The New Bank recorded a loss of 359 million euros in the first nine months of the year, which represents an improvement of 14.3% in relation to the 418,7 million verified between January and September 2015.
on the one hand, improved the banking product and they slipped the operating costs being that, according to the statement to the Commission of the Securities Market, the “fiscal” also helped the accounts. However, on the other hand, went up the provisions to cover future losses on loans that are past.
In quarterly terms, this evolution of the indicators turned out to allow the New Bank could verify something unprecedented in history: specifically in the third quarter, had a “net profit marginally positive in the amount of 3.7 million euros”.
Starting with the banking product (the revenue of a financial institution), the bank chaired by António Ramalho, brother, (in the picture) found an increase of 7.5% to 667,7 million euros, helped by the rise of 29.2% in the financial margin, which has benefited from the low cost deposits.
as for the operational costs of the bank, the heir to the Banco Espirito Santo slid 24,3% to 449,9 million euros in the first nine months of the year compared to the same period of the previous year. In this field, the financial institution has cut staff (there was a termination with 1.062 employees) and reduced counters.
after Deducting the operating costs to the product, the operating income of the financial institution amounted, in September, the 217,7 million. It is a growth “remarkable” compared to 26.4 million euros a year earlier, argues the bank, which, in the first nine months of the year, witnessed a decline in the credit portfolio and the deposit amount.
in This period, in which the New Bank has completed two years of activity, the constitution of provisions to cover possible losses continues to increase. “The amount allocated to provisions, in the amount of 762,2 million euros, representing an increase of 298,3 million euros compared with the same period of 2015, continuing the consolidation efforts of the New Bank”. In relative terms, this is an increase of 64%. The New Bank was set up as the bank with the assets and liabilities considered to be healthy BES.
The capital ratio Common Equity Tier 1 stood at the end of September, 12.3%, a rise of 0.3 percentage points compared to June. However, comparing with the end of the year, the ratio is panel/. In December, I was at 13.5%.
(News corrected at 17:21 to clarify that the provisions are to cover possible future losses in the loans granted in the past and not to future claims as, by mistake, was written)
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