Novobanco. Profit drops 1.8% to 177.2 million in the 1st quarter

Novobanco registered profits of 177.2 million euros in the first quarter, 1.9% less than in the first three months of 2024. “The results of the first quarter of 2025 are in line with our expectations and confirm the strength and resilience of our business model,” said Mark Bourke, CEO of the financial institution, stating that the “bank is in the correct trajectory to achieve the proposed goals for year 2025, with a solid performance based on the disciplined execution of commercial dynamics and continuous focus on efficiency ”.

He adds: « Novobanco is now better positioned to support families and Portuguese companies throughout their lives, with a more solid balance, better market access and a clear focus on long -term value creation. »

The financial margin (difference between interest charged to credit and interest paid in deposits) descended 6.7% to 279.1 million euros, while the commissions increased 12.3% to 84.3 million euros.

The commercial banking product fell 2.8%, setting at 363.4 million euros (a decrease of 10.6 million). The total banking product, which includes the results of financial operations and other exploration results, grew 0.4%to 373.2 million.

Credit to companies rose 5%to 16.4 billion, while credit to private individuals grew by 24.6%, reaching 1.9 billion and loans for housing purchase increased by 3.1%, exceeding ten billion euros.

Operating costs settled at 125.2 million euros. Personnel spending was 68.4 million, 1.2% above last year.