Portuguese Banks register profits of EUR 7 M per day

Portuguese Banks register profits of EUR 7 M per day, namely Caixa Geral de Depósitos, Santander, Montepio, Novo Banco, BPI and Millennium BCP according to Dinheiro Vivo.

Portugal’s banking sector registered a 70% increase in profitability in 2022, with profits increasing by over EUR 2.5 billion.

Heading the list of the most profitable banks in Portugal is Caixa Geral de Depósitos (CGD), that registered a historical high with profits reaching EUR 843 million, that is an increase in profitability of 44.5% compared to 2021.

Private bank Santander Totta increased its profitability nearly two-fold, registering profits of EUR 568.5 million.

The highest percentage increase was registered by Montepio, which, while being the smallest bank, registered a five-fold increase in net profits with profits going from EUR 6.6 million in 2021 to reach EUR 33.8 million in 2022.

Novo Banco registered a three-fold increase in profits to reach EUR 560.8 million. Millennium BCP obtained a 50.3% increase in profitability in 2022 compared to the previous year, with profits reaching EUR 207.5 million and BPI registered a 19% increase in profits to reach EUR 365 million.

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