Mutualista Montepio’s accounts approved by ‘unequivocal majority’

  • ECO News
  • 1 October 2021

"The associates' meeting approved the accounts by an unequivocal majority," announced on Friday the chairman of Mutualista Montepio.

Mutualista Montepio’s accounts have passed the associates’ scrutiny. The negative results were approved by an overwhelming majority of 97.28% votes in favour, during an ordinary general meeting in which Virgílio Lima revealed that until August the figures had returned to profit (€16 million).

“The associates’ meeting approved the accounts by an unequivocal majority, after the associates had been informed of the very positive performance recorded already in 2021, with growth in the number of associates, the financial margin, the results and the efficiency indicators,” says the chairman of Mutualista in a statement.

Associação Mutualista Montepio Geral recorded a positive net result of €16 million between January and August 2021, “in addition to a growth in associative margin to €89 million (until September), after the reinstatement of €147 million in salaries until September 30, and an increase in the number of associates to 602,822.”

“Nobody is proud of negative results [of €89 million recorded in 2020], but it fills us with pride the path of recovery that the Montepio Group registers already at this date and the performance of all our employees in the years 2020 and 2021, in a framework of restructuring at the Group level,” adds the head of the association.

At last, Virgílio Lima took the opportunity to highlight, within the scope of the restructuring, the simplification in the number of instrumental entities, but also the “adjustment in the number of branches and work teams, always on a voluntary basis.”