Portugal’s Novo Banco ends 2015 with a loss of 981 million euros

25 February 2016

Novo Banco, the bank that inherited the quality assets of the bankrupt Banco Espírito Santo (BES), ended 2015 with a loss of 981 million euros, according to the annual report and accounts presented Wednesday in Lisbon.

Eduardo Stock da Cunha, the chief executive of the bank, said the result recorded last year was due to credit impairments “inherited from BES,” which forced the bank to make provisions in the amount of 1.056 billion euros.

Excluding these effects, the operating result was positive by 125 million euros, a decrease of 12.7 percent compared to 2014, and staff costs dropped by 8.2 percent. (macauhub/PT)