Banco Luso-Brasileiro (BLP) profits up 47.8%
The Banco Luso-Brasileiro (BLP) saw first half profits up by over 47% after suffering accumulated losses of €20 million since 2012.
The private bank controlled by one of Portugal’s richest families has clocked up aggregated profits of €41.4 million of which €19.3 million refers to the first six months of the year.
BLP’s net result for H1 meant an increase of 47.8% on the same period last year, 26.8% above expectations. Grupo Américo Amorim has a 49.23% share in BLP.
The robust increase in profits was down to a “positive performance of provisions against questionable debtors”, explains the administration of the bank that is based in São Paulo, Brazil.
The indices of default of 60 and 90 days (1.8% and 1% respectively) have remained stable over the year while credit provisions for bad debts totalled €1.7 million, representing 0.5% of the bank’s credit portfolio and €1.5 below what had been planned for the first half of 2023.
BLP’s credit portfolio was worth €379 million, up €52 million or 7% on the end of 2022. Of this total, 59% came from the public transport sector (a sector in which the Brazilian company Ruas e Cunha also operates and holds the other 49.23% of the bank).
Public transport is the bank’s core market while 41% is aimed at medium sized mid-market companies.