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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 EUR 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 at 19.9% (+176bps YTD), reflecting strong capital accretion and a contractual dividend ban.
Upward revision of 2024 outlook for NIM, cost to income, and net income, supported by franchise growth, operational efficiency, and digital transformation.
Tangible shareholder's equity rose €698mn YoY to €4,376mn (+19%), with customer deposits up 3.5% YTD to €29.1bn and gross customer credit at €28.5bn.
One-off €30mn provision for tech and process transformation included in results.
Financial highlights
Net interest income grew 14% YoY to €594.9mn, with NIM rising to 2.83% from 2.5% YoY.
Fee income rose 11% YoY to €161.2mn, driven by growth in accounts and payments management.
Cost-income ratio improved to 32.1%, with OpEx up 1.3% YoY and operating costs reflecting digital investment and inflation.
Customer deposits grew by EUR 1 billion to EUR 29.1 billion (+3.5% YTD); gross customer credit at €28.5bn (+1.1% YTD).
Net profit for the period was €370.3mn, down 1% YoY, after a €30mn one-off provision.
Outlook and guidance
2024 net income guidance raised to over €700mn, with commercial banking income now expected above €1.4bn.
Cost-income ratio expected to remain below 35%, and cost of risk below 50bps.
Management expects continued growth in core business, focusing on digital transformation, efficiency, and ESG integration.
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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