Interim Results

Banco Comercial Portugues S.A.
25 July 2000

            BANCO COMERCIAL PORTUGUES ('BCP') NET INCOME UP 40.1%
      TO EUR 181.7 MILLION (PTE 36.4 BILLION) IN THE FIRST HALF OF 2000


(Lisbon, July 25, 2000): Banco Comercial Portugues (BCP, NYSE: BPC, BCPPRA),
Portugal's leading bank, today reported consolidated net income of EUR 181.7
million (PTE 36.4 billion) for the first half of 2000, up 40.1% from proforma
net income of EUR 129.7 million for the same period of 1999. Earnings per
share were up to EUR 0.17 (PTE 34.7) from EUR 0.13 in the first half of 1999
on a comparable basis, while return on equity and return on assets stood at
26.1% and 0.7%, respectively.

The acquisitions of Banco Mello, Interbanco and Banco Pinto & Sotto Mayor and
their consolidation into the BCP Group by the global method during the first
half of 2000, as well as non-recurring items included in reported net income
for the first half of 1999, hinder a direct comparison between the financial
statements for these periods. The three Banks referred to are globally
consolidated in the Group's financials in the first six months of 2000, with
net income not attributable to the Group being deducted under minority
interests and pre-acquisition income. Additionally, in order to allow a
comparable basis with the financial statements now being presented, we have
prepared proforma financial statements for the first half of 1999,
consolidating Banco Mello, Interbanco and Banco Pinto & Sotto Mayor according
to the criteria referred to above, but excluding the impact related to the
sale of shareholdings.

                                1st Half      1st Half   1st      Change
                                 2000           1999     Half     00/99
                                 PTE    EUR   Proforma   1999    Proforma
                                                EUR      EUR          
Net Income                      36.432 181.72  129.68   329.73    40.1%
  (PTE billion and EUR million)
Earnings per share                34.7   0.17    0.13     0.33    32.9%
ROE                                      26.1%   16.9%    41.6%      -
ROA                                       0.7%    0.5%     2.2%      -
ROA before minority interests
 and pre-acquisition income               1.2%    1.1%     2.6%      -

'During the first half of 2000 we started consolidating the recently acquired
banking and insurance subsidiaries. The progress we have made to date in
integrating these institutions has been promising, having completed the
commercial integration of Banco Mello and Companhia de Seguros Imperio as
planned, while measures concerning Banco Pinto & Sotto Mayor have been
focused on the rapid development of its business and customer base, in line
with our objective of creating synergies, a goal which we believe will be
fully accomplished'  commented Mr. Jardim Goncalves, Chairman and CEO of BCP,
adding: 'The BCP Group, in its new structure, continued to expand at a fast
pace, both in terms of activity levels and profitability. The strong
performance of the distribution networks, especially regarding insurance,
cards and mutual funds, was key to the continued upward trend in earnings,
while we expect further benefits from the impact of new technologies and
increased cross-selling'.

Net interest income amounted to EUR 620 million (PTE 124 billion), in line
with the level seen during the first half of 1999. The impact of funding the
acquisitions during the first six months of 2000 and of continued narrowing
net interest margin - which decreased to 2.6% in the first half of 2000 from
2.9% proforma in the same period of 1999 - was compensated for by increased
business volumes, of which loans granted stand out in particular.

OPERATING INDICATORS     1st Half 2000    1st Half 1999      1st Half 1999
                                            Proforma
Net Interest Margin            2.6%            2.9%               2.9%
Other Income/Total Income     49.3%           42.9%              44.3%
Operating Costs/Total Income  56.3%           61.0%              60.2%

Disintermediation continued at a high level, chiefly as a result of the
strong performance of commissions related to operations regarding securities,
cards and asset management. Other income accounted for 49.3% of total income
in the first half of 2000 (42.9% in the same period of 1999, on a comparable
basis). The extension of the cross-selling approach that characterises BCP to
an enlarged customer base with important potential to be exploited will
result, in the short term, in further diversifying earnings and in growing
profitability.

The increase in operating costs from the first half of 1999 was limited to
4.3% (proforma), in spite of business growth and the investment in revamping
the commercial activity of recently acquired institutions, as well as of the
impact of advertising new distribution channels. Cost to income was 56.3% in
the first half of 2000, compared to a proforma 61.0% in the same period of
the previous year. The full exploitation of synergies that will be generated
by the integration of common units under a single platform is bound to result
in improved operating efficiency.

