"The business reduction is expected, I would be astonished if with this monetary policy BCP grew in business volume, the question would be what they are doing in risk policy", said Miguel Maya, in the press conference to present the results of the first quarter, in which the bank had profits of 234.3 million euros. In the press conference to present the results, in Tagus Park (Oeiras), the executive president of BCP will only do what he can, since the monetary policy is restrictive. "What we are going to do is do what we can do, deserve the preference of the clients", he said, pointing out that the expectation is that there will be an inversion in the field of direct rates of the European Central Bank (ECB). "What we all know is that the monetary policy is restrictive. The expectation is that there will be an inversion of the context of interest rates closer than what was anticipated at the beginning of the year. We are prepared to benefit from that moment", defended Miguel Maya. In July 2022, the ECB started the cycle of increases in interest rates with the objective of controlling inflation. More than a year later, in October 2023, it made the first pause in this rapid cycle of increases, but soon warned that a cut in interest rates would still take time due to the inflationary risks. The consolidated (gross) credit portfolio of BCP totalled 56,822 million euros at the end of March, less 0.8% compared to the same date in 2023, having decreased, in Portugal, 3.8%, to 38,409 million euros. Regarding the reduction of the credit portfolio in Portugal, which in nominal terms was around 1,528 million euros, Miguel Maya considered that this is a result of the "economy cooling down". In the presentation of results, Miguel Maya also said he was pleased with the announcement of the construction of the new international airport of Lisbon in Campo de Tiro de Alcochete and showed the bank's openness to supporting clients. "We are pleased that the decision has been made, and BCP will be particularly active in everything that is supporting clients, in all related business opportunities", said the president of the bank. Millennium BCP announced today that it had profits of 234.3 million euros in the first quarter, 8.4% more than in the first three months of 2023. The financial margin (the difference between interest charged on loans and interest paid on deposits) increased 4.8% to 696.2 million euros and commissions remained practically stable (variation of 0.5%) at 196.4 million euros. Read Also: BCP says it has conditions to have more capital dispersed by investors (Portuguese version)