LISBON, March 9 (Reuters) - Portugal's fourth-largest bank, Novo Banco, announced on Thursday that profit tripled in 2022, boosted by higher interest rates and fewer non-performing assets, and said the strong results could pave the way for an eventual initial public offering.
The bank's consolidated net profit jumped to 561 million euros ($592 million) last year, from 184.5 million euros in 2021, it said in a statement.
Novo Banco, 75% owned by U.S. private equity fund Lone Star, will see pre-tax profit rise again this year, Chief Executive Mark Bourke told Reuters in a phone interview.
Recurring 'profit before taxes' is expected to rise above 600 million euros this year up from 407 million euro last year, he said.
Analysts have speculated that Novo Banco could be merged with another lender looking to consolidate its position in Portugal, but Bourke sees the bank remaining independent, growing its business and performing well which will be key for an eventual IPO.