BCP strengthens its commitment to construction credit for the middle class

Millennium BCP is committed to addressing Portugal's housing crisis by increasing credit for real estate construction and housing cooperatives. CEO Miguel Maya announced a 12.6% profit increase, emphasizing the bank's readiness to support diverse real estate projects, particularly those aimed at the middle class. The bank is reorganizing its credit promotion area to focus on affordable housing and is analyzing operations to support cooperatives and municipalities for subsidized housing. Although the public guarantee for young homebuyers helps, it is not a complete solution. The bank reports low default rates on guaranteed loans, with only 0.16% overdue by more than 90 days, indicating no significant concerns in this area.