Santander Totta profits up 5% to €130.5 million

First quarter profits at Portugal’s Santander Totta bank increased 5% in 2016 to €130.5 million.  According to the bank’s President, António Vieira Monteiro, the result is in line with strong growth margins from an increase in bank commissions.

 

“We have a profitable bank, with products that grew 11%,” said the president, who added that bank customer numbers had also increased. “We are a sold bank,” he said, revealing that Santander Totta (Part of the Santander Group) had a net result of €130.5 million, corresponding to a 5% increase in relation to Q1 in 2017.

This result stems from a 34.6% growth in margins to €231.2 million reflecting growth from the integration of former Banco Popular Portugal.  Net bank charges rose 10.2% to €93.9 million benefiting from the positive impact of commissions on funds and assurance and insurance policies sold by the bank.