BES 2024 losses fall to €402 million

Losses incurred by Banco Espírito Santo which collapsed 12 years ago in 2014 have dropped to €402.2 million.

However, the bank which is in an ongoing liquidation process continues to be inundated with overall accumulated debts of around €11Bn with no end in sight.

The bank’s results for 2024 showed a significant reduction in losses on 2023, at €402.2 million. This amount contrasts with the €3.1Bn posted in 2023, a year marked by legal decisions which increased the bank’s losses.

According to the institution’s annual report, published on Tuesday, the BES Settlement Committee points out that this result reflects “the charges associated with existing liabilities” and the continuity of the judicial settlement process.

In 2023, the bank, once led by Ricardo Salgado, was heavily penalised by court decisions that recognised the Resolution Fund as a privileged creditor, with a total credit of €2.7Bn. This factor contributed to the BES’s net liabilities exceeding €10 billion at the end of that year.