LISBON (Reuters) – Portugal’s fourth-largest lender Novo Banco, which is preparing for an initial public offering (IPO), said on Thursday its consolidated net profit hit a record 744.6 million euros ($804 million) in 2024, up 0.2%.
The rise was due to an increase in interest margins and commissions offsetting higher provisions, it said.
Net interest income (NII) – a measure of earnings on loans minus deposit costs – rose 3.2% year-on-year to 1.18 billion euros, despite the downward trend in European Central Bank interest rates.
Fees and commissions increased 9.1% to 323 million euros, while total impairments and provisions were 8.4% higher at 188.4 million euros.
($1 = 0.9261 euros)
(Reporting by Sergio Goncalves; Editing by Jan Harvey)
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