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Santander Totta profits soar 14.6% to €500 million in 2018

 In Banks, News

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.


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