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Portugal's BES posts Q1 loss of 89.2 mln euros
May 15, 2014 / 4:06 PM / 3 years ago

Portugal's BES posts Q1 loss of 89.2 mln euros

LISBON, May 15 (Reuters) - Banco Espirito Santo, Portugal’s largest listed bank, posted on Thursday a first quarter net loss of 89.2 million euros, in line with expectations, as impairments for bad loans weighed on the results.

The bank said the cost of provisions for bad loans rose 47.6 percent to 276 million euros, driven by deleveraging after Portugal’s debt crisis.

Net interest income - the difference between interest charged on loans and interest paid on deposits - rose 21.7 percent to 270 million euros.

Analysts surveyed by Reuters had predicted, on average, a net loss of 88 million euros and net interest income of 274 million euros.

Portugal emerged from a deep recession in the second quarter Of 2013, but banks are still struggling in the short term with the effects of the worst downturn since the 1970s in the bailed-out country.

Shares in Banco Espirito Santo had closed 5.54 percent lower on Thursday before the results were announced. (Reporting By Axel Bugge and Sergio Goncalves)

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