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Novo Banco Profit Falls 4.1% to €585.6 Million Through September
Novo Banco Profit Falls 4.1% to €585.6 Million Through September
Novo Banco posted profits of €585.6 million through September, marking a 4.1% decline from the previous year due to increased operational expenses. Despite this dip, the bank saw a 2.5% rise in commercial banking products and significant growth in its loan and deposit bases.
Novo Banco reported profits of €585.6 million through September, a 4.1% decline compared to the same period last year, primarily driven by rising operational costs.
Commercial banking products, which encompass financial margins and commissions, increased by 2.5% to €1,122.2 million. This growth occurred alongside an 11.1% jump in operational expenses, which reached €426.9 million.
The financial margin, representing the difference between interest charged on loans and paid on deposits, rose 3.3% to €856 million. Commissions grew slightly by 0.1% to €266.2 million.
Loan volumes expanded significantly, with gross loans increasing 7.9% to €33.3 billion. Deposits also saw growth, rising 2.7% from the end of the previous year to reach €32.89 billion in September.
Mark Bourke, the bank's chief executive, stated that the first three quarters of the year reflect the "solidity" of the business model. He added that the integration into the French BCPE group is proceeding consistently and in full alignment with its long-term vision.
L.Gallo--INP
