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Home » Spain’s Santander posts 20% rise in net profit on strong retail business
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Spain’s Santander posts 20% rise in net profit on strong retail business

adminBy adminJuly 24, 2024No Comments2 Mins Read0 Views
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Santander Bank Headquarters

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Banco Santander reported a 20% increase in second-quarter net profit compared to the same period last year, supported by growth in retail, asset management and consumer activity, following strong revenue and margin management in Europe and Brazil.

The company’s net profit attributable to the parent came to 3.207 billion euros ($3.48 million), in line with expectations of analysts polled by Reuters.

The bank’s ratios have also been strong, with its fully applied CET1 ratio – a measure of a bank’s solvency – rising to 12.5% ​​in the three months to June from 12.3% in the March quarter.

Return on tangible equity (ROTE), a profit measure, rose to 16.8% in the fourth quarter from 14.9% in the first quarter and to 15.9% in the first half of the year from 14.5% in the same period last year. As a result, the bank raised its full-year 2024 ROTE guidance to more than 16% from a previous forecast of 16%.

Santander now expects sales to grow in the high single digit range, up from the mid-single digit growth it had previously forecast.

Other highlights include:

Pre-tax profit: 4.925 billion euros in the second quarter (4.258 billion euros in the same period last year). Net interest income: 11.47 billion euros in the second quarter (10.52 billion euros in the same period last year), but below the 11.96 percent forecast for the second quarter of 2024 by analysts polled by Reuters.

Discussing revenue, the bank noted the “adverse effects of hyperinflationary adjustments” in Argentina, where President Javier Milley has made curbing price increases a priority.

“In a volatile geopolitical environment, I am confident that the diversification of our businesses and markets, the strength of our model and the quality of our team will enable us to achieve the more ambitious goals we set out today. I would like to once again express my very gratitude to my team,” Santander Chairman Ana Botin said in a statement.

This breaking news story is being updated.



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