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CTT Bank revenue rose 6.3% to 36.2 million in the 1st quarter
Banco CTT recorded operating income of 36.2 million euros in the first quarter, an increase of 6.3% compared to the same period last year, according to a statement to the market.
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Economia Banco CTT
In the note released by the Portuguese Securities Market Commission (CMVM), CTT indicated that the growth in income was due to the positive performance of the financial margin, which reached 24.1 million euros, 9.3% more than last year.
In turn, interest received increased by 14.8 million, compared to the same period last year, "benefiting from the rise in interest rates and the growth in volume", and "interest paid increased by 12.8 million euros compared to the same period in 2023 due to the increase in the remuneration rates for customer deposits and auto loan securitizations", it highlighted.
At the end of the first quarter of this year, "the number of current accounts was 658 thousand (11 thousand more than in December 2023)", CTT said.
Customer deposits stood at 3,470.4 million euros in the same period, a growth of 11.7% compared to December 2023.
According to the company, "there was a 25.1% increase in time deposits and a 5.5% reduction in demand deposits, compared to December 2023".
CTT detailed that "interest received from auto loans reached 14.6 million euros in the first quarter", up 38.1%.
In turn, "interest received from home loans stood at 7.8 million euros", more than double, in year-on-year terms.
"This growth is in line with the positive evolution of Euribor rates since the first half of 2023", it said, revealing that "the net home loan portfolio of impairments amounted to 736.8 million euros in the first quarter of this year, 1.3% more than in December 2023.
Commissions received reached 11.6 million euros in the first quarter of 2024, up 3.3%, it said.
CTT's profits fell 54% year-on-year in the first quarter, to 7.4 million euros, with the subscription of public debt securities falling from 7.5 billion euros to 294.8 million euros, it said in a statement.
Read Also: CTT profits fell 54% to 7.4 million euros in the first quarter (Portuguese version)
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