In a statement, Oitante, fully owned by the Resolution Fund (FdR), reported a revenue of 67.5 million euros from the sale of real estate assets, credit recovery, and financial income.
Operating income fell by 19% compared to 2023, settling at 22.6 million euros, reflecting the disinvestment process.
Interest from short-term instruments supported financial results of 4.6 million euros, which remained stable compared to the previous year, Oitante noted.
Given these results, achieved through efficient asset management aligned with the objectives set during its establishment, Oitante’s Board of Directors proposed a dividend distribution of 13.1 million euros.
The manager added that this dividend value could be revised upwards “up to the full amount of the year’s result” and recalled that the total paid between 2020 and 2024 amounted to 150 million euros.
“These results demonstrate the effectiveness of the operational model adopted by Oitante and its ability to return value to the shareholder while ensuring rigorous and responsible management of the assets under its care,” the company stated.
Oitante was created by the Bank of Portugal in December 2015 as part of Banif’s resolution, to manage assets that belonged to Banif and were not purchased by Santander Totta, including impaired real estate, non-performing loans, financial participations in companies with deficit activities, or in the process of being sold.
The Resolution Fund holds the entirety of Oitante’s capital, with payments related to profit and reserve distributions contributing to reducing the 489 million euros losses that the Resolution Fund incurred in Banif’s resolution, the statement mentioned.
In a statement released today, the FdR said it approved the report and accounts for last year’s performance during a general meeting of Oitante held on the 16th.
The FdR added that dividends received from Oitante are used to reduce the 489 million euros losses from the resolution and will be used to repay the fund’s debt to the state.
The organization also congratulated the social bodies and employees of Oitante for their work.
[Updated at 13:17]
