Banco Empresas Montepio’s profit rises 37% to 1.7 million euros until June – Empresas


Banco Empresas Montepio (BEM) obtained a profit of 1.7 million euros in the first half, 37% more than in the same period of 2021, and almost quadrupled its operating result, to 2,203 million, announced the institution.

“In this period there was a significant net increase in impairments and provisions, largely associated with assets (credit and real estate) pre-existing to the creation of BEM (about 1.4 million euros), which ended up reducing the net result to However, the estimated net income for BEM’s own activity (which started in mid-2019) amounted to 1.7 million euros, against 1.3 million euros in the same period of 2021 ( +37%),” he added in a statement.

Thus, until June, the impairment for credit risks amounted to 1,094 million euros, “largely determined” by the aforementioned pre-existing operation to BEM’s activity started in 2019 (877 million euros).

In the statement now released, BEM says that the current directors of Banco Montepio, Pedro Leitão, Ângela Barros and Isabel Silva, have been co-opted to manage the bank, “who will assume functions as soon as the competent authorizations are obtained by the supervisory authority”.

The co-option, decided at last Wednesday’s Board of Directors’ meeting, resulted from the resignation of directors Carlos Tavares, Nuno Mota Pinto, Pedro Ventaneira and Leandro Silva, who were common to Banco Montepio and ceased their functions on 25 July.

From January to June, BEM’s net interest income totaled 3,499 million euros, an increase of 22% compared to the same period of the previous year “determined by the strong increase in interest on the loan portfolio by 682 million euros”.

Commissions amounted to 1,942 million euros in the first half, increasing by 835 million euros (+75%) over the same period last year as a result of gains from commissions originated by the investment banking area.

In the first half of the year, BEM’s operating costs reached 2,592 million euros, registering a year-on-year rise of 306 million euros, for which the bank says that the increase in personnel costs of 151 million euros and general administrative expenses was a determining factor. at 144 million euros”.

The ‘cost-to-income’ (which measures the ratio of costs to income), excluding results from financial operations and other operating results, reached 47.6% at the end of the first half of 2022, compared to 57, 4% calculated in the same period of 2021.

Customer loans (gross) stood at 423,455 million euros, “reflecting an increase of 91,151 million euros (+27%) compared to the value observed in the same period last year, as a result of the commercial dynamics implemented”.


Source: Jornal de Negócios by www.jornaldenegocios.pt.

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