Novo Banco to report first quarter profits of nearly €70M

  • ECO News
  • 6 May 2021

The bank is expected to close the first quarter with a profit of between €60 and 70 million.

After several years of heavy losses, which created the need for capital injections, Novo Banco should show the first signs of recovery at the beginning of this year. According to Jornal de Negócios, the bank should close the first quarter with profits of between €60 and 70 million.

António Ramalho had already assured, at the end of March, that the bank would close the first three months of the year with a positive result and, according to that newspaper, that guarantee should be confirmed with a net profit of between €60 and 70 million. “After the end of the restructuring period, a period of positive results will begin from the first quarter,” the chairman said during a press conference.

So far, Novo Banco has requested almost €2.9 billion from the Resolution Fund, out of a total of €3.89 million possible under the contingent capital mechanism. To this request is added another €600 million for 2020.