Banco Santander closed the first nine months of the year with a record profit of 9.309 million euros. This is a growth of 14% compared to the same period of the previous year in a context of falling interest rates and doubt over the maintenance of the bank tax.
The entity chaired by Ana Botin explains to the National Securities Market Commission (CNMV) that it has obtained “strong revenue growth in all activities and regions of the world” and has increased the number of clients by five million.
“We achieved strong and profitable growth, with an increase in earnings per share of 19%,” Ana Botín said in a statement. “Interest margin and fee income are increasing, credit quality is solid and the transformation allows us to increase income well above costs,” he lists.
“All of this demonstrates both the strength of our diversification by business and country, as well as the progress in the execution of our strategy. As an example of this transformation, our main Retail and Consumer activities, which together represent more than 70% of the activity, increased their turnover by 8% and reduced their costs by 1% in constant euros. In an increasingly volatile geopolitical environment, we are convinced that we will continue this strong dynamic both during the rest of the year and in 2025, achieving all our objectives,” concludes the president of Santander.
Regarding the details of its results, the bank indicates that its interest margin increased by 8%, to 34,682 million euros, thanks to the growth of all businesses. And commission income increased by 5%, to 9,666 million euros. In constant euros, they increased by 6% due to stronger activity across all global activities.
Santander thus emphasizes that all its companies are operating and that its profit tax amounts to 4.246 million euros, “13% more, which represents an effective tax rate of 29%”, without however giving details on the tax on the banking sector.
