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BANCO ESPIRITO SANTO ANNOUNCES SEPTEMBER 1993 RESULTS

 NEW YORK, Nov. 3 /PRNewswire -- Espirito Santo Financial Holding S.A. is pleased to announce the September 1993 results of its main subsidiary Banco Espirito Santo, in Portugal:
 Unconsolidated net profits of Banco Espirito Santo (BES) at the end of September 1993 amounted to Esc 15.4 billion, reflecting a 7.1 percent increase over the same period last year. Banking results (which include financial margin, fees and commissions) increased by 11.6 percent, to Esc 67.3 billion, with particular emphasis on the fees and commissions which grew by 32.5 percent to Esc 17.4 billion. Operating cost increased by 2 percent in the same period. Consequently, gross profits increased by 25 percent to Esc 31.5 billion at the end of September 1993.
 BES continued to apply its traditionally conservative approach to the reinforcement of provisions for bad debt and pension fund liabilities. Finally, total funds under management at Espirito Santo Activos Financieros, which is part of the BES group of companies, have increased by 37 percent to Esc 33.4 billion at the end of September of 1993.
 -0- 11/3/93
 /CONTACT: Fern C. Lazar or Joe Mileti of Dewe Rogerson Inc., 212-688-6840/


CO: Espirito Santo Financial Holding S.A. ST: IN: FIN SU: ERN

LG-RW -- NY035 -- 0051 11/03/93 10:33 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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