Novo Banco Results, Q1 2016

Page created: Friday, 27 May 2016 8:59GMT | Updated: Friday, 27 May 2016 15:49GMT

Press Release:  27 May 2016 - 25 Page(s)
Tags:
Bancos  Espirito Santo   Novo Banco  Quarter Results

HIGHLIGHTS
Results
Net operating income of EUR 78.9 million (more 152.1% compared to the quarterly average of
2015), corresponding to 63% of the 2015 full year net operating income (EUR 125.0 million),
demonstrates the recovery capacity of NOVO BANCO Group’s activity.
Commercial banking income of EUR 210.9 million, underpinned by net interest income growth
of 24.9% comparing with quarterly average of 2015, that confirms its increasing contribution to
the improvement of revenues.
Capital markets results reached EUR 27.3 million.
Operating Costs registered a sharp reduction of -17.8% compared to the quarterly average of
2015, to EUR 155.2 million, driven by the cost-cutting effort undertaken by the Group, namely
through the simplification and improvement of processes and the optimisation of the operational
and commercial structures.
Provisions totalled EUR 348.2 million, including a EUR 109.6 million provision for the costs of
the ongoing restructuring process.
The 1Q16 net consolidated results were a loss of EUR -249.4 million, influenced (i) on the
negative side, by the referred provision for restructuring costs and the recognition of the full
annual amount of the Special Tax on Banks and (ii) on the positive side by the non recognition
on a monthly basis of the cost of the contribution to the Portuguese Resolution Fund. Excluding
these effects the quarter’s results would be a loss of EUR -140.1 million



Original title:  NOVO BANCO GROUP ACTIVITY AND RESULTS 1st quarter 2016

Related Document(s)

Related News

Friday, 27 May 2016 13:42