Santander Totta triples profits in H1

  • ECO News e Lusa
  • 28 July 2022

The bank saw its profits increasing 196% to a total of €241.3 million in the first half of the year.

Santander Totta, the main subsidiary in Portugal of Spain’s Banco Santander, on Thursday reported a first-half net profit almost three times the size of the same period in 2021, at €241.3 million.

At the bank’s results presentation in Lisbon, CEO Pedro Castro e Almeida hailed the first-half figures as “very good”.

The first-half net profit was up 196.5% from the first-half profit in 2021, €81.4 million, according to the bank.

Loans and advances to customers in the period totalled €43.6 billion, up 0.5% year-on-year, “highlighting the growth of mortgage loans by 6.8%,” it said in a statement.

Customer funds stood at €47.8 billion, up 4.9% on the year. They were “dynamic as a result of a 6.9% growth in deposits, while off-balance sheet funds fell 4.4%, influenced by greater volatility in financial markets,” said Santander Totta.

Net interest income was €370.3 million, down 3.4% on a year earlier, while net commissions were up 17.9% at €239.5 million.

Operating income, which takes into account charges such as for contributions to resolution and deposit guarantee funds, was down 14.5% to €612.9 million in the period under review.