The net income for the period totaled E450 million, excluding the non recurrent items reported in the 2nd quarter of the year. The customer loans, including securitization, grew by 17.5%, with total customer funds rising by 14.5%. The international banking business maintained a robust contribution, with customer loans and customer funds increasing by respectively 43.4% and 22.1%.
The commercial banking income (CBI) was up by 15.2% to E1.18 billion, with net interest income up by 15.3% and fees and commissions up by15%. The international business posted a significant CBI increase of 35.1%. The operating costs rose by 4.8% year on year (YoY), the cost to income decreased to 45.2%, from 53.3% in the same period of 2006.
Operating costs totaled E689.0 million, having increased by 4.8% YoY. This increase was mainly driven by the international activity costs, with domestic costs rising by 3.6%, underpinned by investments in the branch network in Portugal.
The Banco Espirito Santo dos Acores’s customer loans were up by 12.3%, to E310.3 million, with mortgage loans rising by 18.7%. The group’s private banking business posted a 7.5% increase in assets under management and banking income growth surpassing 14% YoY.