The main activity indicators kept remarkable growth, so demonstrating the
benefits of a commercial approach using a variety of distribution channels.
Loans to customers - influenced by the strong performance of mortgage and
consumer loans, as well as by loans to service and commercial companies - 
stood at EUR 38,315 million (PTE 7,681 billion) at June 30, 2000, up 26.7%
from proforma loans at the end of the first half of 1999. Total customers'
funds - amounts due to customers including securities, assets under
management and capitalisation insurance - stood at EUR 54,497 million (PTE
10,926 billion), an increase of 17.1% on proforma total customers  funds at
the end of the first half of 1999.

                            June 30, 2000  June 30, 1999  June 30,  Change
                             PTE     EUR      Proforma      1999     00/99
                                              EUR           EUR     Proforma


Total Assets               11,794   58,828   49,996        31,472      17.7%
Total Customers' Funds (1) 10,926   54,497   46,544        31,906      17.1%
Loans to Customers          7,681   38,315   30,235        21,006      26.7%
Own Funds (2)               1,037    5,173    5,208        3,434       -0.7%

(1) Amounts due to customers (including securities), Assets under
    management and Capitalisation insurance.
(2) Shareholders' equity, Preference shares and Subordinated debt.
    (PTE billion and EUR million)

The loan portfolio showed low and decreasing levels of default, despite being
affected by the consolidation of the loan portfolios of the recently acquired
subsidiaries. Past due loans represented 1.4% of total loans at the end of
June 2000 (1.9% at the end of the first half of 1999, on a comparable basis),
while provision coverage stood at 155.5% (125.7% proforma at the end of the
first half of 1999).

LOAN QUALITY INDICATORS               June 30,  June 30, 1999  June 30, 1999
                                        2000       Proforma
Loans more than 90 days overdue/        1.2%         1.7%          1.3%
 Total loans
Total overdue loans/Total loans         1.4%         1.9%          1.4%
Provisions/Loans more than 90 days    187.3%       143.2%        167.3%
 overdue
Provisions/Total overdue loans        155.5%       125.7%        147.5%

Capital ratios maintained comfortable levels, with the impact of recent
acquisitions being compensated for by the strengthening of own funds arising
from the high acceptance of BCP stock as payment for BPSM's, Banco Mello's
and Imperio's, so contributing to BCP's share capital increase from EUR 1,000
million to EUR 2,043 million. The consolidated solvency ratio, estimated in
accordance with the principles of BIS, stood at 9.6%, with Tier 1 amounting
to 7.7%.

'We have affirmed our intention to invest in new areas, both in terms of new
markets offering high growth prospects and in terms of innovation and in
technology which will lead to a new kind of relationship with our customers.
Our investment capacity, together with the strategic partnerships we have
established and reinforced during the first six months of the current year,
is a factor of differentiation and a clear sign of our intentions and
coherent strategy on which the expansion of the BCP Group, on both a domestic
and international level, will be based', concluded Mr. Jardim Goncalves.

For further information

Rui Lopes               Banco Comercial Portugues  Tel: [phone]
Kevin Soady/Toby Moore  Citigate Dewe Rogerson     Tel: [phone]
Cindy Lyman/            Citigate Dewe Rogerson     Tel: [phone]
Melissa Payne-Smith


                                                                              
                      BANCO COMERCIAL PORTUGUES
          Consolidated Balance Sheet as at 30, June, 2000 and 1999

                                    2000           2000           1999
                            (Thousands of Euros)   (Thousands of Escudos)     
         
Assets
Cash and deposits at central
   banks                          1,344,123       269,472,535    97,462,122 
Loans and advances to credit
   institutions                                                               
   Repayable on demand            1,106,944       221,922,405   106,915,930 
   Other loans and advances       5,214,238     1,045,360,903   555,336,965 
Loans and advances to customers  38,315,158     7,681,499,445 4,211,424,674 
Securities                        6,125,149     1,227,982,046   572,353,071 
Treasury stock                      626,647       125,631,361    96,177,571 
Investments                       1,224,087       245,407,470    71,479,913 
Intangible assets                    83,340        16,708,138    85,078,993 
Tangible assets                   1,193,108       239,196,737   163,725,287 
Other debtors                     1,018,493       204,189,603   117,713,164 
Prepayments and accrued income    2,577,136       516,669,345   231,839,712 
                                 ----------    -------------- -------------
                                 58,828,423    11,794,039,988 6,309,507,402
                                 ==========    ============== ============= 

