Banco Montepio posts losses of €33 million in H1
296 workers left the group during the first half of the year, while at the same time the bank is implementing a restructuring plan that will lead to the departure of up to 900 workers.
Banco Montepio posted losses of €33 million in the first half of the year, a result that compares with losses of €51.3 million registered in the same period last year.
In a statement sent to the market, the bank said the results performance reflects a “lower level of impairment for credit risk observed” in the first half of the year, despite the economic effects of the pandemic still being felt.
Credit impairment totalled €55 million between January and June, a figure that compares with €109 million in impairments reported in the same period last year.
The business of the bank led by Pedro Leitão fell in half a year: net interest income dropped 5.8% to €114.3 million and net operating income slipped almost 12%, down to €159.5 million.
On the assets side, loans and advances to customers (gross) decreased 1.1% to €12.3 billion, while customer deposits increased 1.9% to €12.6 billion.
The CET 1 ratio fell 0.1 percentage points to 11.4%, while the total capital ratio increased 0.1 pp to 13.6%.
In terms of loan portfolio quality, the bank reports a 2.7% pp decrease in the NPE ratio to 9.3% at the end of June.
296 workers left the group during the first half of the year, while at the same time the bank is implementing a restructuring plan that will lead to the departure of up to 900 workers. It also closed 57 branches, and now has a network of 271 branches in Portugal.
