Novo Banco sees €638.5 million profit in first nine months

Portugal’s Novo Banco made a profit of €638.5 million between January and September this year, 49% more than in the first nine months of 2022, the bank has announced. Net interest income (the difference between interest charged on loans and interest paid on deposits) doubled to €831.2 million. Commissions grew by a slight 0.7% to €217.1 million. In a press release, the bank has put the success down to a “positive evolution of commercial activity, in an environment of rising interest rates“.