LISBON, Oct 31 (Reuters) - Shares of Millennium bcp BCP.LS rose nearly 5% on Thursday after the Portuguese bank said it expects to accumulate between 4 billion and 4.5 billion euros ($4.3-$5 billion) in profit over the next four years and pay out up to 75% of it to shareholders.

CEO Miguel Maya said late on Wednesday that the planned profit distribution, between 2025 and 2028, will be done through payment to shareholders of 50% of net profits and a regular share buyback programme. In 2023, the dividend payout was 30%.

Portugal's largest listed bank reported on Wednesday a 9.7% jump in nine-month net profit to 714 million euros.

Millennium bcp shares, which have gained more than 50% this year, rose as much as 4.7% before retreating slightly to trade up 4.4% early on Thursday.

Jefferies analyst Inigo Vega said in a research note that "there is nothing to dislike about BCP's 2025-28 strategy" as it not only provides more than 10% upside to consolidate profits but adds some 500 million euros of additional capital distributions versus the consensus.

"We also see upside risk for BCP's capital position by the end of 2028 despite the generous distribution plan", he said, reiterating a Buy recommendation.

Maya said that after a recovery cycle in which the bank "was greatly supported by its shareholders, it was time to repay them all".

The bank is targeting a return on equity $(ROE)$ above 13.5% in 2028, slightly lower than the 14.9% in September, but Maya said it was a prudent target and "compares very well with Iberian peers".

The bank's largest shareholder is China's Fosun International 0656.HK, with a 20% stake, closely followed by Angolan oil company Sonangol with 19.5%.

Sources told Reuters in April that Fosun was open to selling its remaining stake in Millennium bcp after disposing of some shares earlier this year.

The bank sees the Tier 1 common capital solvency ratio – a key measure of financial strength – at above 13.5% by 2028, compared to 16.5% in September, which was well above the minimum requirement of 9.4%.

($1 = 0.9213 euros)

(Reporting by Sergio Goncalves; Editing by Emelia Sithole-Matarise)

((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net))