The Bank led by Pedro Castro e Almeida saw its profits grow by 5.5% over the previous year, supported by growth in banking income.
Santander Totta, the Portuguese unit of Spain’s Banco Santander, had a net profit of €527.3 million in 2019, an increase of 5.5% from the €500 million it posted in 2018, the institution said in a statement today.
“Customer funds totalled 42.5 billion euros, representing an increase of 6.1% compared to the same period last year, with increases of 5.2% in deposits and 10.6% in off-balance sheet funds,” the statement reads.
Loans to customers in 2019 totalled €40.0 billion, down 1.0% from 2018; according to the bank, this was due to “management of non-productive portfolios” since “excluding this effect, the loan book would have been virtually unchanged.”
The unit’s CEO, Pedro Castro and Almeida, is quoted as describing the 2019 figures as “excellent” and mainly the result of 7% growth in net banking income.