463 million of losses in the five largest banks – Observer

The five largest Portuguese banks had accumulated losses of € 463 million in the first half, with profits of Santander Totta and BPI to be insufficient to offset the new losses Bank, CGD and BCP.

the biggest losses between January and June were presented by the New Bank, which had a net loss of 362.6 million euros, up from 251.9 million negative in the same period last year.

Despite it was created as the ‘good bank’ BES, to stay with the assets and liabilities considered less problematic, the New Bank has had a difficult life and in the two years that has been going since its inception in August 2014, losses totaling more than EUR 1,800 million.

since Wednesday was the turn of the Caixa Geral de Depósitos (CGD) reveal a loss of 205.2 million euros in the first half, compared with profit of 47.1 million euros for the same period in 2015, penalized by the devaluation of public debt in its portfolio.

Still, the public bank made a point of noting that “the result of exploitation ‘ core ‘increased 19.1% to 159.6 million euros, driven by the good performance of net interest income and operating costs. “

the third bank was making losses BCP, of 197.3 million, after profit of 240 million euros for the same period in 2015, a half in which the bank made an extraordinary impairment charge for credit, more than 600 million.

no non-recurring factors, says the bank would have had a profit of 56.2 million euros between January and June.

As for the banks that made profits, the top is occupied by Santander Totta, with 196.2 million euros, 89.5% more than between January and June 2015.

the bank at the end of December got part of Banif assets, for the resolution of this, said to be no longer possible to identify that part the result came from the activities that was that institution.

Finally, BPI Bank recorded a net profit of 105.9 million euros between January and June, an annual increase of 39.1% over the recorded in the same period last year, with most of the profits come from the Banco de Fomento Angola (79.1 million euros), operating it will have to leave due to the new rules of the European Central Bank (ECB).

the accumulated losses of 463 million euros by the five largest Portuguese banks in the first half of this year in contrast to the total profits of EUR 200 million for the first six months of 2015 when only New Bank reported losses.