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Bank of Portugal reports best results since the 2007 financial crisis

Posted by Chritl Lee on 27/07/2023
According to calculations from the Bank of Portugal, Portuguese bank profits have soared by 50% in 2022 to €2.97Bn, proving the best results in 15 years, since the 2007 financial crisis

This exceptional result has been achieved thanks to an increase in financial margins and because of less impairments and provisions explains the central bank led by Mário Centeno.
It is the fifth year running in which the sector has registered positive results– following one of the blackest period’s Portugal’s banking sector has ever suffered, since 25 April Revolution ie: 2011- 2017 financial crisis

Between 2011 and 2017 the Portuguese banking sector had accumulated losses of €13.7Bn and also saw the collapse of two major banks: Banco Espírito Santo and Banif. The banking sector in Portugal has under-gone considerable restructuring and cost-cutting including the closure of 196 branches to 4,626 banks, resulting in a reduction of around €600 million in costs. According to The Bank of Portugal, the number of branches in Portugal has fallen uninterruptedly since 2010, totaling less than 3,090 active branches (-48%)”
Since the crisis, the banks have improved tremendously and have accumulated a total €8.3Bn in profits. In 2022, as a result of higher interest rates from the European Central Bank, profits continue to soar, improving financial margins by €1.38Bn to €7.5Bn — the highest amount since 2011.

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