Santander Totta profits soar 14.6% to €500 million in 2018
Profits at Santander Totta soared to €500 million in 2018 in what was the bank’s best results since 2015.
According to Jornal de Negócios, the bank led by Pedro Castro e Almeida improved its financial margin (the interest received from loans minus interest paid on deposits) which shot up by 24% to €866 million.
Commissions also increased 12.5% to €372 million. Factoring in a reduction in revenues from financial operations (-78% to €26 million), Totta enjoyed an increase of almost 10% in its bank products to €1.2Bn in turnover.
Santander Totta also managed to increase its revenues by turning around the situation of losses and accruals thanks to a positive contribution of €56 million from sales of property worth €600 million last year.
Furthermore, Totta also sold €1bn of Non-Performing Loans which reduced the bank’s bad debts ratio to 4% by the end of 2018.
Santander Totta also saw a slight reduction in credit to €40.3Bn thanks to offloading its credit default loans.
On the positive side too was the number of bank deposits which grew 6.3% in this period while customer resources rose 7% to €39 million.