These numbers represent an increase of 85% in profit, €58 million more when compared to the first quarter of last year.

Return on equity was 6.6% and bank charges grew by 4.8% compared to last year, while structural costs fell 5.3%.

The contribution to the Resolution Fund had a negative impact of €60 million, the bank’s CEO Paulo Macedo said at the press conference.

The non-performing loans ratio was 7.8% in the first quarter, reducing from 11.5% registered in the same period of 2018.

Impairments coverage increased to 103%, compared to 101% in last year’s first quarter.

Deposits rose to €64.77 billion, compared to €61.45 billion in the same period of 2018, but the amount of net credit decreased year on year from €53.36 billion to €50.90 billion.

Staff costs fell 6.9%, from €202.55 billion in March 2018 to €188.53 billion in March 2019.