Major Portuguese banks post total loss of 1.195 billion euros in 2014

13 March 2015

The top five banks operating in Portugal recorded a total loss of 1.195 billion euros in 2014, and Santander Totta was the only bank to post a profit, of 193.1 million euros, according to the Portuguese press.

Banco Espírito Santo (BES), which was bailed out and restructured on 4 August, 2014 giving way to Novo Banco, in 2013 posted a loss of 518 million euros and for the first half of 2014, the last results that it reported, were the worst ever in Portugal, amounting to 3.6 billion euros.

This week, Novo Banco announced a loss of 467.9 million euros between August and 31 December last year.

Caixa Geral de Depósitos, the bank of state financial group CGD recorded a net loss of 348 million euros in 2014, a reduction compared to losses of 579 million euros reported in 2013.

Banco Comercial Português (BCP) ended 2014 with a consolidated loss of 217.9 million euros, representing an improvement over the negative results of 740.5 million euros recorded in 2013.

BPI bank had losses of 161.6 million euros in 2014, whilst in 2013 it posted a profit of 66.8 million euros.

Finally, Santander Totta, part of Spanish banking group Santander, made a profit of 193.1 million euros last year, almost doubling the net result of 2013, which stood at 102 million euros. (macauhub/PT)