LISBON, May 16 (Reuters) - Portugal's largest listed bank, Millennium bcp, on Monday posted a 95% rise in first-quarter net profit, driven by robust income at home, despite losses at its Polish subsidiary due to heavy provisions for foreign currency loans.

The bank reported a net consolidated profit of 112.9 million euros ($118 million) in the quarter as earnings at its business in Portugal increased by 29% from a year ago to 107.6 million euros, it said in a statement.

Poland's Bank Millennium, half-owned by Millennium bcp, three weeks ago reported a quarterly loss of 26.4 million euros, after taking provisions of around 108 million euros for legal risks related to its portfolio of foreign currency mortgage loans.

Without these provisions, the Portuguese lender's profit would have totalled about 175 million euros, it said.

In a sign of good operating performance at home and abroad, Millennium bcp's consolidated net interest income (NII), a measure of earnings on loans minus deposit costs, rose 24% to 465 million euros.

Chief Executive Officer Miguel Maya said the NII benefitted from much higher rates in Poland, and expected more benefits to come from the expected normalisation of the European Central Bank's monetary policy in the form of higher interest rates.

"The bank expects to benefit with it and this will be positive," he said, adding he expects a "moderate increase" in ECB interest rates.

The bank gained 5% more customers, whose number reached more than 6.2 million. The mobile customer base expanded by 595,000 to 3.63 million.

Operating costs edged 1.1% higher to 255 million euros in the quarter, a much lower increase than inflation.

The bank, which also has core operations in Angola and Mozambique, reduced non-performing exposures by 13.6% to 2.68 billion euros in March from a year ago, mostly in Portugal.

Despite higher inflation affecting incomes, Maya did not expect any worsening of impairments of individuals thanks to steadily low unemployment numbers. ($1 = 0.9602 euros) (Reporting by Sergio Goncalves in Lisbon Editing by Andrei Khalip and Matthew Lewis)