Novo Banco, Results Q1 2017

Page created: Tuesday, 23 May 2017 8:55GMT | Updated: Tuesday, 23 May 2017 9:10GMT

Press Release:  23 May 2017 - 22 Page(s)
Tags:
Earnings Report   Novo Banco  Q1 2017

NOVO BANCO Group’s 1st quarter 2017 results reflect the operational consolidation effort pursued since 2016, with a €130.9 million loss comparing favourably with the €249.4 million loss reported in March 2016.

Commercial banking income net of operating costs reached €59.6 million, having grown by 7.0% comparing with the 1st quarter of 2016.

Banking income totalled €180.8 million, reflecting a 22.8% YoY decrease, although underpinned by the positive contribution of fees and commissions, which were up by 8.2%.

Operating costs were reduced by €20.0 million (-12.9% YoY), to €135.2 million, confirming the downward trend observed since the creation of NOVO BANCO.

The provision charge in the period, €137.4 million, was €210.8 million lower than in the 1st quarter of 2016 (-60.5%), when it included €109.6 million for restructuring costs.

Credit impairments amounted to €119.3 million, which compares with €185.5 million a year earlier (-35.7%).

Customer loans were down by €0.3 billion in the 1st quarter of 2017, which is in line with the deleveraging process still under way.

Customer deposits increased to €25.2 billion, from €25.1 billion in the 1st quarter of 2016.

The estimated regulatory capital ratio Common Equity Tier 1 (CET1) for 31 March 2017 was 10.8%, which compares with 12.0% in December 2016.



Original title:  NOVO BANCO GROUP ACTIVITY AND RESULTS 1st quarter 2017

Related Document(s)

Related News

Tuesday, 23 May 2017 8:53