August 23, 2018 / 4:39 PM / 3 months ago

Portugal's Novo Banco H1 loss narrows to 231 mln euros

LISBON, Aug 23 (Reuters) - Portugal’s Novo Banco narrowed its net loss for the first half to 231 million euros ($264.19 million) from 290 million euros in the same period a year earlier, as the bank continued to deal with large restructuring costs.

Novo Banco has yet to post positive results since it was carved out of bankrupt Banco Espirito Santo in 2014. It was sold to U.S. fund LoneStar last year.

The bank issued its first debt in June, selling 400 million euros of 10-year notes in an operation that included an exchange of older bonds. It said the cost of the exchange had a negative impact of 79 million euros on first-half results.

It also registered a loss of 31 million euros from deferred taxes in the first half, which had previously been considered as assets. ($1 = 0.8744 euros) (Reporting By Axel Bugge; Editing by Jan Harvey)

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