The Spanish banking giant Banco Santander posted a net profit of 2.54 billion euros (2.61 billion francs) in the first quarter, up 58% compared to the same period of 2021, thanks in particular to good performance in the European market.
This result is higher than the expectations of analysts polled by the financial information provider Factset, who expected 2.35 billion in profit. It is also higher than the figure for the last quarter of 2021 (2.27 billion).
“The first quarter was very solid”, welcomed in a press release the president of Santander, Ana Botin, highlighting the “increase in the number of customers” recorded by the banking group, but also the “progress of its income’.
The Spanish bank thus has 155 million customers worldwide, seven million more than in the first quarter of 2021. Its net margin increased by 8% to reach 12.3 billion euros, thanks to a increase in loans and deposits.
‘All regions performed well, especially Europe, where profitability improved,’ said Ms. Botin.
Santander’s ordinary profit thus climbed 30% in Europe, to 1.01 billion euros. It increased by 8% in South America, to 900 million euros, and remained stable in North America, to 806 million euros.
On the basis of these results, the first Spanish bank confirms its objectives for 2022, “despite the effects of inflation”, which has been rising sharply for several months, “which will affect global economic growth”.
Santander, which made 8.12 billion euros in profits last year, after suffering an abysmal loss of 8.7 billion in 2020 due to the health crisis, plans to increase this year to 40% the share of the profit returned to shareholders.
/ATS