BPI profits up 44% to €524 million in 2023

The bank BPI has posted profits of €524 million in 2023, an increase of 45% on last year on the back of interest rates. Portugal contributed €444 million to the profits of the bank controlled by the Spanish bank CaixaBank.

“It was a robust result, we gained market share in mortgages and corporate credit, we have a high level of capitalisation and liquidity”, said the bank’s CEO, João Pedro Oliveira e Costa in a press conference at which the bank revealed its annual results.
As was the case with the majority of the banks in the sector, the result was driven by its financial margin, corresponding to the difference between the interest charged on loans and the interest paid on deposits. In the case of BPI, the margin shot up by 72% to €943 million.
BPI managed to close the year with a growth in is loans portfolio by 3%, exceeding the €30Bn barrier.
“We made important gains in (market) share”, he said. Mortgages rose 3% to €14.6Bn with a 15% market share. Company loans grew 5% to €11.5Bn. “It was one of the best years in terms of company loans”, said the bank’s head, João Pedro Oliveira e Costa. (Pictured left with the president of the International Club of Portugal (ICPT), Manuel Ramalho).