Four of Portugal’s largest banks saw their profits halved in the first quarter of 2020 because of the provisions needed to deal with the pandemic crisis.
Caixa Geral de Depósitos (CGD), BCP, Santander and BPI have recorded generic provisions of €200.8 million to face the economic crisis caused by the pandemic, according to Jornal de Negócios. BCP was the bank that put most money aside: €78.8 mn, followed by CGD with €60 mn, while Santander and BPI set aside €30 mn, in what is a cautionary exercise from the banks before what they expect to be an increase in the number of defaults.
Nevertheless, the effect of provisions on the results of the first quarter of Caixa Geral de Depósitos (CGD), BCP, Santander and BPI has already been felt with intensity: profits have fallen by half in relation to the same period of last year, from €466 mn euros to €246 mn.
Original Story: Eco | News
Photo: Photo by Alfonso Romero for FreeImages.com
Edition: Prime Yield