BPI profit falls 18% to €49 million in the first quarter
The bank posted profits of €49 million in the first quarter of the year, down 18% on the same period in 2021.
BPI recorded a net profit of €49 million in the first quarter of the year, representing a drop of 18% compared to the same period of 2021. The bank explains this decrease with its activity in Portugal, where they reported a profit of €28 million in the start of 2022 compared to €54 million a year ago.
Angola’s BFA contributed €14 million, up from €1 million a year ago, while Mozambique’s BFI contributed €7 million.
“The bank’s activity in the 1st quarter was very positive, with growth in revenues and market share gains in practically all commercial segments, while keeping costs contained, despite the strong investment in digital transformation,” BPI CEO João Pedro Oliveira e Costa summarised in the presentation of the bank’s results.
Loans portfolio increased by €2.2 billion and customer resources rose by €3 billion year-on-year, helping the bank in Portugal to stabilise interest income and to increase commission income: net interest income stabilised at €113 million and net fee and commission income rose 12% to €71 million.
Regarding costs, they rose slightly: up 3% to €112.3 million. Investment, namely in digital transformation and innovation explain this numbers. Staff also increased by eight workers, with BPI now employing 4,486 employees.
As for ratios, it ended March with a capital ratio of 17.5% and Oliveira e Costa recalled that they already take into account the foreseeable distribution of dividends in line with what has been done in recent years.
The bank reached March 2022 with a NPE ratio of 1.6% and a NPE coverage by impairments and collaterals of 150%.
