CTT’s profits fell 54% year-on-year in the first quarter, to 7.4 million euros, and subscriptions of public debt securities fell from 7.5 billion euros to 294.8 million euros.
In the note, published by the Securities Market Commission (CMVM), the company indicated that it recorded, in the first three months of this year, “a consolidated net result attributable to the shareholders of the CTT group of 7.4 million euros , 8.7 million euros below what was obtained” in the first quarter of last year.
Operating income from the Financial Services and Retail segment reached €5.5 million in the first quarter of this year, a drop of 80.8%, the group said.
“This unfavorable performance, compared to the same period last year, largely comes from the behavior of public debt securities,” he highlighted.
According to the CTT, “in the first quarter of 2023, public debt securities reached historical maximum placement levels, induced by the greater attractiveness of the product compared to bank deposits,” but “The change in marketing conditions in June 2023 reduced the attractiveness of this product for savers.due to the reduction in interest rates, and the limited marketing capacity, due to the drastic reduction of the maximum investment limits per subscriber.”
Thus, in the period analyzed, subscriptions to these instruments were made “for an amount of 294.8 million euros, compared to 7,500 million euros of subscriptions” in the first quarter of 2023, he highlighted.
Source: Observadora
