The Diplomat
Banco Santander posted attributable profit of EUR 5,241 million in the first half of 2023, 7% more in constant and current euros than in the same period of the previous year, the bank said yesterday.
The bank explained that this result is based on “strong growth” in revenues, especially in Europe, which neutralised the year-on-year increase in provisions in North and South America.
Revenues grew by 13% to 28,234 million euros. Increased customer activity and higher interest rates led to a 15% rise in net interest income, with growth in all regions, but particularly strong in Europe (+32%).
Fee income increased 5%, driven by sales of value added products, particularly in the Bank’s global businesses (CIB, Wealth Management & Insurance, PagoNxt and the auto business), which together account for 42% of fee income.
The number of the Bank’s customers grew by nine million in the last twelve months to 164 million.
Attributable profit in the second quarter increased 17% year-on-year to EUR 2,670 million.
Provisions increased 21% year-on-year, although they remained stable compared to the previous quarter.The bank said the year-on-year growth was mainly due to the normalisation in the United States after the pandemic, as well as the increase in provisions in Brazil and the increase in the coverage of the mortgage portfolio in Swiss francs in Poland.
