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Portugal BES H1 swings to 237 mln euro loss, worse than forecast
July 26, 2013 / 5:14 PM / 4 years ago

Portugal BES H1 swings to 237 mln euro loss, worse than forecast

LISBON, July 26 (Reuters) - Banco Espirito Santo, Portugal’s second-largest listed bank by assets, swung to a sharper-than-expected first-half net loss of 237 million euros from a year-ago profit of 25.5 million euros as provisions for bad loans rose sharply.

BES also said in a statement on Friday that net interest income - the difference between interest charged on loans and interest paid on deposits -- fell 23 percent to 470 million euros from a year earlier amid a recession in the bailed-out country.

Analysts surveyed by Reuters had predicted, on average, a net loss of 128 million euros and net interest income of 466 million euros.

BES shares had closed 1.1 percent higher on Friday before the results were announced, outperforming the broader market in Lisbon, up 0.5 percent. (Reporting by Andrei Khalip)

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