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Portugal BES 9-month profit down 47 pct, beats expectations
November 13, 2012 / 4:56 PM / 5 years ago

Portugal BES 9-month profit down 47 pct, beats expectations

LISBON, Nov 13 (Reuters) - Portugal’s Banco Espirito Santo (BES) posted on Tuesday a 47 percent fall in its January-September net profit after hefty one-off gains a year ago and due to a rise in provisions for bad loans and asset depreciation amid Portugal’s deepening recession, but beat the market consensus.

The country’s second-largest listed bank by assets said in a statement net profit fell to 90.4 million euros ($115 million), above the 59 million euros expected by analysts. Net interest income rose almost 4 percent from a year earlier to about 907 million euros, in line with the average forecast.

Provisions for bad loans and asset depreciation rose 14 percent to 752 million euros, the bank said.

Last year, BES sold a stake in Brazilian bank Bradesco for 115 million euros. ($1 = 0.7867 euros) (Reporting by Daniel Alvarenga)

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