Rating agency validates spike in Portuguese banking profits.

Analysts at DBRS Morningstar (Dominion Bond Rating Service), a global credit rating agency, say that 2023 was a good year for banks of Portuguese nationality, with profits already reaching their peak.

According to a note to which Jornal Negócios had access, the agency is optimistic for Portuguese banking in 2024 and states that despite "it being unlikely that the level of profits will persist, performance should normalize and remain strong ", it reads.

It is likely that banks' earnings performance peaked last year, along with the level of interest rates, despite the fluctuation and challenges - with the possible decline in interest rates seen in that period.