Two million euros a day. Novo Banco obtained benefits from 180.7 million in the first 90 days of 2024, continue to benefit – like other banks – from the favorable difference between the interest charged (on loans) and the interest paid (on deposits).
The results of this first quarter, communicated this Thursday by Novo Banco to the market, point to a increase of almost 22% in profits compared to the first three months of last year, in which the results amounted to 148.4 million euros.
The difference between the interest charged by the bank for the loans it grants and those it pays for its financing (broadly speaking, deposits) amounted to 299 million euros – while in the first quarter of 2023, the financial margin had stood at 246.3 million.
Unlike other banks in the Portuguese financial system, Novo Banco achieved an increase in fees of 8.8%, up to 75 million euros, which also contributed to the increase in results.
Return on equity, an indicator that banks typically use to classify profit volumes, jumped to 17.3% – Banks had been pointing out for several years that the return on capital was very low, in the single digits, but this reality has changed in recent years thanks to the rise in the Euribor.
“The bank delivered a strong set of results in line with expectations,” Mark Bourke, chairman of the bank’s executive committee, said in a news release. “We continue to consistently fulfill our strategy, with sustained growth in activity and results, and efficient operations aimed at supporting families and companies throughout their lives,” says the president of the bank, who admits to having sold part of the capital on the stock market in recent years. next months/quarters.
Source: Observadora
