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- Revenue up 7% (+8% in constant euros) to €46.2 billion driven by growth in all global businesses1
- Return on tangible equity (RoTE) was 16.2%, in line with full-year target
- Earnings per share (EPS) increased by 19%
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· Net interest income increased 8% to €34.7 billion, driven by growth in all global businesses.
· Net fee income was up 5%, with good commercial dynamics and higher customer activity in all global businesses.
· Efficiency improved significantly to 41.7%, driven by cost management and the bank’s transformation towards a simpler, more digital and integrated model.
· Loan-loss provisions rose by 2% with good credit quality (cost of risk improved quarter-on-quarter to 1.18%), backed by good economic performance, low unemployment and lower interest rates.
· Non-performing loan ratio of 3.06%, improving seven basis points year-on-year.
· Tax on profit in the period was €4.2 billion, up 13%, resulting in an effective tax rate of 29%.
· In the third quarter, attributable profit reached €3,250 million, up 12%.
· Fully-loaded CET1 increased to 12.5% having added 0.2 percentage points during 2024.
· Value creation (TNAV plus cash dividend per share) grew by 14%.
· Santander upgraded three of its 2024 targets in July and expects high-single digit revenue growth for the year in constant euros, an efficiency ratio of c.42% and RoTE of over 16%.
Santander achieved an attributable profit of €9,309 million in the first nine months of 2024, a 14% increase compared to the same period last year, thanks to strong revenue growth across all global businesses and regions, as well as the addition of five million new customers. Furthermore, the group maintained good cost control. Tax on profit in the period was €4,246 million, up 13%, resulting in an effective tax rate of 29%.
The group continued to increase profitability and shareholder value creation, with a return on tangible equity (RoTE) of 16.2%; earnings per share (EPS) of €0.57, up 19%, and tangible net asset value (TNAV) per share of €5.04 at the end of the first nine months of the year. Including both the final cash dividend from 2023 results paid in May and the interim 2024 cash dividend approved in September and to be paid in the coming days, total value creation (TNAV plus cash dividend per share) increased 14%.
As of September 2024, customer funds (deposits and mutual funds) grew 3% in constant euros, with deposits up 1% in constant euros, driven by the ongoing increase in customer numbers. Loans rose 1% in constant euros to €1.01 trillion, driven by growth in most global businesses.
1 Variations are year-on-year unless otherwise stated
The group continues to deliver strong, profitable growth, with earnings per share up 19%. We are growing both net interest income and net fee income, credit quality is robust and our transformation continues to generate positive operational leverage. This reflects the strength of our diversification across both businesses and countries, and progress in the execution of our strategy.
