In just three months, CGD (CGD), the BCP and BPI increased by almost € 4,000 million of deposits in their portfolios, with particular emphasis on the state-owned bank that received the lion’s share (more than half the value).
Abnormal collection of deposits (3893 million) between June 30 and September 30, by the CGD, BCP and BPI, have been largely , the result of the migration of savings customer BES / New Bank that have sought refuge in the three largest banks operating in Portugal.
In the General Montepio the trend was reversed for the CGD, BCP and BPI, recording a decline in their deposits. According to data released this week by the financial institution owned by mutual association in September this year (end of third quarter), total deposits stood at € 13,969 million, down € 345 million compared to June (-2, 4%). At the end of the semester, the deposits amounted to 14 314 million, and the value had gone up.
The acceleration of growth in deposits in CGD, BCP and BPI should have been done at the expense of customers BES / New Bank. The public bank returned to prominence and, in just three months, its portfolio of deposits from domestic operations increased by 2395 million, from 52,741 million to 55,136 million. In the same period, the BPI’s climbed 888 million (to 19 288 million), an amount that the BCP was 610 million (to 34 214 million).
Since June we had settled around him who became the second largest Portuguese private bank a feeling of general distrust that led to the resignation of Ricardo Salgado leadership BES, after 22 years, imposed by the Bank of Portugal, and his detention for questioning by prosecutors, on July 28. In addition to these episodes, the fact that the New Bank, created on August 3, being by definition of transition, to be sold, tends to generate uncertainty about its future.
After the BPI ( loss of 114 million), BCP (loss of 98.3 million) and the General Montepio (profit of 22 million) have presented accounts, yesterday’s turn to reveal CGD have closed the third quarter in positive territory with profits of 55 EUR 5 million, which contrasts with a loss in the same period of 2013 to EUR 283.5 million.
It is the third consecutive quarter that the bank shows profits, though, between January and June CGD has cleared a profit of 130 million euros, which ended up being penalized by the credit impairment companies registered with the Espírito Santo Group (GES).
CGD justify the 20% increase in credit impairments, which now total 570 million, for “non-recurring nature of cyclical factors, some of which are very important reflection of the international business.”. Still, the cost of provisions and impairments represented an annual decrease of 13.1%, amounting, in the nine months to EUR 580.8 million. The exposure of the GES group CGD is approximately EUR 300 million, of which only 100 million are collateralized. Between 150 and 170 million are considered at risk and were provisioned.
Between January and September, the product of banking activity rose to EUR 1 370 million, plus 10.4%, reflecting the positive impact on CGD crisis in BES, with deposits rise to EUR 69 726 million to 2540 million (3.8%) over the first nine months of 2013. In turn, the credit fell 4.9% to 71,900 million euros. Funding the economy fell 7% to 55,000 million, whatever the level of individual firms or there was a decline. Widespread interest income increased 26.2% to 779.9 million in the period.
Gross profit rose by 66.4%, totaling EUR 413.3 million. For positive results also helped the sale of 80% of insurers Fidelity, Multicare and Cares, the Chinese Fosun Group, which resulted in a gain of EUR 234.9 million. The solvency ratio (CET1) increased from 10.7% in December last year, to 11.7% in the third quarter. With Luis Villalobos
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