BPI loses 122 million in the first quarter of 2017
If it wasn't for the 2% sale of BFA, BPI would have made a 90 million profit. The administration headed by Pablo Forero was approved with 99.77% of the votes present in BPI's general Assembly.
BPI reported 122.3 million euros losses in the first quarter of the year. The negative result reflects the impact of the 2% sale of BFA (Banco de Fomento de Angola) to Unitel. If it wasn’t for the sale, the bank would have profited 90 million euros.
The 2% sale of BFA to Unitel and the consequent deconsolidation of the entity had a 212.3 million euros’ impact, the bank clarifies in a press release sent to the CMVM. This result made the bank register 122.3 million euros’ losses in the first quarter of 2017, in comparison to the 45.8 million from the homologous period.
The financial institution also clarifies that excluding the alienation, “consolidated net income amounts to 90 M.€, with contributions of 43.8 M.€ from domestic activity (7.9 M.€ in the same period of 2016) and 46.2 M.€ from international activity (37.9 M.€ in the same period of 2016)”.
As for the Portuguese market, the highlight goes to the growth in the financial margin, which increased 7.1% to 6.7 million euros. “The growth in financial margin mainly reflects the reduction in the cost of term deposits”; as for commissions, they increased 2.8% in the first quarter.
On the other hand, impairments and provisions corresponded to a positive 6.3 million euros’ impact. “On the other hand, arrear loans and interest previously written off and expenses of 6.2 M.€ were recovered in the 1st quarter 2017”, the bank explains. Capital ratios are growing stronger. The CET1 ratio, phasing in, was 11.9%; as for the CET1 ratio, fully implemented, it was 10.8%.
Excluding the 10.7 million euros’ costs with early retirements and with the 3.5 million euros’ indemnities related with the branch in France, “the overhead costs decrease 7.7% (-9.5 M.€), from 123.0 M.€ in the 1st quarter 2016 to 113.5 M.€ in the 1st quarter 2017″.
New BPI management was approved with 99.77% of the voting
Pablo Forero, former Director-General of CaixaBank, is the new CEO of BPI. The choice was confirmed this Wednesday in the bank’s general Assembly. The election had 99.77% of the votes present in BPI‘s general Assembly, where 55 shareholders were present, representing 94.06% of the bank’s social capital.
Thus, Fernando Ulrich takes office as chairman of the new administration resultant from CaixaBank’s takeover bid on BPI.
