Montepio Bank Profits Almost Quadruple
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Loading... - Fleur Braam
- 05 Feb 2025
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Banco Montepio has reported a remarkable consolidated net result of 109.9 million euros for the past year, marking an impressive increase of 287% compared to the previous year, when profits had declined by 16%. This significant turnaround highlights the bank's strong performance and strategic initiatives under the leadership of CEO Pedro Leitão.
In a statement to the Comissão do Mercado de Valores Mobiliários (CMVM), Montepio noted that it achieved historic records in several key areas, including net results, customer deposit volumes, solvency, and liquidity. The bank's financial performance in 2024 was driven by a total banking product of 499.1 million euros, primarily supported by a financial margin of 384.4 million euros and commissions amounting to 127.8 million euros.
Customer funds reached a new record of 14.959 billion euros, reflecting an annual growth of 11.9%. This growth was attributed to a dynamic commercial activity and a focus on improving asset quality for prudent risk management. Notably, customer deposits increased by 11.9%, totaling 15 billion euros, with 70% of these deposits coming from the individual segment.
Additionally, the bank reported a 28% penetration rate in the social and solidarity economy client segment, reinforcing its strategy of specialized monitoring in this area as a key differentiator in its service offerings.
Overall, Banco Montepio's impressive financial results underscore its successful strategies and commitment to growth, positioning it as a strong player in the Portuguese banking sector.
