BPI profit in H1 up 26% YoY to €256M, driven by net interest margin
The bank's profits in Portugal alone were up 130% to €199 million, with net interest income in Portugal swelling 85% to €435 million.
Portuguese bank BPI had a consolidated profit of €256 million in the first half of this year, 26% more than in the same period last year, it announced on Friday.
The net interest margin – the difference between interest charged by the bank on loans to customers and the interest it paid on deposits – swelled 50% to €594 million.
The bank’s profits in Portugal alone were up 130% to €199 million, with net interest income in Portugal swelling 85% to €435 million.
At the presentation of the results, in Lisbon, the bank’s CEO, João Pedro Oliveira e Costa, noted that “the vast majority [of income] comes from the banking product” – that is, any facilities or services related to a bank’s core business, including deposits, overdrafts, credit and debit cards, electronic funds transfer and other cash management arrangements.
