BPI’s net profit triples in 2021 to €307 million
The Portuguese bank posted a net profit of €307 million last year, almost tripling the €105 million figure recorded a year earlier.
BPI posted a net profit of €307 million in 2021, almost tripling the €105 million figure recorded a year earlier, with Portugal and the Angola dividend contributing decisively to the bank’s positive results.
In Portugal, BPI’s recurring net profit amounted to €200 million, up from €84 million in 2020. The bank had non-recurring costs of €179 million with early retirements and voluntary terminations.
Meanwhile, Angolan bank BFA contributed €106 million to the consolidated net profit, including the dividend of €40 million and €50 million from the distribution of reserves taken to the income statement. Mozambique’s BCI contributed €23 million.
From an operational point of view, net interest income rose 1.2% YoY to €456 million, and commission income soared 17.7% YoY to €288 million.
In a statement, João Oliveira e Costa, BPI’s CEO, expressed his satisfaction with the results achieved, highlighting the “extraordinary year” in mortgage loans: it grew 9% to €13.1 billion. Corporate loans rose 4.5% to €10.5 billion.
On the other hand, customer resources also increased, to a total of €40.3 billion. Assets under management increased 12.6%, with mutual funds demonstrating an “expressive” growth of 18.2% YoY.
In terms of credit quality, the NPE (non-performing exposures) ratio stood at 1.6%, which translates into a reduction of 0.1 points in annual terms, with BPI claiming that it “maintains the best NPE ratio of the financial sector in Portugal”.
The bank also reports a recovery in the recurring return on tangible equity (ROTE) from the activity in Portugal last year, standing at 6.8% (up from 2.7% in December 2020).
BPI ended 2021 with 4,478 employees (-144 compared to 2020) and 349 commercial units, mostly branches (297).
