Profits tumble at BESI

Page created: Monday, 5 May 2014 9:39 GMT

BESI   Financial Results

Portuguese investment bank Banco Espírito Santo de Investimento (BESI), part of ther Banco Espirito Santo (BES) group, ended 2013 with profits of just €7.06 a massive 67.9% down on 2012, according to the Report and Accounts sent to the CMVMç on Friday.

The lender, chaired by José Maria Ricciardi, said in the report that it had been “seriously hit by credit impairments and provisions, which were 28.8% higher than in the previous year”.

The banking income fell 5.5% to just under €247 million while commissions went up slightly to a fraction over €102 million.

On the other side of the books, operating costs dropped 2.3% to € 172 million because of lower staff costs (-5.9% to €104.9 million).