The Caixa Económica Montepio Geral got losses of 243.4 million euros in 2015, up from about 187 million loss in 2014, announced on Friday the institution led by José Félix Morgado.
the bank justified statement in this worsening losses, compared to 2014, for having fewer results with financial transactions (138 700 000 2015, down from 352.2 million in 2014 with), mainly due to gains with lower public debt after 2014 have been sold many of these titles.
Also in 2015, the financial margin Montepio was 227.4 million euros, down from 336.5 million in 2014 and income from services and commissions remained virtually stable (-0.5%) to 135.1 million euros.
As for operating income, this decreased by 42% to 454.9 million from euros.
last year, Montepio reduced loan impairments by 50%. However, these still accounted for 258.4 million euros, which weighed on the results of the financial institution.
The bank said that credit quality has been penalized for what he calls the Top 20, ie, the 20 customers that the bank has greater exposure.
“As a result, the evolution of the Top 20 credit at risk, together with the still difficult economic situation of households and firms, penalized the evolution of ratio of loans at risk stood at 14.3%, while loans overdue more than 90 days stood at 7.76%, “reads the document of 201 accounts released by Securities Market Commission (CMVM).
the bank pointed out, however, that the risk in credit coverage is 56.1% (down from 69.4% in 2014), adding that this ratio rises to 126 9% if mortgage guarantees are considered. In addition, it reported there was a “significant reduction of credit entries in default” of -17.3%.
As for the granting of credit in 2015, it decreased by 4% to 15,944 million euros with the bank to justify with the contraction of loans for house purchase, construction and even the social sector. But the corporate lending excluding construction fell slightly over 1%.
As for customer deposits, they decreased by 9% between 2014 and 2015 to 12.956 million euros. thus, even in the last quarter of the year deposits increased by 3.3% over the previous period.
Strengthening capital
Montepio increased its capital by 300 million euros, fully subscribed by Mutual Benefit Association, with the bank president to say that an opening of capital abroad will be equated “when appropriate”.
the Montepio closed 2015 with a capital ratio CET (measured evaluation of strength) of 8.81%, above the minimum required for the institution, the bank said to have achieved using mainly the reduction of weighted assets risco.Segundo the information disclosed by the bank, if it considered the impact of this recent strengthening the date capital of December 31, 2015, the bank would be with a ratio of capital ‘common tier 1′ then 10.9%.
last year was the first since 2012 in which there was a positive balance in Montepio program deleveraging of real estate assets, which was sold properties more than those who entered.
As for the outlook for 2016, chairman of Montepio, Félix Morgado, said in statements to Lusa it expects an improvement in results and even profit “in some quarters,” but has not committed to close this year with positive results in the consolidated activity.
“the prospect that there is improvement of the results, which depends also the evolution of the economy. Our commitment is that at the end of 2016, we will have enough results better than in 2015, “he said.
Félix Morgado, who replaced Thomas Correia last summer, said that the reinforcement of the funds own aims to “sustain the growth of operating income,” one of the strategic objectives for this year that the management team wants it done by strengthening the business, including increased lending to Small and Medium Enterprises (SMEs) and individual entrepreneurs.
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