Portugal’s five major banks register losses of over a billion euros

Portugal’s five top banks – including Novo Banco – have posted losses of over a billion euros for 2014, with Spain’s Santander Totta being the only institution to come out in the black.

But before anyone thinks this is bad, losses were small potatoes compared to those for 2013.

Taking it from the top, CGD (Caixa Geral de Depósitos) registered €348 million in losses for 2014 – against €579 million the year before.

BCP closed its year with consolidated losses of €217.9 million – a sizeable improvement from the €740,5 million lost the year before.

Novo Banco announced losses of €467.9 million – nothing like the €3.6 billion that disappeared from its ‘bad parent’ BES for the first half of the year – and also slightly ‘better’ than BES’ recorded losses for 2013: €518 million.

Elsewhere, BPI recorded €161.6 million in losses. It wasn’t quite as easy to put good spin on these, as the year before BPI had recorded profits of €66.8 million.

Thus Santander Totta had every reason to crow. The only bank to turn a profit last year (€193.1 million-worth), it also came out in the black the year before (€102 million).

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