Lusa - Business News - Portugal: Rating agency DBRS expects bank profits to stay strong

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Lusa - Business News - Portugal: Rating agency DBRS expects bank profits to stay strong

Lisbon, March 28, 2024 (Lusa) - Rating agency Morningstar DBRS wrote in an analysis released on Thursday that the performance of Portuguese banks should normalise and remain strong, although peak profits are unlikely to be maintained. In an analysis released today, Morningstar DBRS emphasisedthat "high net interest income drove the strong profitability of Portuguese banks in 2023" and that Portugal's comparatively healthy economy limits the deterioration of asset quality.
"Despite the challenges, the banks maintain an adequate liquidity and capital position," the rating agency said.
Morningstar DBRS said that the largest Portuguese banks in 2023 had another strong year, with the income generated by higher interest rates and the rapid repricing of loans significantly outweighing the more modest increase in expenses and provisions.
Thus, continues the rating agency, the sector's total net income increased by 71% year-on-year in 2023, adding that the profit performance of Portuguese banks "probably peaked last year along with the level of interest rates", but that it expected banks to maintain healthy earnings as rates settle at higher levels.
Last year's strong performance was also characterised by resilient asset quality and adequate capital and liquidity positions.
"We believe that Portugal's healthy economy means that any deterioration in asset quality due to tight financing conditions is likely to remain manageable," it concluded.
The analysis was based on aggregate data for the largest Portuguese banks, namely Caixa Geral de Depósitos, Banco Comercial Português, Novo Banco, Caixa Económica Montepio, Banco BPI, and Banco Santander Totta.
MC/ADB // ADB.
Lusa

Agency : LUSA
Date : 2024-03-29 11:24:30

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