Caixa Geral de Depósitos (CGD), BCP, Santander Totta, BPI and Novo Banco, the five largest banks operating in the country, recorded aggregate profits of 5.2 billion euros in 2025, a growth of 5.9% compared to 2024. Despite the fall in interest rates, the results were supported by gains in the financial margin, commission income and extraordinary results, highlighting the historical records of CGD, BCP and Novo Banco. One of the main contributions came from commissions charged on banking operations, which generated revenues in excess of 2500 million euros (2579).
The sum of the results of the five groups reached 5,226.5 million euros, 5.9% more than in 2024. million euros in 2025. Dividing by the 365 days of the year, the average is 14.32 million euros per day (almost 600 thousand euros per hour) and 100 million per week – parameters that illustrate the size of gains in a less favorable macroeconomic context in terms of interest rates.
The positive evolution is due, above all, to the exceptional performances of Caixa Geral de Depósitos and BCP, both with the highest profits ever in their history. CGD announced positive results of 1.9 billion euros in 2025 – an increase of 10% compared to 2024 – and is preparing to deliver a dividend of 1,250 million euros to the State. BCP reported earnings of 1,018.6 million, an increase of 12.4% compared to the previous year.
Santander Totta also contributed significantly, with profits of 963.8 million euros, practically stable compared to 2024 (plus 0.5%). Conversely, BPI saw its net profit fall 13% to 512 million euros, reflecting a slowdown in its main activity in Portugal, which generated 489 million euros – 4% less than the same period last year.
Novo Banco had profits of 828.1 million euros in 2025, the highest since its creation and 11.2% more than in 2024, it announced Friday in a statement to the market.
Despite the pressure of lower interest rates, banks managed to preserve relevant financial margins and leverage other sources of income. At CGD, financial margin decreased by 10% to 2,503 million euros, but commissions grew by 1% to 587 million. Results from financial operations more than doubled – to 335 million – largely due to the sale of CGD’s stake in Águas de Portugal, which generated a gain of 188 million.
At BCP, the financial margin increased by 2.4% to 2,898.1 million, while commissions increased by 4.3% to 847.4 million. Operating costs also rose, growing 8.3% to 1,415.1 million, and the bank recorded 69.7 million in “other income”, a contrast to the -70 million in the previous year.
Santander Totta saw its financial margin fall 12.6% to 1.37 billion euros, a direct consequence of the downward trend in interest rates throughout the year. This drop was, however, offset by a 7.1% increase in commissions (484 million), due to a 77% growth in results from financial operations (37.3 million) and the reversal of provisions, which went from -64 million to a positive balance of 3.4 million – including the recovery of 27 million relating to the additional solidarity considered unconstitutional.
At BPI, banking income fell 8% to 1,225 million, driven by a fall in financial margin of 10% to 875 million and the reduction in commissions by 6% to 307 million. Even so, the bank emphasizes that it maintained “high profitability despite lower interest rates”.
No Novo Banco, in 2025, the financial margin (difference between interest charged on credits and interest paid on deposits) fell 7% to 1,097.1 million euros, in a context of lower interest rates, while rates rose 9.5% to 353.6 million euros.
The Portuguese banking sector has recorded successive years of high profits. After expectations of a slowdown in 2024, motivated by the decentralization of interest rates, the sector as a whole once again broke records that year.
In turn, the year 2025 continued this trend, with the confirmation of a new aggregate historical maximum. In summary, the combination of resilient financial margins, growth in rates, gains from financial operations and reversals of provisions explain the strength of the results, even in a scenario of falling interest rates.
The growth in revenue from commissions charged last year exceeded the mark of 2,500 million euros in the group of the five main banks, with only BPI seeing a decrease in revenue in this item (-6%). The largest percentage increase in fee revenue was from Novo Banco (9.7%), but the highest total amount collected was from BCP: 847.4 million.
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