CGD, BCP, BPI and Totta with profit of 468 million euros in the first half – publico

                 

                         
                     

                         
                     

                         

                 

 
                         

The bailout and the recession of the economy in recent years shot for red the results of national banks that were penalized mainly by the increase in bad debt, by the credit crunch and the deterioration in the portfolios of investments and debt. And of course, the difficulty in accessing cheap financing. However, after extensive restructuring operations, disposal and balance of cleanliness, and some normalization in the credit market, the sector is beginning to give back to the crisis.

                     

                         The proof is that four of the five biggest Portuguese banks closed the first half with positive results after they finished 2014 with the accounts in the red. Caixa Geral de Depósitos (CGD), BCP, BPI and Santander Totta had a total profit of 467.6 million euros, up from 21.5 million in the same period last year. The New Bank has not yet presented the results of this semester.

The BCP was the bank with the best results between January and June this year. Contrary losses of 62.2 million euro in the same period 2014, managed profits of 240.7 million. With these figures, the largest Portuguese private bank reached the highest half-yearly level of the last eight years.

In the first quarter this institution had reached 70.4 million euros, with visible developments that occurred between the April and June. Largely, financial operations were responsible for the positive figures achieved, being included in these operations the sale of Portuguese government debt.

Also BPI went from losses in the first half of 2014 to profit in the first six months of this year. BPI was able to obtain positive results of 76.2 million euros, compared with losses exceeding 100 million euros recorded in the same period last year.

On the bench headed by Fernando Ulrich, the domestic operations It helped end profits, with a contribution of EUR 6.6 million. But it was the international operations more pulled by the results of the bank, which managed to collect 69.9 million euros of foreign operations.

Banco Santander Totta, following the positive trend of the end of 2014, showed profits of 103.6 million euros in the first six months of this year. In the same period last year, also had already reached positive values ​​of EUR 80.2 million (see box at right).

The public bank was the only one whose results have shrunk compared to 2014. a 47.1 million euro profit in the first half, CGD saw their earnings decrease of EUR 63 million. The sale transaction was completed in February, more than 80% of the capital of its insurance companies (Fidelity, the Multicare and Cares) to Chinese group Fosun helped hold the bills.

The international business also was a great contribution to the result of six months of the CGD, to present a net profit of 44.7 million euros.

At the end of 2014 these four banks had losses of 564.3 million euros, despite the profit achieved in the first half of this year. Banco Santander Totta was the only one to achieve positive results in late 2014, with profit set in 165.2 million euros.