Santander Totta SGPS achieved a net profit of 621.7 million euros until September, representing a growth of 61.5% compared to the 385.1 million recorded in the same period of 2022, the bank announced on Friday.
Bank revenues amounted to 1,407.6 million euros, an annual growth of 50.8%, resulting, according to the bank, from the growth of the financial margin (+88.5%), which allowed the decline of 3.6% be compensated. % in terms of net commissions, up to 345.7 million euros, in the same period.
Operating costs amounted to 387.4 million euros, representing year-on-year growth of 6.3%, “largely reflecting the context of high inflation”, meaning operating revenues amounted to 1,020.1 million euros, up 79.3% compared to the same period in 2022.
The efficiency ratio fell to 27.5%, a decline of 11.5 percentage points (pp) year-on-year.
Customer resources amounted to 43.2 billion euros, a decrease of 7.5% compared to the same period last year, “largely explained by the evolution of deposits, which decreased by 9.7%, in a dynamic linked to the aforementioned early depreciation of credits, as well as through investments in off-balance sheet assets, which grew by 4.2% compared to September 2022,” the bank explained in a statement.
In turn, lending to customers amounted to 44.9 billion euros, up 3.4% compared to the value for the same period in 2022, with the bank stating that it has maintained support “for the most productive sectors of the economy”.
“At the individual level, the context of higher interest rates contributes to a deleveraging of the balance sheet, thanks to the early repayment of loans, especially for housing. The mortgage loan portfolio recorded a year-on-year decline of 4.0%”, add them to it.
Source: DN
