Banco Montepio reports profit of €11.4 million in Q1

The Portuguese bank recorded a net profit €11.4 million in the first quarter of 2022, after reporting losses of €15.9 million in the same period last year.

Banco Montepio posted consolidated net profits of €11.4 million in the first quarter of 2022, compared to losses of 15.9 million in the same period last year.

According to a statement sent this Friday to CMVM, these profits reflect, in particular, “the positive contributions of net operating income, operating costs and also the lower allocations to impairments and provisions, in particular those related to credit risk”.

Core operating income, comprising net interest income and commissions, registered a year-on-year increase of 3.4%, while loans and advances to customers (net of impairments) totalled 11,796 million at March 31 2022, showing an increase of €128 million in the comparison between the two periods.

Customer deposits stood at €12,842 million at the end of the first quarter (+2.4%), “despite the maintenance of low interest rate levels,” stresses the banking institution, also accounting that the liquidity buffer amounted to €3.9 billion, “evidencing a comfortable financial position.”