The divergence is the application of the conditions of personal credit contracts, which are one of the bank’s largest sources of revenue.
Novo Banco registered a Loss of 14.1 million euros In its first half of 2025, in response to a specific determination imposed by Banco de Portugal. The supervisor’s decision is related to divergences in the writing and application of contractual conditions in personal credits celebrated between January 2019 and February 2024.
Despite this impact, the bank reported 435 million euros profits In the first six months of the year, representing a 17% growth compared to the same period. The provision now constituted may not yet translate into a definitive loss: if the bank does not have to correct the contracts concerned, the amount may be reversed in whole or in part, the.
According to the official source of the Novo Banco, the determination of Banco de Portugal results from a difference in understanding the correct way to apply certain contractual clauses in Consumer Credit Contracts. This type of credit, which includes purposes such as housing, renewable energy or specific endless credit, has been a growth area for the bank, which held 1.6 billion euros in consumption credit at the end of the semester, an increase of almost 10% compared to the previous year.
In addition to this provision, Novo Banco maintains 19.5 million euros reserved to cover the effects of a fraud in Spain, imputed to an employee. Already in other legal proceedings, the bank was not provisions, as it considered low or null the probabilities of loss. An example is the arbitral action brought by Haitong Bank, former Bes Investments, which Complains 154 million euros for an alleged omission of information in the sale of the bank in 2015. Novo Banco disputes the complaint.
Another case involves an unusual lawsuit presented at the Braga Court by the FNBC Invest Company, which requires compensation of 10 billion euros. Novo Banco alleges documentary falsehood and has already denounced the company to the authorities. The report and accounts classifies the success of this action as “null”.
