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Novo Banco swings to Q1 loss from year-ago profit

Novo Banco SA reported a first-quarter net consolidated loss attributable to shareholders of the bank of €93.1 million, compared to a restated income of €70.4 million in the same period in 2018, in line with the strategic plan and the commitments made to European authorities.

Net interest income for the quarter totaled €124.7 million, up from €106.9 million a year earlier. Fee and commission income declined on a yearly basis to €85.5 million from €93.1 million. Fee and commission expense also dropped, to €14.6 million from €16.3 million a year ago.

Net losses from financial assets and liabilities at fair value through profit or loss amounted to approximately €37.0 million, compared to gains of €8.8 million in the first quarter of 2018. Net gains from financial assets at fair value through other comprehensive income totaled €49.6 million, up from €21.9 million a year earlier.

The lender's operating costs increased year over year to €272.1 million from €159.7 million. Impairment losses on loans, net of reversals, amounted to €77.7 million, up from €50.1 million a year ago.

Novo Banco's provisional common equity Tier 1 ratio stood at 13.5% at the end of March, compared to 12.8% at 2018-end. The total capital ratio was 15.1% as of March 31, compared to 14.5% at Dec. 31, 2018.