Banco Santander (NYSE:SAN) posted a 20% year-on-year hike in second-quarter net profit underpinned by growth in its retail, wealth and consumer activity, after firm revenues and margin management in Europe and Brazil.
The company’s net profit attributable to the parent group came in at 3.207 billion euros ($3.48 million U.S.), in line with a consensus from analysts polled by Reuters.
The bank’s ratios also firmed, with its fully-loaded CET1 ratio (a measure of a bank’s solvency) up from 12.3% in the March quarter to 12.5% in the three months to June.
Its return-on-tangible-equity ratio — a profit metric — rose to 16.8% in the June quarter, up from 14.9% in the first quarter, and to 15.9% in the first half, up from 14.5% in the same period of last year — prompting the bank to improve its RoTE guidance to above 16% for full-year 2024, from a forecast at 16% previously.
Santander now expects revenues will hit high-single digit growth, from a previously forecast mid-single digit expansion.
Shares in SAN improved 11 cents, or 2.3%, early Wednesday morning, to $5.06.
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