Montepio faces “tens of millions” in losses this year

The President of the Montepio Geral Mutual Association – a Portuguese mutual bank – Virgílio Lima has admitted that the association is facing “tens of millions” in losses this year but should be back in the black in 2022.

Jornal de Negócios reports that among the reasons for the losses are the pandemic, the moratoria, the consequence of the pandemic and subsequent economic slowdown on families and businesses leading to expected loan defaults as well as the costs of the bank’s restructuring programme.
The mutual bank’s president foresees a return to profits next year taking into account the plans approved by the shareholders which are “constantly under scrutiny.”