Montepio profits up 30% to €91M

 In Banks, Insurance, News

Portugal’s largest mutual association Montepio Geral (AAMG) posted profits of €90.8 million in 2022, an increase of 26.9% like-for-like on 2021.

The profit was helped by positive results across the entire group of companies held by AMMG and is he second year that all of the companies have shown a profit according to its president Virgílio Lima at the presentation of the results.
Banco Montepio, the main asset of the group which has 600,000 members, showed a profit of €33.6 million while two insurers, despite last year’s turbulence in the markers, posted profits of €7.5 million (in Lusitania Vida) and €5.1 million (Lusitania). Practically half of the result came from the association itself, reaching €50.2 million on the back of an increase in the association’s Margins which rose to €296.9 million.
This increase on margin was helped by the increase in interest rates in the market with a relevant contribution from interest on loans from Banco Montepio.
The net asset fell almost €700 million, from €22.9Bn to €22.2Bn mostly down to a devaluation of financial assets held by the insurers, but also from the sale of some of the bank’s non-productive assets.