5,450 million (PTE 1,093 billion), increasing 39.2% from
the end of the first half of 1998, while consumer credit was up 31.1% at EUR
2,148 million (PTE 431 billion). The performance of loans granted to the
services and commerce sectors and to the construction industry is worth-noting.
Total customers' funds - comprised of customers' deposits, certificates of
deposit, assets under management and capitalisation insurance - amounted to EUR
31,529 million (PTE 6,321 billion), up 6.7% from the end of the first half of
1998. This was despite the impact of the performance of domestic stock exchange
indexes, which have limited price appreciation of assets under management, and
ongoing shifting of individuals' savings towards the capital markets.

The weight of loans more than 90 days overdue in total loans decreased to 1.3%
(1.8% at the end of the first half of 1998). The prudent provisioning policy was
reflected in the strengthening of the coverage of loans more than 90 days
overdue to 167.3% at June 30, 1999 (141.6% at the end of the first half of
1998).

  LOAN QUALITY INDICATORS                       June 30,     June 30,
                                                  1999         1998
  Loans more than 90 days overdue/Total loans     1.3%         1.8%
  Total overdue loans/Total loans                 1.4%         2.1%
  Provisions/Loans more than 90 days overdue     167.3%       141.6%
  Provisions/Total overdue loans                 147.5%       124.5%

Solvency indicators improved, with own funds - comprising shareholders' equity,
preference shares and subordinated debt - totalling EUR 3,434 million (PTE 688
billion), up 28.5% from June 30, 1998. The consolidated solvency ratio,
estimated in accordance with the rules of the Bank of Portugal, stood at 12.3%
(9.0% at the end of the first half of 1998), while, according to BIS principles,
it was 13.2%.

'The BCP/Atlantico Group is currently engaged in initiatives that would allow
the creation of the largest Portuguese financial services Group, becoming or
strengthening its leadership in the sector. We believe that attaining such
position would contribute, in a decisive way, to our meeting the challenges of
the fast consolidation of the finance industry, seen at a regional or global
level, in addition to the raising of expectations that the very same initiatives
would create value for our shareholders. We are confident that the merit of our
proposals will become evident, offering to all interested parties an
advantageous and quick solution that would greatly enhance the prestige and
value of all institutions and those who participate in them', concluded Mr.
Jardim Goncalves.


For further information:

Rui Lopes                       BCP                        Tel: [phone]
Kevin Soady/Toby Moore/         Citigate Dewe Rogerson     Tel: [phone]
Emma Pickford            
John McInerney/Cindy Lyman      Citigate Dewe Rogerson     Tel: [phone]


                            BANCO COMERCIAL PORTUGUES
          Consolidated balanced Sheet as at 30 June, 1999 and 1998 (i)

                                            1999          1999         1998
Assets                              (Thousands of Euros)  (Thousands of Escudos)

Cash and deposits at central banks      487,710      97,777,068       52,634,928
Loans and advances to credit                                
    institutions
 Repayable on demand                    534,475     107,152,597       79,830,289
 Other loans and advances             2,844,871     570,345,377      865,143,420
Loans and advances to customers      21,006,158   4,211,356,508    3,047,075,207
Securities                            5,689,477   1,140,637,825    1,169,728,141
Treasury stock                          479,732      96,177,571        1,094,630
Investments                             272,906      54,712,674       93,152,363
Intangible assets                       555,042     111,275,898      133,077,149
Tangible assets                         966,872     193,840,493      184,737,367
Other debtors                           836,993     167,802,120      150,863,601
Prepayments and accrued income        1,109,369     222,408,462      247,685,888
                               
                                     34,783,605   6,973,486,593    6,025,022,983
                                         
Liabilities                                                 

Amounts owed to credit                                      
    institutions
 Repayable on demand                    338,897      67,942,663      109,930,179
 With agreed maturity date            8,112,718   1,626,453,932    1,264,192,018
Amounts owed to customers                                   
 Repayable on demand                  6,372,504   1,277,572,430    1,156,150,453
 With agreed maturity date            8,877,415   1,779,761,985    1,850,746,828
Debt securities                       2,219,279     444,925,425      225,121,366
Other liabilities                       673,404     135,005,433      123,105,804
Accruals and deferred income          1,011,209     202,728,915      223,251,100
Provision for liabilities and         3,103,929     622,281,986      446,819,352
    charges
Subordinated debt                       736,212     147,597,333      152,350,872
  Total Liabilities                  31,445,567   6,304,270,102    5,551,667,972

Shareholders' Equity                                        

Share capital                         1,000,000     200,482,000      196,969,000
Share premium                           587,796     117,842,462      115,317,366
Reserves and retained earnings          206,374      41,374,219     (32,417,832)
  Total Shareholders' Equity          1,794,170     359,698,681      279,868,534

Minority interests                      640,451     128,398,890       89,943,432
Minority interests in preference        903,417     181,118,920      103,543,045
     shares
  Total Minority Interests            1,543,868     309,517,810      193,486,477
                                     34,783,605   6,973,486,593    6,025,022,983

Official exchange of Euro as at 30 June 1999:  200.482

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


                            BANCO COMERCIAL PORTUGUS

                        Consolidated Statement of Income
                 for the six months ended 30 June, 1999 and 1998 (i)

                                          1999           1999        1998
                                   (Thousands of Euros)  (Thousands of Escudos)
                                                           
Interest income                          833,523    167,106,409    176,750,281
Interest expense                         399,186     80,029,655    100,670,862
   Net interest income                   434,337     87,076,754     76,079,419
Provision for loan losses                 79,462     15,930,612     12,952,200

   Net interest income after                               
     provision for loan losses           354,875     71,146,142     63,127,219

Other operating income
                                    
     Income from securities               39,117      7,842,273      5,745,344
     Commissions                         190,108     38,113,208     34,311,073
     Profit arising from trading         203,557     40,809,572     40,301,457
           activity
     Insurance premiums                  570,943    114,463,825     78,825,992
     Other income                         78,709     15,779,733     14,619,989
     Gains on sale of shares of                            
        subsidiaries and                 373,569     74,893,803             -
          associated companies
                                       1,456,003    291,902,414    173,803,855

Other operating expenses:                                  

     Commissions                          30,791      6,173,032      5,374,165
     Losses arising from trading         148,732     29,818,153     19,930,096
         activity
     Staff costs                         240,718     48,259,601     45,286,610
     Other administrative costs          166,868     33,454,068     29,955,390
     Depreciation                         76,175     15,271,769     14,988,378
     Other provisions                    509,528    102,151,112     45,674,264
     Claims incurred in the              189,111     37,913,282     30,988,922
         insurance activity
     Other expenses                       20,554      4,120,693      5,595,932
                                       1,382,477    277,161,710    197,793,757
     Income before income taxes          428,401     85,886,846     39,137,317
Income taxes                              34,744      6,965,635      7,129,664
     Net income                          393,657     78,921,211     32,007,653
Minority interests                        63,926     12,816,022     11,776,429
     Net income for the year                               
      attributable to the Bank           329,731     66,105,189     20,231,224

Official exchange of Euro as at 30 June 1999: 200.482

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