Portugal: Novo Banco reduces 2019 losses to €1.05 bln

Novo Banco recorded losses of €1.058 billion in 2019, a decrease from €1.412 billion in 2018, disclosed the institution led by António Ramalho on Friday.

According to a statement sent to the Securities Market Commission (CMVM), the institution that succeeded Banco Espírito Santo (BES) had a loss of €1.236 billion in legacy business and a gain of €177.6 million in 2019.

With the 2019 losses known today, since August 2014, when it was created to take over part of BES’s banking activity, Novo Banco has accumulated losses of €7.036 billion.