At the beginning of the year, after banks presented results for 2023, in several cases the highest ever, markets considered that an exceptional 'peak' had been reached (DBRS called European banking profits "tremendous"). For this year, they predicted, the sector would remain highly profitable but at lower levels due to falling interest rates and an uncertain economic and geopolitical situation.

However, with less than a month to go until the end of 2024, the forecast is that this year profits will surpass those of 2023, a trend in Portugal but also in Europe. Until September alone, the aggregate profits of the five largest banks operating in Portugal (Caixa Geral de Depósitos, BCP, Novo Banco, BPI and Santander Totta) were 3,900 million euros, 19% more compared to the first nine months of 2023. “We said that 2023 was going to be the best and after all…”, said analyst from the rating agency DBRS Jason Graffam, contacted by Lusa.