reports
- Elisabeth Rudman
- Nicola De Caro
- Elisabeth Rudman
- Kevan Viagas
- Nicola De Caro
Portuguese Bank Profits Supported by NII in 2022, Repricing Tailwinds ...
This commentary analyses the 2022 results of the large Portuguese banks, and gives an outlook on expected drivers in 2023 for Portuguese banks. Summary highlights from the commentary include: • Total profits for FY 2022 were EUR 2,616 million, up from EUR 1,518 million in FY 2021, as results benefitted from stronger net interest income on the back of rising interest rates, and lower provisioning costs. • For 2023, we expect profitability to benefit from higher interest rates given the large ...
- Elisabeth Rudman
- Nicola De Caro
- Elisabeth Rudman
- Jason Graffam
- Kevan Viagas
- Nicola De Caro
Portugal Interest Rate Measures Likely to Aid Borrowers, but Medium Te...
This commentary reviews the measures adopted by the Portuguese Government to mitigate the impact of rising interest rates on household mortgages. The commentary provides an overview of the measures adopted, the risks for borrowers and banks, as well as potential mitigating factors. Summary highlights from the commentary include: • Most mortgages in Portugal are at variable rates, so the rapid increase in interest rates in 2022 has contributed to an increase in the cost of debt service. Risks f...
- Elisabeth Rudman
- Kevan Viagas
- Nicola De Caro
Portuguese Banks - Revenue Growth and Lower Provisions Underpin 9M 202...
This commentary analyses the 9M 2022 results of the large Portuguese banks. Summary highlights from the commentary include: • In 9M 2022, the total net income of the largest Portuguese banks almost doubled compared to the same period of 2021, mainly on the back of higher revenues and lower provisioning and impairment charges. • Commercial revenues grew by around 14% in 9M 2022, driven by the combination of higher net interest income (NII) and fee income • Total provisions and impairments for ...
- Elisabeth Rudman
- Kevan Viagas
- Nicola De Caro
Portuguese Banks: Solid H1 2022 Results Amid More Uncertain Economic E...
The commentary analyses the H1 2022 results of the large Portuguese banks. Summary highlights: • In H1 2022, the total net income of the largest Portuguese banks almost doubled compared to the same period of 2021, mainly on the back of higher revenues and lower provisioning and impairment charges. • The aggregate stock of NPLs continued to decrease Quarter on Quarter and Year on Year, as asset quality remained largely resilient following the winddown of the moratoria. • Funding and liquidly co...
- Elisabeth Rudman
- Kevan Viagas
- Nicola De Caro
Portuguese Banks: An Analysis of Sovereign and Other Debt Exposures
The commentary analyses the sovereign exposures and other debt securities of large Portuguese banks, and the risks from rising yields. Summary highlights from the commentary include: • The steep rise in inflation, and the tightening of the monetary policy by the ECB and other central banks has seen European sovereign bond yields rise. This has been more notable in some European countries. However, spreads have narrowed since the ECB’s 15th of June announcement. • Large Portuguese banks have m...
- Elisabeth Rudman
- Nicola De Caro
- Elisabeth Rudman
- Kevan Viagas
- Nicola De Caro
Portuguese Banks: Key Factors to Consider as Impact of COVID Reduces
The commentary analyses the key factors relevant to large Portuguese banks rated by DBRS Morningstar. Summary highlights: • At the onset of COVID-19, DBRS Morningstar took rating actions on certain Portuguese banks. The Trend was changed to Negative to reflect the downside risks for profitability and asset quality as a result of the lockdown and other restrictions on business activities. • Market and economic conditions have improved since then. In 2021, profitability returned to levels above...
- Elisabeth Rudman
- Kevan Viagas
- Nicola De Caro
Portuguese Bank Profitability Improves in Q2 2021, but Asset Quality R...
The commentary analyses the H1 2021 results of the large Portuguese banks. Summary highlights: • In H1 2021, Portuguese banks reported an aggregate net income of EUR 678 million up from a net loss of EUR 67 million in H1 2020, mainly on the back of lower credit provisions, as well as higher fees and trading income. • Total provisions and impairments declined by 48% in Q2 2021 YoY, amid lower credit impairments, as the Portuguese economy begins to recover from the pandemic. However, total imp...
- Nicola De Caro
- Ross Abercromby
- Elisabeth Rudman
- Nicola De Caro
- Elisabeth Rudman
- Nicola De Caro
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