Santander obtains a profit of 9,309 million euros until September, 14% more

Santander obtained an attributable profit of 9,309 million euros in the first nine months of 2024, 14% more compared to the same period of the previous year, thanks to the “strong” growth in income in all its global businesses and regions, as reported this Tuesday to the National Securities Market Commission (CNMV).

In the third quarter, it recorded profits of 3.25 billion euros, 12% more than in the same period of 2023.

On the other hand, the gross margin increased by 7% in the first nine months of the year, until 46,185 million euros. Santander explains, on the one hand, that the increase in customer activity and “good” management of margins supported an 8% increase in net interest income, up to 26,923 million euros, with increases in all businesses and regions. , especially ‘retail’.

In fact, the bank indicates that the retail interest margin grew by 9% in constant euros, with “good” evolution in the three regions thanks to the management of margins in Europethe highest volumes in North America and the lowest deposit costs in South America.

Commission income increased by 5%, to 9,666 million euros. In constant euros, they increased by 6% due to greater activity in all global businesses.

The president of Banco Santander, Ana Botínhighlighted the “strong and profitable” growth and the 19% increase in earnings per share. “The interest margin and commission income increase, the credit quality is solid, and the transformation allows us to increase income well above costs,” he highlighted.

Thus, he has praised the business diversification and countries of the bank which, as an example, has allowed the income of retail banking and the consumer business to increase by 8% and costs to be reduced by 1%, in constant euros. These two businesses represent more than 70% of Santander.

“In an increasingly volatile geopolitical environment, we are convinced that we will continue with this strong momentum both during the rest of the year and in 2025, meeting all our objectives,” he concluded.