Banco Comercial Português (Euronext: BCP) has executed 70.5% of its maximum allocated share buyback program, committing a total of 287.4 million euros through October 2, 2026. The ongoing capital return initiative, which began on June 4, 2026, aims to repurchase shares worth up to 407.46 million euros before its scheduled conclusion on December 4, 2026.
Bank Purchases 1.76% of Total Share Capital
- Execution Rate: The bank has purchased 260.2 million shares, representing 1.76% of its total share capital.
- Remaining Capital: Approximately 120 million euros remains available to complete the repurchase mandate if fully utilized.
- Strategic Framework: The buybacks form part of a broader shareholder remuneration policy for the 2025–2028 strategic cycle, targeting total distributions of up to 90%.
Banco Comercial Português Acquires 23.3 Million Shares
Between September 28 and October 2, 2026, Banco Comercial Português acquired 23.3 million own shares. This block of transactions required an investment of 26.3 million euros, calculated using the weighted average prices reported for each trading session.
Trading activity during that weekly window included a purchase of 4.92 million shares on October 2 at a weighted average price of 1.1526 euros. The largest single operation in the period occurred on October 1, when the institution secured 6.42 million titles at an average price of 1.1838 euros.
The total capital deployed thus far stands at 287.4 million euros. This brings the aggregate volume of acquired shares to 260.2 million units, giving the bank a 1.76% stake in its own social capital as the program moves toward its December deadline.
| Metric | Figure |
|---|---|
| Maximum Program Amount | €407.46 million |
| Capital Invested to Date | €287.4 million |
| Execution Percentage | 70.5% |
| Total Shares Acquired | 260.2 million |
| Stake in Share Capital | 1.76% |
Distributions Target up to 90% of Net Income
The current repurchase operation operates under the shareholder remuneration guidelines established for the 2025–2028 strategic cycle. Under this policy, Banco Comercial Português targets total distributions—comprising both dividends and buybacks—of up to 90% of net income, provided the Common Equity Tier 1 (CET1) capital ratio remains above 13.5%.
For earnings generated in the 2025 financial year, governance structures approved a payout structure directing 50% of net results toward standard dividends. An additional component is allocated to share buybacks, scaled directly against the institution’s CET1 ratio.
When the CET1 ratio sits below 16%, the repurchase tier can absorb up to 25% of net income. If the ratio climbs between 16% and 17.5%, the repurchase ceiling rises to 30%, and reaches up to 40% if the ratio exceeds 17.5%.
The 2026 buyback framework received regulatory clearance following authorization from competent authorities to repurchase up to 40% of the bank’s 2025 net result, translating to the 407.5 million euro ceiling. During the first quarter of 2026, the lender reported a CET1 ratio of 15.1%, a figure that already factored in the full deduction of the maximum authorized buyback amount.
Current Initiative Follows 2025 Repurchase Program
The current initiative follows a smaller repurchase program executed by Banco Comercial Português in 2025. That previous effort utilized up to 200 million euros and concluded with the acquired shares retired through formal capital reduction operations.
