Santander Totta made a profit of 385.1 million euros in the first nine months of the year, more than double the 172.2 million in the same period in 2021, the bank said in a statement today.
The bank explained that “in the same period last year, the net result amounted to 172.2 million euros, when an extraordinary charge of 164.5 million euros (after tax) was booked in the first quarter, covering the ongoing transformation plan, with optimization of the branch network and investments in processes and technology”.
Banking revenues amounted to EUR 933.6 million between January and September, while commissions reached EUR 358.6 million.
In terms of operating expenses, they amounted to 364.5 million euros, a decrease of 13.6% compared to the first nine months of 2021.
In the reporting period, total lending to customers amounted to 43,500 million euros, a decrease of 0.1% compared to the same period in 2021.
In the mortgage segment, the portfolio grew by 6.7% year-over-year, “due to the dynamics in new home loan production, where the bank maintains a 23.7% market share (cumulated to August)”, the bank said.
In terms of customer deposits, the value amounted to 39,300 million euros, a growth of 3.6% compared to the same period last year.
Banco Santander earns 7,316 ME in the first nine months, a new record
Banco Santander earned 7,316 million euros between January and September, a new record for the period and higher than analysts’ forecasts, as well as 25% more than the profit achieved in 2021.
In a statement to the Spanish market regulator, the bank’s attributable profit in the third quarter was 2,422 million euros, an increase of 2%, after including a net charge of 181 million euros for the new mortgage moratorium arrangement in Poland.
The bank continued to base much of its results on its strong commercial activity, despite the prevailing uncertainty in the markets, Santander said, adding that customer money reached a new record at 1.13 billion euros, an increase of 4%. thanks to the 6% growth in deposits.
Inflation caused a general increase in costs (+6% in constant euros); however, in real terms (ie net of inflation), costs were 5% lower thanks to the group’s productivity improvements.
Loans were up 7% to 1.04 billion, thanks to mortgages and consumer credit, which grew 7%, and corporate loans, which grew 6%.
Non-performing loans of that entire portfolio improved by 10 points year-on-year to 3.08%, which the bank attributes to the good performance of Europe and Digital Consumer Bank, with a funding ratio of 70%.
The cost of risk increased by three basis points to 0.86% in the quarter as a result of higher provisions, including costs related to macroeconomic uncertainties.
Commercial activity, as well as rising interest rates in the UK, the eurozone, Poland and elsewhere, boosted the bank’s net interest income by 8% to €28,460 million at the end of September.
Net fee and commission income increased by 7% driven by higher volumes and improved activity, bringing total revenues to €38,629 million.
Loan loss provisions increased by 17% in constant euros due to the release of provisions for the second quarter of 2021 and the normalization of provisions in the United States.
Geographic diversification continued to support growth for another quarter, protecting its accounts to some extent from “adverse scenarios,” allowing it to “resiliently” face the indirect effects of the conflict in Ukraine, the bank explains, which it “does not have.” direct presence or exposure in Russia and Ukraine”.
Source: DN
