Novo Banco closed the first quarter of the year with a profit of 180.7 million euros, up 21.8% year-on-year, according to figures released today by the banking institution.
“The Bank delivered a solid set of results in line with expectations. We continue to consistently deliver on our strategy, with sustained growth in activity and results, and efficient operations designed to support families and businesses throughout their lives,” says the institution’s CEO, Mark Bourke, quoted in the bank’s statement.
Net interest income amounted to 299 million euros (246.3 million euros in the same period last year), while the net interest margin rate was 2.88% (2.34% in the same months last year), “as a result of the favorable interest rate environment and the efficient management of asset interest rates and the cost of financing,” he says.
Among the most important aspects of its activity in the first three months of the year, the bank points to the resilience of its commercial banking product, which amounted to 374 million euros, an increase of 18.6% compared to the same period last year.
Loans to gross customers grew by 0.8% compared to March 2023 (+0.4% compared to December 2023), standing at 28.3 billion euros, of which 59% were granted to companies, 35% to home loans and 6% to consumer and other loans, Novo Banco adds.
