Santander Totta’s consolidated profit in 2023 amounted to 1.030 million euros, up almost 70% from 2022, the bank reported this Friday.
According to the results presentation, recurring net profit (which excludes the impact of capital gains mainly from intra-group transactions) amounted to €894.6 million, in this case up 57% on the same period last year.
Financial margin (the bank’s main source of income, which is the difference between interest accrued on loans and interest paid on deposits) increased by 90.5% to 1.491 million euros.
In a presentation of the results, bank president Pedro Castro e Almeida said the bank’s results were driven by rising interest rates as well as the commercial and digital transformation the bank has undertaken in recent years, and noted that the financial sector is strong, “ultimately profitable and well capitalized ” is “the first line of defense for the country’s future growth.”
Author: Lusa
Source: CM Jornal
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.