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Novo Banco
Novo Banco (NOVOBANCO) investor relations material
Novo Banco has been private
Novo Banco H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2024 earnings summary1 Aug, 2024
Executive summary
Net profit reached €370.3 million in H1 2024, nearly flat year-over-year, with all P&L lines at or above expectations and supported by a robust, low-risk business model and strong digital adoption.
RoTE stood at 17.4% and CET1 FL ratio at 19.9% (+176bps YTD), reflecting strong capital accretion and a contractual dividend ban.
Tangible shareholders' equity rose 19% year-over-year to €4.376 billion, with customer deposits up 3.5% YTD to €29.1 billion and gross customer credit at €28.5 billion.
Asset quality improved, with net NPL ratio reduced to 0.5% and cost of risk at 38bps, below management guidance.
One-off €30 million restructuring provision booked for tech transformation and process reengineering.
Financial highlights
Net interest income grew 14% YoY to €594.9 million, with NIM rising to 2.83% from 2.5% year-over-year.
Fees and commissions increased 11% YoY to €161.2 million, driven by growth in accounts and payments despite legislative headwinds.
Cost/income ratio improved to 32.1%, with operating costs up 1.3% due to investments and inflation.
Customer deposits rose to €29.1 billion (+3.5% YTD); gross customer credit at €28.5 billion (+1.1% YTD).
Loan-to-deposit ratio at 79.2%; LCR at 198%; NSFR at 121%.
Outlook and guidance
2024 net profit after tax forecasted to exceed €700 million, with commercial banking income guidance raised to over €1.4 billion.
Cost/income ratio expected to remain below 35%, and cost of risk below 50bps.
Management focuses on growth, value-added products, digital transformation, and operational efficiency.
Strategic plan emphasizes customer-centricity, operational simplicity, people development, and sustainable performance.
ESG integration and capital optimization remain key priorities.
Future hedging strategy beyond rollovers?
MREL prefunding and CCA exit acceleration details.
Plans to recalibrate Stage 2 trigger model?
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Frequently asked questions
Novo Banco S.A. is a Portuguese bank providing a wide range of financial services, including retail, corporate, and investment banking. The bank offers personal banking services such as accounts, loans, mortgages, and investment products to individuals, along with tailored financial solutions for businesses, including commercial loans, treasury services, and asset management. Novo Banco also supports institutional clients with specialized financial advisory and wealth management services. The company is headquartered in Lisbon, Portugal.
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