Connect with us

Economy

Novo Banco profit up 178% in first nine months to $428.3M – Banking & Finance

Published

on

Novo Banco profit up 178% in first nine months to $428.3M - Banking & Finance

Novo Banco recorded a profit of 428.3 million euros in the first nine months of the year, up 178% year on year, the financial institution said in a statement to the Portuguese Securities Market Commission (CMVM).

For the bank, led by Mark Burke (pictured), the number reflects “strong business growth demonstrating the ability to generate income and capital despite the current macroeconomic environment, inflationary pressures and rising interest rates.”

The income of commercial banks decreased by 2.6% to 621.6 million euros. Banking income increased by 26.5% to €851.1 million, with this amount having a “positive contribution from Other Operating Income of €161.3 million driven by the deleveraging process in the real estate portfolio.”

This figure includes a capital gain of €71.5 million from the sale of the current headquarters building in the third quarter of this year.

In August this year, the bank informed the market that it had completed the sale of the headquarters building, located on Avenida da Liberdade, for 112.2 million euros. Buyer Merlin Real Estate.

Novo Banco adds that “customer credit increased across all segments” which was set at EUR 25.8 million.

Operating expenses reached €314.2 million, up 2.8% year-on-year, “with reductions in personnel costs offset by one-off increases in general and administrative expenses and depreciation, which support investments in operational and business improvement. “.

In terms of default, the non-performing loan ratio (NPL) was 5%, “with an increase in the coverage ratio to 77.2%, which is close to the average ratio of European peers,” he adds.

See also  BMW becomes first automaker to use Amazon Web Services

In terms of profitability, RoTE on an annualized basis (before tax) was 12.4%. In terms of capital ratio, the CET 1 ratio increased by 90 basis points in the quarter to 12.7%.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Bankers demand 6.25% pay rise at ‘breaking point’ and refuse further layoffs – ECO

Published

on

Bankers demand 6.25% pay rise at 'breaking point' and refuse further layoffs - ECO





Bankers demand 6.25% pay rise at ‘breaking point’ and refuse further layoffs – ECO































Your browser is out of date!

Update your browser to get the best experience and visualization of this site. Update your browser now

×

See also  Elon Musk says he could die under 'mysterious circumstances' after Russian threats - Observer
Continue Reading

Economy

Woman with fake belly caught smuggling hundreds of semiconductors (already worth 500 times more)

Published

on

Woman with fake belly caught smuggling hundreds of semiconductors (already worth 500 times more)

Sanctions and supply chain issues have created a parallel market in China, where these chips are sold for 500 times the market value.

Chinese customs officials caught a woman trying to smuggle semiconductors inside a prosthetic belly while pretending to be pregnant. This arrest sheds light on the reality of smuggling that has emerged in the world’s second-largest economy following the sanctions imposed by the United States of America.

According to bloomberg, a woman was caught by the authorities while trying to enter Zhuhai via Macau on November 25. According to customs authorities, the suspect had more than 202 processors and nine smartphones.

The woman came to the attention of the authorities when she was asked what month she was pregnant. “She said she was five or six months pregnant but she had a big belly that looked like she was in her third trimester,” Chinese officials explained.

The economic crisis caused by covid-19 and all the problems that have arisen in the supply chain have opened the door to the emergence of a black market in semiconductors in a country that needs these advanced chips to produce millions of products.

The situation has worsened recently as the Joe Biden administration tightened sanctions on China, focusing on developing advanced technologies, especially for military use.

According to the North American economic publication, the situation is so serious that the prices of these devices reach values ​​up to 500 times their market price, which creates ideal conditions for creating an entire parallel market with telecom operators and resellers.

See also  Expectations of a shallow recession are illusory, Roubini said.

Continue Reading

Economy

Reduced provider discount in December due to falling fuel prices

Published

on

Reduced provider discount in December due to falling fuel prices

The Ministry of Finance reported that in December there is a decrease in the ISP discount by 3.9 cents per liter of diesel fuel and 2.4 cents per liter of gasoline, taking into account falling prices.

The guardianship statement states that, as announced, “the mechanism applied in the ISP is equivalent to reducing the VAT rate from 23% to 13%, and the compensation mechanism through the ISP reduces additional VAT income as a result of the changes. in fuel prices remain in effect.

Thus, taking into account the evolution of diesel and gasoline prices, “these temporary measures result in a reduction in the ISP rebate of 3.9 cents per liter of diesel fuel and 2.4 cents per liter of gasoline. a discount of 17.1 cents per liter for diesel ISP and 15.4 cents per liter for gasoline ISP,” the same note reads.

On the other hand, “the carbon tax update will be suspended until the end of the year,” and “taking into account all the measures in place, the reduction in the tax burden is 27.3 cents per liter of diesel fuel and 24.7 cents per liter of gasoline. “.

The government’s rebate mechanism assumes that a decrease in the price of fuel results in an increase in the Tax on Petroleum Products (NPT) due to a drop in VAT revenues.

“Measures to mitigate the increase in fuel prices remain in place in the month of December, while the government continues to support all consumers by reducing fuel taxes,” the ministry reminded.

See also  Tracking Warren Buffett's Berkshire Hathaway Portfolio - Q2 2020 Update (NYSE:BRK.A)

The ISP’s rebate, equivalent to a 13 percent VAT rate cut, was due to run until September 4 but was later extended through the end of the year as part of the government’s family relief package due to price hikes.

Average fuel prices have returned this week to below pre-war levels in Ukraine on Feb. 24, with a 5.1% drop for petrol and 4.1% for diesel calculated by ERSE.

According to the “Weekly Report on the Surveillance of Selling Prices for the Public” published on Monday evening by the Entidade Regladora dos Serviços Energéticos (ERSE), “For the week of 28 to 4 December, the effective pre-tax price is 0.860 euro/l. [euros por litro] for straight petrol 95 and 1067 euro/l for direct diesel”, which after tax is 1660 euro/l and 1685 euro/l for straight petrol 95 and straight diesel, respectively.

These figures are comparable to average prices of 1,816 euros/l for 95 straight-through gasoline and 1,660 euros/l for direct diesel filled on February 24 when the Russians invaded Ukraine, according to the Directorate General of Energy and Geology (DGEG). ).

Continue Reading

Trending