Banco Montepio obtained profits of 35.3 million euros in the first quarter of 2023, more than triple the 11.4 million euros in the same period of 2022, it was announced this Friday.
The interest margin (difference between interest paid on deposits and interest collected on loans) grew by 70.4% to 90.2 million euros, benefit from interest rate hikes.
Commissions rose 8.7% to 32.7 million euros.
Operating costs amounted to 65.9 million euros in the first three months of 2023, 13.7% more.
Personnel costs alone increased by 17.6% to 41.8 million euros. As reported by the bank in a statement, excluding the costs of the worker reduction program, personnel expenses would have increased 6.6%.
At the end of March, the Banco Montepio group had 3,409 workers, three more than last December. The Montepio network in Portugal remained at 239 branches.
Banco Montepio is owned by Associação Mutualista Montepio Geral.
Source: Observadora
