Haitong Bank profits fall 70% to €5 million in 2024

Haitong Bank posted profits of €5 million in 2024, a fall of 70% on the €17 million in 2023.

In a note sent to the Portuguese stock market and securities commission CMVM on Friday, the private investment bank said the net result was because the bank’s business was “affected by the weakness of the Chinese ‘cross-border’ market and instability in Brazil”.

Even so, it considered that it managed to maintain “a positive performance given the adverse context thanks to the business developed by its local operations”, with the main contributions being made by “credit, fixed income, debt and treasury markets”.

Last year, the bank’s income fell by 13% to €66 million, while costs fell by 3.3% to €58 million and impairments and provisions decreased by 82% to €2.0 million euros.

Haitong Bank had 331 employees at the end of 2024, 25 fewer than in 2023. The (gross) loan portfolio rose from €696 million in 2023 to €724 million in 2024.

Haitong Bank was created in Portugal by the Chinese Haitong Group in 2015 from the remains of BES Investimento which had belonged to Novobanco but was sold off for €379 million.