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CTT – Correios de Portugal’s net profit fell 81.1% year-over-year to 4.3 million euros in the first nine months of 2019, the company announced on Wednesday, penalized by the decline in the business of the post and an increase in write-downs and provisions.
EBITDA – earnings before interest, taxes, depreciation and amortization – fell 21.3% to 57.7 million between January and September 9, due to the strong impact of “Posta et al. “”, the company said in a note disclosed on the CMVM website. “The EBITDA of the remaining business areas grew significantly in the nine months, with an increase of 15.8 million, or 111.3%, has affirmed.
“This performance was strongly influenced by the impacts that occurred in March 2020 with the constraints deriving from COVID-19, as EBITDA in the first two months of 2020 grew by 5.9 million euros,” he explained.
“Excluding the effect of the elections in the third quarter of 2019, EBITDA fell by only 0.7 million (-2.7%), highlighting a recovery that is mainly exploited in the Espresso and Parcels and Banco CTT business areas” he stressed.
Mail operating revenues reached 308.8 million euros, down 11.8% compared to the same period of 2019, mainly due to the 13.1% decline in transactional mail revenues and 21.6% % of advertising mail, mitigated by the growth in solution yield
business.
On the contrary, the operating profit of the “Express and parcels” business reached 131.5 million euros, an increase of 19.5%, explained the company led by João Bento. He stressed that the business performance in Portugal was mainly derived from the growth of CEP (Courier, Express and Parcels), whose revenues amounted to € 65.2 million (+ 23.2%).
The company stressed that the first half of the year was marked by the Covid-19 pandemic and the effects of the restrictions imposed on most sectors of the economy which had a strong impact on the shipping profile, with a reduction in B2B traffic, and having On the other hand, there has been a strong growth in e-commerce business and, therefore, B2C. He stressed, however, that in the third quarter “the sustained pace of e-commerce activity continued and B2B recovered”.
Banco CTT’s write-downs and provisions increased by 232%
Banco CTT’s revenues reached 59.7 million in the first nine months, an annual growth of 16.9 million (+ 39.3%) in the previous year, of which 12.3 million came from 321 Crédito, acquired in May 2019 Excluding this inorganic effect, returns would amount to 35 million plus 4.6 million compared to the same period in 2019.
Writedowns and provisions increased by 232% to 13.2 million, “to face potential losses from the expected economic contraction (+9.2 million), mainly in the Banco CTT business area, particularly in car loans, but also due to depreciation (+ € 6.6 million) deriving from strategic investments, not offset by the decrease in specific items “.
Customer deposits amounted to over 1,571 million euros at the end of September, due to the bank’s commercial performance, according to the postal operator. This is an increase of 35.4% compared to the same period last year and 22.4% compared to the end of 2019. The increase in customer deposits was accompanied by an increase in the number of accounts. In the first nine months of the year, another 66 thousand Banco CTT accounts were opened, for a total of 505 thousand. “The transformation ratio is 66.2%,” according to the company.
Commissions collected increased by 56.5%, to 3.4 million euros, due to the “increase in transactions with customers (+ 16.8%) and in accounts and cards (+ 517.2%), led from the beginning in April by the introduction of a debit card commissioning model ”. As regards consumer credit, commissions decreased by 17.3%, to -0.3 million euro, “due to the reduction in production volumes in 2Q20 and 3Q20 and the increase in risk deriving from the current economic context “.
In the first nine months, the payments area recorded a deceleration in commissions collected, which fell by 16.8% to 2.6 million euros, with a total profit of 12.7 million.
PPR placements at Banco CTT decreased by 86.5%, to 30.3 million euros, year on year.
Motor loans recorded a net impaired portfolio of 536.2 million euros and home loans a net impaired portfolio of 494.3 million euros.
“At the end of the first nine months of the year, formalized moratorium requests reached an overall exposure of 41.2 million, equal to 3.9% of the total gross loan portfolio. On 30 September, the default of the private car loan for 27.6 million euros was concluded, which represented 40.1% of the total formalized default. The public moratoriums have been extended until September 2021 ”, informed CTT.
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