Four largest banks make more than 11.6 million profits per day

The four largest banks operating in Portugal – Caixa Geral de Depósitos, BCP, Novobanco, and BPI – posted a profit of €2.015 billion in the first six months of the year, equivalent to €11.6 million per day. Caixa Geral de Depósitos (CGD) reported a net profit of €893 million in the first half of the year, representing a 0.4% increase compared to the same period last year. Consolidated net interest income decreased by €143 million (-10% compared to the same period last year), reaching €1.283 billion. The bank, led by Paulo Macedo, explains that this increase in consolidated net interest income essentially reflects the impact on domestic activity. Throughout the first half of this year, "the ECB's downward trend in key interest rates continued, impacting market rates, with the 6-month Euribor falling 50 basis points during the period," explaining that "the resulting decline in income from the credit portfolio was offset by a €2.3 billion increase in credit volume in Portugal." International activity also contributed €258 million to the consolidated net interest income, representing a €5 million increase compared to the same period last year.

Consolidated business volume reached 169 billion, driven by growth of 9 billion in Portugal, compared to June 2024. The customer credit portfolio increased by 2.3 billion, with growth both in companies and institutions (one billion) and in individuals (1.3 billion), around 1.2 billion in housing loans and 100 million in consumer loans.

Recurring consolidated operating costs increased by approximately €27 million (+6%) compared to June 2024. Recurring personnel costs increased by €0.8 million (+0.3%) compared to the previous year.

The public bank also says that the 850 million dividend, paid in May 2025, was the highest ever, totaling 3.35 billion in dividends distributed since 2017.

Also rising

BCP comes next, posting a profit of €502.3 million in the first half of the year, representing a 3.5% increase compared to the same period last year. Net profit from its operations in Portugal alone increased 3.2%, rising from €411 million in the first half of 2024 to €424 million in the first half of this year.

The net result of international operations grew 11.8%, from 131.1 million euros in the first half of 2024 to 146.6 million euros in the first half of 2025, with emphasis on Bank Millennium, which recorded a net result of 121.11 million euros in the first half of 2025, despite the charges of 276.52 million euros associated with the mortgage loan portfolio in Swiss francs (of which 218.22 million euros in provisions).

Net commissions grew by 4% (+16 million euros) compared to the first half of the previous year, totaling 413.8 million euros in the first six months of 2025. "This evolution is mainly due to the increase in commissions in the activity in Portugal, namely with regard to the bancassurance activity, reflecting the update of the distribution commissions borne by insurers ", said the financial institution led by Miguel Maya.

Operating costs increased by more than 10% at the group level, reaching €863.5 million. In Portugal, costs grew 8.5% to €342 million.

Novobanco's profit also grew, rising 17.4% in the first half of the year compared to the same period in 2024, to €434.9 million. The financial institution explains that this result was "supported by a solid and diversified business model, driven by robust franchising of corporate loans and low-risk mortgage loans, and by high digital adoption."

The financial margin fell to €558.8 million, compared to €594.9 million in the first six months of the previous year, while total resources increased to €45.93 billion, 8% more than at the end of last year.

During this period, corporate lending increased 3.5% in the first half of the year, to €14.38 billion, while lending to individuals rose 4.5%, to €12.63 billion. Mortgage loans specifically increased 3.5%, to €10.511 billion, while impairments fell 22.6%, totaling €833 million.

In counter-cycle

Bucking the trend was BPI, which posted a profit of €274 million in the first half of the year, a 16% drop compared to the same period last year. In Portugal, profits amounted to €241 million in the first six months of the year, a 10% decrease, with the bank's CEO, João Pedro Oliveira, attributing this result to lower interest rates.

Commissions also fell 11%, explained by a non-recurring gain of 16 million realized a year ago. Banking income contracted 8% to 614 million.

Resources increased 6% to 41.9 billion, with deposits rising 5% to 31.9 billion.

In terms of the credit portfolio, this increased 7% compared to a year ago to 32.4 billion euros, with housing loans gaining 10% to 16.193 billion euros.