A bank based in Portugal with interests in Lusophone countries worldwide has reported dynamic growth in its letter of credit (L/C) business.

Espirito Santo Financial Group has also reported a 13.3% increase in net profits in its unaudited consolidated results for the first half of 2009.

Commercial strength

The group says that despite the adverse economic environment, its commercial banking units posted a strong performance in terms of net interest income and net fees and commissions. Performance fell in other areas by around 8.9%, according to the group.

ESFG says net fees and commissions rose by 15.2% year-on-year on the back of dynamic growth in its international L/C business as well as guarantees, commissions on loans and bancassurance.

International presence

ESFG's international presence aims to support Portuguese firms and individuals in countries with cultural affinities with Portugal.

The group has operations inPortugal, Angola, Brazil and Cape Verde, as well as Spain, China, the US, Switzerland and Dubai.

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