Banks operating in Portugal post losses of 1.55 billion between January and September

26 November 2013

Twenty four banks operating in Portugal posted losses of 1.559 billion euros between January and September of this year, when half of them posted profits and the other half losses, according to figures published on the Bank of Portugal website.

In the first three quarters of the year, Banco Comercial Português (BCP) led in terms of losses (597 million euros), followed by Banco Espírito Santo (381 million euros), state financial group Caixa Geral de Depósitos (278 million euros), Banif (243.5 million euros) and Montepio Geral (205.2 million euros).

Adding the losses of BBVA Portugal (57.5 million euros), Banco Madesant (12.5 million euros), Banco Popular Portugal (7.5 million euros), Crédito Agrícola (4 million euros), Banco Invest (2.6 million euros), ActivoBank (2.5 million euros) and Banco BIC (850,000 euros), the total losses rise to 1.792 million euros.

The overall result for the sector was offset by profits posted, mainly, by BPI (72.7 million euros), Santander Totta (60.5 milion euros), Banco BiG (42 million euros), BNP Paribas Personal Finance (26 million euros) and by Credibom (14.2 million euros).

By adding the positive results of Banco Best (8.6 million euros), Banco Carregosa (7.7 million euros), BAI Europa (3.6 million euros), Banco Privado Atlântico Europa (1.9 million euros), Banco Primus (1.8 million euros), Banco Finantia (1.5 millon euros) and Banco Rural Europa (1.1 million euros) the total combined profits rise to just over 241 million euros.

Portuguese news agency Lusa said that these accounts did not include some sizeable banks in the Portuguese market, such as Barclays Portugal and Deutsche Bank, as they do not have a legal obligation to communicate their quarterly results. (macauhub)