The Portuguese company announced that it had a net profit in the first nine months of the year of €428.3 million.
Portugal’s Novobanco on Monday announced that it had a net profit in the first nine months of the year of €428.3 million, up 178% on that recorded in the same period last year, in a statement released to the Securities Markets Commission (CMVM).
In the statement, the bank – which was created in 2014 as the successor institution to Banco Espírito Santo – said that the increase of more than €274.3 million in nine-month profit reflects “sustained business growth demonstrating the ability to generate revenue and capital, despite the current macroeconomic context, inflationary pressures and rising interest rates.”
In the third quarter alone, net profit was €161.6 million, up 30.3% on the second quarter.
Novobanco said that this increase was driven “by the improvement in net operating income (+7.1%), control of operating costs (+0.4%) and lower levels of impairments and provisions.”
Regarding the nine months as a whole, the bank said that customer service commissions rose to €215.7 million, up 3.8% on the year.
The commercial banking product totalled €215.7 million, down 2.6% on a year earlier.
Quoted in the statement sent to the CMVM, Novobanco’s CEO, Mark Bourke, said that the “growth in activity in the first nine months of 2022, reflecting the strategy of sustained growth of the banking business in Portugal, with increasing generation of revenue and capital, led to the creation of value for all stakeholders.”