Liabilities                                                                   
Amounts owed to credit institutions                                           
   Repayable on demand              418,176        83,836,847    67,942,663 
   With agreed maturity date     14,167,069     2,840,242,390 1,620,064,615 
Amounts owed to customers                                                     
   Repayable on demand           12,237,565     2,453,411,587 1,292,646,361 
   With agreed maturity date     16,999,643     3,408,122,383 1,780,168,970 
Debt securities                   7,116,062     1,426,642,337   444,925,425 
Other liabilities                   431,003        86,408,432    54,002,503 
Accruals and deferred income      1,375,102       275,683,095   186,123,814 
Provision for liabilities and
  charges                           668,146       133,951,226    87,982,268 
Subordinated debt                 1,345,209       269,690,231   147,597,333 
                                -----------     ------------- -------------
Total Liabilities                54,757,975    10,977,988,528 5,681,453,952 
                                -----------     ------------- -------------
Shareholders' Equity                                                          

Share capital                     2,042,972       409,579,110   200,482,000 
Share premium                     2,634,950       528,260,034   117,842,462 
Reserves and retained earnings   (1,985,038)     (397,964,414)   41,374,219 
                                -----------     ------------- -------------
Total Shareholders' Equity        2,692,884       539,874,730   359,698,681 
                                -----------     ------------- -------------
Minority interests                  242,574        48,631,676    87,235,849 
Minority interests in
  preference shares               1,134,990       227,545,054   181,118,920 
                                -----------     ------------- -------------
Total Minority Interests          1,377,564       276,176,730   268,354,769 
                                -----------     ------------- -------------

                                 58,828,423    11,794,039,988 6,309,507,402 
                                ===========    ============== =============
                                                                              
                   
                       BANCO COMERCIAL PORTUGUES                              
                      Consolidated Statement of Income                        
              for the six months ended 30 June, 2000 and 1999                 
                                                                              
                                2000              2000              1999
                          (Thousands of Euros)    (Thousands of Escudos)      
        

Interest income                  1,418,681        284,420,029  155,764,038 
Interest expense                   798,222        160,029,181   80,049,809 
                                 ---------        -----------  -----------
   Net interest income             620,459        124,390,848   75,714,229 
Provision for loan losses          122,376         24,534,182   15,930,612 
                                 ---------        -----------  -----------
   Net interest income after
     provision for loan losses     498,083         99,856,666   59,783,617 

Other operating income                                                        
   Income from securities          106,935         21,438,480    7,724,261 
   Commissions                     316,204         63,393,272   34,894,321 
   Profit arising from trading
     activity                      323,827         64,921,431   27,255,031 
   Other income                    165,834         33,246,803   17,458,392 
   Gains on sale of shares of
     subsidiaries and associated
     companies                           -                  -   74,893,803
                                 ---------        -----------  -----------
                                   912,800        182,999,986  162,225,808
                                 ---------        -----------  -----------
Other operating expenses
   Commissions                      33,432          6,702,588    2,788,590 
   Losses arising from trading
     activity                      231,807         46,473,151   21,313,260 
   Staff costs                     381,446         76,473,126   42,495,091 
   Other administrative costs      236,127         47,339,207   29,646,793 
   Depreciation                     71,884         14,411,440   13,122,420 
   Other provisions                 20,629          4,135,676   27,098,275 
   Other expenses                   44,211          8,863,609    2,952,736 
                                 ---------        -----------  -----------
                                 1,019,536        204,398,797  139,417,165 
                                 ---------        -----------  -----------
   
   Income before income taxes      391,347         78,457,855   82,592,260 
Income taxes                        51,601         10,345,037    5,775,233 
                                 ---------        -----------  -----------
   Net income                      339,746         68,112,818   76,817,027 
Minority interests                  55,984         11,223,737   10,711,838 
Pre-acquisition net income         102,041         20,457,289            - 
                                 ---------        -----------  -----------
   
Net income for the year
  attributable to the Bank         181,721         36,431,792   66,105,189 
                                 =========        ===========  ===========