Santander jumps by a quarter of the profit

Banco Santander continues to recover from the epidemic, reporting a € 2.2bn profit for the third quarter, benefiting from its relative strength in the U.S. and UK markets, as well as digitization.

Third-quarter profits were up 24 percent from the same period last year, with the group’s নয় 5.8bn profit for the first nine months of the year contrasting the group’s € 9bn loss for the same period in 2020.

The group’s U.S. and UK operations played an outsourcing role in the first nine months of the year, which in part reflected unequal recovery around the world from the coronavirus crisis. Compared to the first nine months of 2020, underlying profits in North America have doubled to € 2.3bn for this period, while they have increased fivefold to € 1.15bn in the UK.

Anna Botin, executive chair of Santander, welcomed the group’s results in two markets as “particularly strong, underscoring the effectiveness of our strategy in this important market.”

Group performance was less pronounced in the United States and the United Kingdom, but in the third quarter, underlying U.S. profits fell 28 percent in the second quarter, while UK profits rose 12 percent.

With digital transactions growing 39 percent in the first nine months of 2020, the group emphasized its progress in digitalisation. Digital sales – now 54 percent of the total – have increased by 10 percentage points.

Santander said net fee revenues are now above pre-covid levels, giving it a wide range of value-added products, while spending in real terms fell 1 percent compared to the first nine months of 2020, with Europe falling 3 percent. It added that its non-performing loan ratio fell four basis points to 3.18 percent in the quarter.

The group says it now has 152 million customers worldwide, more than any other bank in Europe and America.

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