The profits of Caixa Geral de Depósitos (CGD), BPI, Millennium BCP, Novo Banco and Santander Totta grew by 1.9 billion euros compared to 2022.

The appreciation of the financial margin – the difference between the interest charged on loans and the interest paid on deposits – contributed to these results, which in the year to date exceeded 9.2 billion euros, 67.84% more than in the previous year.

Caixa Geral de Depósitos (CGD) was the one that achieved the highest profits, with 1,291 million euros, 53.14% more than in 2022, with its financial margin more than doubling (103%) to 1.5 billion euros.

The public bank also announced that it intends to pay its shareholder, the State, 1,258 million euros, including dividends (525 million euros), taxes (529 million euros) and supervision costs (204 million euros).

Among private companies, Santander Totta was the one that showed the highest profits in 2023.

With an increase of 69.8%, Santander Totta's profits reached 1 billion euros in 2023, against 606.7 million euros in 2022. The institution's financial margin increased by 90.45% year-on-year to 1,491 million euros.

BCP recorded profits of 856 million euros, against 197.4 million euros in 2022. In the year under review, the consolidated financial margin rose 31.4%, to 2.8 billion euros.

In fourth place, Novo Banco recorded a positive result of 743.1 million euros in the year, 32.5% more than in 2022, with its financial margin rising 82.7%, to 1.1 billion euros.

BPI saw its profits rise 42% in 2023, to 524 million euros, while the Caixabank Group institution's financial margin rose 69.6%, to 948.9 million euros.

In 2023, banks' profits benefited from high interest rates on loans and a slow rise in interest rates on deposits, ultimately benefiting the financial margin, as this is the difference between the interest charged by banks on credits and the interest paid by banks in deposits.