Lisbon, July 31, 2024 (Lusa) - The first-half net profit of BPI, one of Portugal's largest banks, was up 28% on a year earlier to €327 million, it announced on Wednesday in a statement sent to the Securities Markets Commission (CMVM).

In the statement, BPI said that credit was up 2.0% on the year, while deposits increased by 6.0%. 

Operating income overall grew by 18%, while recurring costs were maintained and the cost of risk stood at a low level of 0.06%, which together translated into an improvement in the return on recurring tangible equity in Portugal to 19% over the last 12 months (+7.4 percentage points year-on-year).

BPI is fully owned by Spain's Caixabank, which earlier reported first-half group profits of €2.675 billion, or 25.2% more than in the same period of 2023.

MPE/ARO // ARO.

Lusa