Banco Montepio recorded profits of 32.1 million euros in the first quarter of this year, a drop of 9.1% compared to the same period last year. The financial institution led by Pedro Leitão recalls that “this result compares with 35.3 million euros, recorded in the first quarter of 2023, which had benefited from the extraordinary recovery of impairments following the non-recurring settlement of relevant exposures”.
The financial margin for the first three months of 2024 amounted to 99.2 million euros, an increase of 9.9% compared to 90.2 million euros in the same period of 2023, while net commissions totaled 30.3 million euros in the first three months of 2024, compared to 32.7 million euros in the same period of 2023, “translating the reduction in commissions for management, administration and custody of assets and operations on securities, and those associated with resulting credit operations, in particularly, the entry into force of Law 24/2023, of May 29, which stipulates the exemption from the credit processing fee for private customers”.
Credit to customers (gross) totaled 11,878 million euros, on March 31, 2024, with deposits totaling 13,654 million euros at the end of the quarter, an increase of 2.2% compared to that recorded at the end of 2023, he said. .
In turn, “credit impairment in the first three months of 2024 totaled a net value of 1.7 million euros, compared to the impairment value of -14.4 million euros recorded in the same period of 2023”.
