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Santander profits jump by a quarter

Banco Santander continued to recover from the pandemic by reporting a profit of € 2.2 billion in the third quarter, benefiting from year-to-date relative strength in the US and UK markets and digitization. rice field.

Third-quarter profits were 24% higher than in the year-ago quarter, with profits of € 5.8 billion in the first nine months of the year, while the group lost € 9 billion in the same period in 2020.

The Group’s US and UK operations played a major role in the first nine months of the year, partially reflecting the uneven recovery around the world from the coronavirus crisis. Compared to the first nine months of 2020, North America’s underlying profits more than doubled to € 2.3 billion, while the United Kingdom quintupled to € 1.15 billion.

Anabotin, Executive Chair of Santander, praised the group’s results in the two markets as “especially strong and emphasizing the effectiveness of our strategy in these important markets.”

The Group’s performance in the US and UK was less pronounced, but in the third quarter, underlying US profits fell 28% in the second quarter and UK profits increased 12%.

The group also highlighted the progress of digitalization, with digital transactions increasing by 39% in the first nine months of 2020. Digital sales, which currently account for 54% of the total, increased by 10 percentage points.

According to Santander, net commission revenues are above pre-Covid levels, given the growing offering of value-added products, but real costs are compared to the first nine months of 2020. Then it decreased by 1% to 3%. Fall into Europe. He added that the non-performing loan ratio fell by 4 basis points quarterly to 3.18%.

According to the group, it currently has 152 million customers worldwide, more than any other bank in Europe or the Americas.

Santander profits jump by a quarter Source link Santander profits jump by a quarter

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