Banco CTT registers first profit in 2020

Portugal’s post office bank Banco CTT achieved a positive consolidated net profit of €0.2 million in 2020 for the first time in its history.

Banco CTT which began its activity in 2016, registered the profit, making a net result of €200,000.
The announcement made by CTT was sent to the securities market commission CMVM which reads “CTT made a profit in a year profoundly marked by the impact of the Covid-19 pandemic in the economic context, in what is an “important milestone and mark of its profitability” that means it can be confirmed “as a banking institution of reference for Portuguese families”, with more than 600,000 customers with open bank accounts, of which 56,000 were opened last year.
“The revenues of Banco CTT achieved €82.1 million in 2020, a growth of €19.2 million (30.5%) on 2019, with €12.9 million from its loan product 321 Credit,” which was bought in May 2019, adds CTT.
“Excluding this inorganic effect, income would have achieved €48.2 million, €6.3 million more (15.1%) than in 2019,” it states.
The bank’s EBITDA grew four times (416.7%) to €19.2 million and the EBIT result went form €-4.9 million to €+4.6 million for Banco CTT whose Chairman is João Moreira Rato and CEO is Luís Pereira Coutinho.