Banco Montepio recurring net income in H1 nearly triples to €67.8M

Banco Montepio, Portugal’s oldest financial institution and the country’s only major mutual savings institution, achieved recurring consolidated net income in the first half of the year of €67.8 million, almost three times as in the same period of 2022, when it posted €23.3 million, the bank announced on Monday.

In a statement sent to Portugal’s Securities Markets Commission (CMVM), Banco Montepio added that its Common Equity Tier 1 ratio and the Total Capital ratio (fully implemented) at end-June were 14.4% and 17.1%, respectively.

“The favourable evolution of recurring results was determined by the increase in banking income, supported by the positive variation in net interest income and commissions,” the statement reads.

“Following the significant reduction in non-performing assets, the strengthening of capital ratios and the success recorded in meeting the objectives of the operational adjustment plan, the rating agencies have awarded Banco Montepio successive rating increases, with Fitch, in particular, increasing the rating of Banco Montepio’s senior unsecured debt three consecutive times in 12 months,” it adds.