Wednesday, April 27, 2016

Santander profit increased 121% after buying Banif – Journal News

The group Santander announced Wednesday, profits of 121 million euros in Portugal in the first quarter of the year, over 121% compared to 2015, and said the “positive impact on the whole of the merger of Banif activity.”

in a communication to the Spanish market, the bank points out that “the assigned first-quarter profit is 121 million euros, more than double that obtained until March last year (+ 121%),” and points out “the positive impact throughout the whole of the merger of Banif activity” which Santander bought last year for about 150 million euros.

“all the interest margins and commissions grew 30%, while costs have risen 25%, “stressed Santander, adding another reason for the rise in profits.

” in addition, revenues strengthened with the results of originated financial transactions the sale of portfolios, “he said.

the loan-loss provisions, despite the larger perimeter,” only increased by 2%, with the cost of credit to improve to 0.28%. “

Compared to the fourth quarter of last year, “in which the results obtained in public debt sales were very high, profit increases by 1%.”

gross margin of Santander in Portugal reached EUR 337 million in the first quarter (41.5% more than last year), while net margin was 183 million (59.6%). Profit attributable to the group was EUR 121 million (121.4%).

On the evolution of the business in Portugal, with the purchase of Banif, Santander indicates that the credit increased by 24% for 30 billion euros.

“the incorporation of Banif balances represented a change in its structure, increasing the weight of the corporate segment to 35% (31% in March 2015). in terms comparable, without the effect of this merger, the balances decrease by 2% (which is a better performance than the market, “says the bank.

on the other hand, resources increased by 22% to 30.6 billion euros, “mainly due to the incorporation of Banif deposits”.

“in like basis, total funds recorded an increase of 4%, consistent with a very focused management in reducing the cost of deposits, “the Santander.

Portugal is 6% of the total bank profits in the first quarter the year, which were 1,630 million euros.

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