Best bank: Banco BPI
The fourth-biggest bank in Portugal, which has been fully owned by Spain’s CaixaBank since the end of 2018, saw an exceptional performance in 2023. After record results for the firm across the board, Banco BPI is clear winner of the award for Portugal’s best bank.
AfE 2024
Net profit from the Portuguese business rose 86% to a record €444 million. Overall net interest margin for the Portuguese banking sector hit 4.4% in 2023, compared with an average of 2% in the period from the global financial crisis to 2022. BPI’s margin stood at 3.75%.
But the boost to profits handed to banks around the world by the post-pandemic rise in interest rates is only part of the story at BPI. The bank has focused relentlessly on efficiency and building up its digital credentials – as well as simply pushing harder for business.
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