Santander Q3 Profit Climbs; Confirms FY24 Outlook

Banco Santander Central Hispano

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(RTTNews) - Spanish financial services Group Banco Santander S.A. (BNC.L, BSBR, SAN) reported Tuesday that its third-quarter attributable profit reached 3.25 billion euros, a growth of 12 percent on a reported basis and 16 percent at constant currency rates.

Profit before tax grew 11 percent from last year to 4.92 billion euros, while the growth was 15 percent at constant rates.

In the quarter, total income was 15.14 billion euros, a growth of 2 percent on a reported basis and 6 percent at constant currency rates. Net operating income increased 5 percent year-over-year to 8.79 billion euros.

The nine-month revenue grew 7 percent to 46.2 billion euros, driven by growth in all global businesses.

Further, Santander still expects high-single digit revenue growth for the year in constant euros, an efficiency ratio of c.42 percent and RoTE of over 16 percent.

Ana Botín, Banco Santander executive chair, said, "In an increasingly volatile geopolitical environment, we are confident that we will maintain this strong momentum throughout the rest of the year, delivering on all our targets, and continuing into 2025."

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