The bank explains that, in the first quarter of last year, extraordinary costs of €164.5 million had been recorded (net of taxes) with the restructuring plan (reduction of workers, closing of branches and investments in technology), which had an impact on profits at the time.
In the first quarter of this year, banking income was €331.7 million, 21.2 percent less than in the same quarter of 2021.
According to Santander Totta, the drop in banking income is due to the decrease in income from financial operations (94 percent less to €8.1 million).
Net interest income (strict) remained practically stable (0.7 percent) at €193.9 million and net commissions rose by 23.3 percent to €119.1 million.
Operating costs fell 15.6 percent to €121 million, while personnel costs dropped 11.7 percent to €44.5 million.