Banco Totta

Banco Totta has won the award again this year thanks to a strong all-around performance in 2002 that was achieved despite Portugal’s economic recession. The bank’s successful integration of all its parts, including Banco Totta e A ores, Credito Predial Portugese and Banco Santander Portugal, in just 15 months was also a major factor in the judges’ decision.

Banco Totta finished the difficult year with a 5.6% growth in net profit and a respectable ROE of 20.1%. It even managed to boost its efficiency, as indicated by its cost-to-income ratio, which fell to 45.6% last year from 50.4% the year before.

It continued to build on its strong position in Portugal in 2002, raising its market shares of mortgage loans (about 16%), investment funds (17.4%) and insurance (14.2%). Its total share of the Portuguese banking market is 11%.

“The bank’s strategy relied on focusing on the core banking business, thus avoiding important capital losses due to the capital market downturn that affected our competitors,” said Luis Bento dos Santos, an executive member of Banco Totta’s board.

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