In the first six months, compared to the same period last year, the financial margin (the difference between interest collected on loans and interest paid on deposits) decreased by 35% to 6.2 million euros, while commissions increased by 10.8% to 17.4 million euros.
Operating costs rose by 17% to 11.7 million euros, which the Porto-based financial institution attributes mainly to hiring personnel.
The Banco Português de Fomento group (100% owned by the Portuguese state) was established to promote business modernization and economic development in the country by financing investments with loans and participating in projects as a shareholder. The Banco Português de Fomento also manages resources from the Recovery and Resilience Plan (PRR).
At the beginning of the year, the then Minister of Territorial Cohesion, Castro Almeida, argued in parliament that the Banco de Fomento had not had the expected impact and promised to relaunch it.
This year also saw the appointment of new management, with Gonçalo Regalado as Chief Executive Officer.
Today, at the press conference presenting the results, Banco de Fomento administrators discussed the investments made by the bank, and Regalado stated that his team is implementing “the change that the bank needs and the country deserves.”
