The bank in Portugal posted profits of €155.4 million in the first quarter, representing a 350% increase compared to the same period in 2021.
Santander Portugal made profits of €155.4 million in the first quarter of this year, four times more than the €34.2 million it recorded for the same period of 2021, according to a statement sent by the company on Tuesday.
The first quarter of last year had seen extraordinary costs of €164.5 million (net of taxes) due to the unit’s restructuring – with job cuts, branch closures and investments in technology – which had an impact on profits for the period.
In the first quarter of this year, operating income was €331.7 million, down 21.2% on a year earlier. According to Santander Portugal, that was due to a decrease in income from financial operations, which was down 94% to €8.1 million.
The financial margin remained practically stable at €193.9 million, while net commissions swelled 23.3% to €119.1 million.
Operating costs were down 15.6% to €121 million, with staff costs down 11.7% to €44.5 million.
At the end of March, Santander Portugal had 4,721 employees, 1,233 fewer than a year earlier, and 344 branches, down 42.
As for the Santander group, it reported a first quarter profit of €2.543 billion, up 58% from a year earlier.