Combined profits of Portugal’s largest banks rose 54% to almost €1 billion in first quarter 2023

With so many citizens grappling with increases in their loan repayments, figures released today show banks are well placed to renegotiate: the combined profits of Portugal’s five largest banks rose 54% to €919.3 million in the first three months of 2023. BCP’s profits rose 90% on their first quarter results of 2022 (to €215 million); State owned CGD  “almost doubling” theirs (€285 million); BPI came in with a 75% increase (€85 million); Santander Totta 19.6% (€185.9 million) and finally Novo Banco with just a 4% increase (translating nonetheless into profits of €148 million).