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Portugal's Novo Banco H1 net loss widens YOY to €400M

Portuguese lender Novo Banco SA reported a first-half consolidated net loss attributable to shareholders of the bank of €400.1 million, compared to a loss of €212.2 million in the same period in 2018.

The net loss reflects the combined €513.5 million loss in legacy activity and €113.4 million gain in recurrent activity, the bank said. In the first half, the bank recorded losses related to the restructuring process and the deleveraging of nonperforming assets, including Project Sertorius, Project Albatroz and the sale process of GNB Companhia de Seguros de Vida SA, with a negative impact of €340 million.

Net interest income for the half totaled €262.5 million, up from €221.0 million a year earlier. Fee and commission income declined on a yearly basis to €174.2 million from €184.3 million. Fee and commission expense fell to €27.4 million from €30.7 million a year ago.

Net losses from financial assets and liabilities at fair value through profit or loss amounted to approximately €69.3 million, compared to losses of €55.0 million in the first half of 2018. Net losses from financial assets at fair value through other comprehensive income totaled €67.3 million, up from €31.1 million a year earlier.

The bank's operating costs increased on a yearly basis to €758.0 million from €492.6 million. Impairment losses on loans, net of reversals, amounted to €166.7 million, compared to the year-ago 199.6 million.

Novo Banco's common equity Tier 1 ratio stood at 13.5% at June 30, compared to 12.8% at 2018-end. The total capital ratio was 15.1% at the end of June, compared to 14.5% at Dec. 31, 2018.