Novo Banco announced on Monday it had lost €131 million in the first three months of the year, compared with €249 million in the same period last year.

The operating costs fell 12.9% over the same period to €135.2 million, confirming the reduction that had been seen since the bank was created from the ashes of Banco Espirito Santo.

Speaking about the expectations for the rest of the year, António Ramalho said the “2017 accounts are still being marked by the sale of the bank", which is still in progress following an agreement with the US Lone Star fund.