Novobanco brings in €428 million profit

 In Banks, News

Novobanco has closed the first nine months of the year with profits of €428.2 million, up 178% like-for-like on 2021.

Trebling its profit, it is the bet result so far from any bank in Portugal that has released its nine-months results.

BCP has posted €97.2 million, BPI €286 million, and Santander Portugal €385 million according to the news source Observador.
The bank’s growth has been sustained by its ability to generate capital revenues despite the current macroeconomic context, inflationary pressures and increases in interest rates.
The bank adds in a communiqué sent out to the media on Monday, that performance activity is in line with expectations for September 2022, despite the economic climate.
One of the main reasons that justify the strong results are less impairments and provisions which are subtracted directly from profits.
“The Novobanco Group to 30 September 2022 registered an improvement in impairments and provisions of €22.5 million which was a reduction of -85.9% on the like-for-like period”.
Customer loans increased 3.9% to €24.6 millions and bank charges were up 3.8% bringing in €215.7 million after it revised in bank charges list.
These results were the first under the leadership of the new president of the bank Mark Rourke (pictured), who took over from António Ramalho at the start of September.