Santander achieves a record profit of 8,143 million until September due to the boost in income

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Santander Bank heading into a record year. In the first nine months of the year, the entity achieved an attributable profit of 8,143 million euros, 11% more than the same period of the previous year, supported by strong growth in income, especially in Europe and Mexico. The rate increase supports the momentum of the group chaired by Ana Botín, which is on track to beat the level of 10,000 million euros at the end of the year.

The numbers published this Wednesday by the entity already contemplate the impact of 224 million euros due to the temporary tax imposed in Spain on banking income and also the increase in provisions made by the company, which is neutralized by the increase in income.

“We achieved another record quarter, with an increase in earnings per share of 17% and a return on tangible equity of 14.8%. We have nine million new customers, revenues are growing at 13% and we are making progress in simplifying our business,” Botín pointed out in a note published this morning.

He gross margin grew by 13%, to 43,095 million euros, after increasing the number of clients by nine million, which puts the total at 166 million. The bank explains that the rebound in customer activity and interest rates led to a 16% increase in interest marginup to 24,134 million euros, driven by higher volumes in some countries, the increase in interest rates and the management of margins.

Likewise, net commissions increased by 6%, to 9,222 million euros, thanks to the sales of value-added products, especially in global businesses. These businesses, together with PagoNxt and automobile financing, represent 38% of total income and 42% of commission income. Furthermore, interest margin and fee income account for 96% of the group’s total income.

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