Montepio Crédito ends 2020 in credit

Despite a challenging year for the financial sector, Montepio Crédito says that it should round off the year with a net result of slightly over €4 million.

“We expect to get to the end of the year with an operational result rather in line or even slightly over last year’s results,” said Pedro Gouveia Alves, CEO of the Montepio Group bank.
“Last year we had net result of €4 million. We have all the conditions to end the year as we did last year, perhaps even slightly more, which when taking into consideration the current market conditions is remarkable,” said the banker.
He added that in the month of October, the €500 million in the loan portfolio represents €30 million more than in December 2019,” said Pedro Gouveia Alves.
In terms of profitability, it expects to close 2020 with a Return On Equity above 8%, which compares to the 8.7% in 2019.
The bank has also won market share; for example, in personal credit, it will close the year with a share of 2%, above the 0.7% in 2019; in terms of car loans, the market share climbed to 4.2% on the 3.5% last year.
In terms of the prospects for 2021, the development of results “depends on macroeconomic factors. First, the unemployment rate and the pressure this could bring to bear on loan defaults,” he said.