BNA Posts Strong First Quarter 2025 Results
The BNA has signed off on a strong first quarter 2025, with banking operation products reaching 596,550 Mtnd, a 3.5% year-over-year increase. However, interest income decreased by 9.0% to 375,983 Mtnd. The loan portfolio did not decline, either compared to March 2024 (with an increase of 27,535 Mtnd) or December 2024 (with a surge of 467,050 Mtnd). In our opinion, this reflects the consequences of the application of Article 412, third paragraph (new) of the Commercial Code. This has significantly impacted the interest margin, which narrowed to 33,776 Mtnd, a 68.5% decrease.
On the other hand, commission-based products decreased by 7.7% to 41,874 Mtnd. Revenue from securities and investment portfolios helped to offset the revenue shortfall, totaling 177,457 Mtnd. The investment portfolio weighs in at 8,430,404 Mtnd. The Net Banking Product (PNB) stood at 253,107 Mtnd.
In parallel, the bank saw its operating expenses increase by 3.3% to 93,228 Mtnd. Note that the bank's commercial activity is marked by a deposit portfolio of 12,713,149 Mtnd.
Following the good performance of the previous exercise, the market will be watching closely to see how the bank's results unfold and the impact of new laws on the figures. While it is clear that operating revenues will be affected, profitability will depend on risk costs. In our opinion, the year will be marked by an improvement in the BNA's asset quality and recovery.
