Montepio will suffer losses of ‘tens of millions’ this year – Virgílio Lima

  • ECO News
  • 1 October 2021

Despite the losses this year, Virgílio Lima, chairman of Associação Mutualista Montepio Geral, foresees a return to positive results in 2022.

Banco Montepio was the only bank to remain in the red zone in the first six months of 2021, and is expected to end the year with losses of “tens of millions” of euros, Virgílio Lima, chairman of Associação Mutualista Montepio Geral, told Jornal de Negócios.

Among the reasons for these losses, Virgílio Lima pointed out the pandemic, the defaults, the consequences for families and companies in terms of moratoriums and possible non-payments, and also some restructuring costs, which weighed on Banco Montepio’s financial year.

The bank’s chairman predicts a return to profits as early as 2022, considering the plans approved by the shareholder and “permanently scrutinised”.