Portugal: Novo Banco Q1 losses half of last year’s

Page created: Tuesday, 23 May 2017 8:53 GMT

Earnings Report   Novo Banco  Q1 2017

Lisbon, May 22 (Lusa) – The chairman of Novo Banco, António Ramalho, stressed on Monday that the improvement in the bank’s first quarter results published today, with the loss only about half what it was in the same period in 2016 showed the effort that had gone into recovering the company.

Novo Banco announced on Monday it had lost €131 million in the first three months of the year, compared with €249 million in the same period last year.

The operating costs fell 12.9% over the same period to €135.2 million, confirming the reduction that had been seen since the bank was created from the ashes of Banco Espirito Santo.

Speaking about the expectations for the rest of the year, António Ramalho said the “2017 accounts are still being marked by the sale of the bank”, which is still in progress following an agreement with the US Lone Star fund.