BPI profits down 12% to €389 million thanks to fall in interest rates
In the first nine months of the year, Portugal’s high street bank BPI saw profits tumble by 5% to €362 million in Portugal with its Angolan operations making profits but its Mozambique results reporting a loss of €15 million.
Angola’s results remained buoyant despite a reduction in its share of Banco de Fomento Angola (BFA) to 33.35% with BPI posting profits of €42 million, up 10% like-for-like on 2024. In consolidated terms the group’s profits fell 12% to €389 million.
The financial margin (difference between interest charged on credit and interest paid on deposits) fell 11% in consolidated terms to €657 million, with the margin in Portugal falling 7% to €277 million. This factor contributed to the slimming of results, due to the decline and stabilisation of interest rates over the past year. Net commissions also fell by 7% to €227 million, but only, according to the president of BPI, because last year had “a one-off [non-recurring] gain of €16 million”.
Total credit amounted to €32.6Bn, which reflected a drop of 8% compared to the first nine months of 2024. Loans to individuals increased by 10% to €18.1Bn, with a notable rise in mortgage loans, which grew by 12% to €16.7Bn, and an increase in loans to companies, which amounted to €12.1Bn.
The increase in financing for home purchases also derives from measures to support young people who can apply for credit with a State guarantee, which at BPI has already amounted to €783 million (including the guarantee), an amount that corresponds to 4,000 contracts, according to the bank, owned by the Spanish Caixa Bank.
Regarding bank client resources (bank product), this increased 10% to €42.6Bn of which €32.1Bn were client deposits (+9%) and €10.5Bn from off-balance sheet products contracted (like funds and insurance), a segment that saw a 14% growth on 2024.
Structural costs climbed 2% to €383 million with a highlight on staff costs standing at €191million. The cost-to-income ratio was up from 37% 2024 to 40% in 2025.
