Santander Totta profits 92 million euros in the third trimester

  • ECO News
  • 27 October 2016

The growth of the business in Portugal has contributed to the 1.7 billion euros profit of the group. Portuguese bank Banif’s integration will continue.

Santander Totta has registered a 92 million euros’ profit in the third trimester of the year, which corresponds to a growth of circa 19.4% when compared to the same period of the previous year, after having integrated the Portuguese bank Banif last December.

According to the results of the Spanish group sent to the Portuguese Securities Market Commission (CMVM), the bank has seen in Portugal their financial margins and commissions register an homologous increase of 30%, from 200 million euros in the third trimester of 2015 to 260 million euros in this trimester. The exploitation costs also increased from 124 million to 142 million euros (over 14.5%).

In the report, Santander emphasizes “Banif’s integration according to the timetable”, a bank purchased in the end of 2015 for 150 million euros, and an increase in the number of clients for their 1|2|3 personal credit package, opening 27,500 new accounts between July and September. Santander also highlighted the growth in deposits, reflecting on the good position the bank has within the system.

"[In Portugal] there are still doubts about the financial system and fiscal goals, restricting, therefore, economic growth.”



Concerning the results achieved by the Santander group, trimestral profit was 1.7 billion euros, 0.9% more than the 2015 trimester, surpassing expectations analysts had (1.54 billion). The spread, coming from the income of interests collected on loans and interests paid on deposits, dropped to 7.8 billion euros.