LISBON—The "bad bank" left by the collapse of Banco Espí rito Santo SA Friday reported negative equity of €2.42 billion ($2.64 billion) as of August last year, a strong indicator that most investors will suffer big losses on investments related to the bank.

Banco Espí rito Santo collapsed in August last year after reporting big half-year losses over its exposure to troubled parent Espirito Santo International SA and related entities, which have since become insolvent.

The country's central bank broke the bank into a "good bank," named Novo Banco SA, and a "bad" one. Novo Banco (which means "New Bank") kept the bulk of BES's branches, deposits and loans, while the bad bank kept shareholders' and junior bondholders' claims on the bank and its problematic subsidiaries in the U.S., Libya and Angola.

On Friday, the "bad bank," which retained the name Banco Espí rito Santo, reported total liabilities of €2.61 billion and total assets of €193.4 million as of August 2014. Among the liabilities are €668 million the bank set aside before it was broken up to cover losses from retail clients who had bought the debt of Espirito Santo International and entities through bank branches. The bank, however, said it can only release that money if ordered by a court.

Retail clients, whose investments are now close to worthless, have been protesting almost weekly, urging to be paid back and alleging the products were missold by the bank. Also listed among the liabilities is a â,¬587 million loan arranged by Goldman Sachs Group Inc. through a finance vehicle called Oak Finance Luxembourg SA.

Although the loan was originally transferred to Novo Banco, the Bank of Portugal decided later that it belonged to the bad bank instead.

The decision means Goldman Sachs and its clients could lose hundreds of millions of dollars from investments in Oak Finance notes backed by the loan. Goldman and investors have filed lawsuits against the Bank of Portugal decision in London courts.

Novo Banco, meanwhile, is up for sale, with another round of bids due later Friday. Three companies presented bids in the previous round—U. S. private-equity firm Apollo Global Management LLC, China's Fosun International Ltd. and Anbang Insurance—according to people familiar with the situation.

Although Novo Banco wants to fully pay back the €4.9 billion capital injection it received from a bailout fund in August last year, analysts consider it unlikely the bank will fetch that much.

Write to Patricia Kowsmann at patricia.kowsmann@wsj.com

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