Valor represents a new record: 2488 million euros only in commissions in 2024. BPI leads the list and all banks (minus one) increased the amounts charged to the previous year.
The commissions charged by the five largest banks operating in Portugal generated profits from 2488 million euros In 2024, the equivalent of half of the total net outcome of the banking sector this year, according to the use of IA data.
This value represents a new record and translates into about 4800 euros charged per minute to customers. But the phenomenon is not recent: over the past decade, the increase in these profits has surpassed the accumulated inflation in the same period.
O BCP led the list Banks with the highest profits through commissions, with 809 million euros, followed by CGD (581 million), Santander Totta (452 million), BPI (327 million) and Novobanco (319 million). All banks, except for Santander, increased the amounts charged to 2023. Analyzing only the activity in the national territory, the profits from commissions reached 2152 million euros.
Most of these recipes come from Charges with the maintenance of bank accountswhich, according to Deco Proteste, can exceed the 100 euros per year per customer common. The obligation to have a bank account for interactions with the state makes this cost virtually inevitable, being considered an expense imposed on consumers. Deco also warns of the widespread increase in priceswith Novobanco, for example, recently climbing one of its commissions by 15%.
Banks justify commissions increases with the growth of banking activity, especially in the insurance sector. CGD and BPI claim not to increase committees, assigning profits to the expansion of financial services. BCP and Novobanco point to “Price Optimization” and the sale of bank insurance (“Banassure”).
The governor of Banco de Portugal, Mário Centenoit has been one of the most blunt critics of banks’ trade policy, especially after increasing interest rates in 2023, which boosted bank results.
