The New Bank recorded a loss of 359 million euros in the first nine months of this year, which represents “an improvement of 14.3%,” face the net results of negative 418,7 million in the same period, but considering only the third quarter, the bank had profits of 3.7 million euros, according reported by the institution to the Commission for the Securities Market (CMVM).
In an interview to Lusa, António Ramalho highlighted this “curiosity” that is the fact that, “in the life of the bank, this [be] the first quarter in which the result is positive, albeit marginally”.
The president of the New Bank justifies this performance with a “healthy growth of the financial margin and a growth of the banking product of 7.5%,” to 667,7 million euros, and with a “very successful policy of ongoing containment of costs, which had a decline of almost 25%”.
“This has enabled this improvement in the quarterly results, but that should be analyzed with caution, due to the fact that we are still with a volume of impairments is very high, of more than 700 million euros carried out in these nine months, which is a value substantially greater than in the same nine months of last year and, therefore, represents still a lot of caution,” said António Ramalho.
The president of the New Bank added that the priority is the solidity of the balance sheet, more than the account of exploitation” and stressed that the accumulated losses in the first nine months of the year are still relevant.
“we must Not forget that the cumulative result of nine months is still frankly in negative, given that we are talking about 359 million, still way better than the 418 million scanned in the same period of 2015,” he said.
Asked about the prospects until the end of this year, António Ramalho reiterated that “the year 2016 is a year in which the priority is the solidity of the balance sheet,” and added that “the year of 2017, with new shareholders, it will be a year that you may think of the soundness of the account of exploitation.”
In a statement sent to the CMVM, the New Bank explained that the result registered in the third quarter was “negatively affected by the high level of provisioning and positively by function fiscal”.
Asked about the that if should this positive impact of the “feature tax” on the results of the third quarter, António Ramalho explained that this “means that the review needed and continued that is made on the deferred income tax assets allowed for a benefit of 60 million euros approximately”.
Now as to the negative impact of the provisions, the president António Ramalho stated that, “in the opposite direction, the result is affected by an impairment higher than that held in the previous year”, the upper at about 298 million.
in Relation to the total deposits of the bank up to September, amounted to 24.7 thousand million euros, that is, “least 2.7 billion euros in relation to December 2015″. However, the deposits of retail customers increased by more than 800 million euros.
The president of the New Bank notes that “the bank’s deposits fell primarily in the first quarter and fell mainly in the area of the [customers] institutional” and stressed that the bank “has been the focus on the relationship with the retail customers and customers of small and medium-sized enterprises”.
The 03 of August 2014, the Bank of Portugal took control of BES after the bank presented losses that semester of 3.6 billion euros, and announced the separation of the institution into two distinct entities.
In the so-called bank bad (‘bad bank’), a vehicle that retains the name BES, were concentrated the assets and liabilities that are toxic to the BES, as well as the shareholders. In the ‘good bank’, the bridge bank called New Bank, were the assets and liabilities considered to be non-problematic.
on November 4, the Bank of Portugal announced that were presented five final proposals for the purchase of the New Bank, without revealing the names of the candidates.
This new process of sale of the New Bank was opened in January this year, after the first have been suspended in September last year, when the Bank of Portugal considered that no proposal was interesting. Already after that the New Bank was recapitalizado with the transfer of 1,985 million euros of bonds senior to the ‘bank evil’ BES.
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