Banco Santander S.A., the Spanish financial services institution (BNC.L, BSBR, SAN), announced a 12% increase in third-quarter attributable profit, amounting to 3.25 billion euros. When considered at constant currency rates, this growth translates to 16%.
The bank's profit before tax rose to 4.92 billion euros, representing an 11% increase from the previous year, which is adjusted to a 15% rise at constant currency rates. Total income for the quarter was 15.14 billion euros, marking a 2% rise on a reported basis and a 6% increase when adjusted for currency fluctuations. Net operating income grew by 5% from the previous year, reaching 8.79 billion euros.
Over the first nine months, revenue surged by 7% to 46.2 billion euros, propelled by expansion across all global sectors. Looking forward, Santander anticipates high-single-digit revenue growth for the year in constant euros, aiming for an efficiency ratio close to 42% and a Return on Tangible Equity (RoTE) exceeding 16%.
Ana Botín, Banco Santander's executive chair, stated, "Despite the increasingly volatile geopolitical climate, we are confident in maintaining this robust momentum through the year's remainder and into 2025, achieving all our targets."
