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Portugal: BPI loses €102M in first six months

Page created: Wednesday, 26 July 2017 10:08 GMT

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Lisbon, Jul. 25 (Lusa) – Portuguese bank BPI lost €102 million in the first six months of the year, compared with a €106 million profit in the same period in 2016, the bank said on Tuesday.

Pablo Forero, the chairman of BPI, explained that the loss was because of the extraordinary impact of a change in accounting rules at Banco de Fomento Angola (BFA), which implied a cost of €212 million after tax and €106 million with staff dismissals.

These are the first results to be presented by the new CEO after Fernando Ulrich moved over to become chairman of the board.

DN/ADB // ADB.

Lusa