Santander reports attributable profit of €2,571 million driven by a 13% increase in income

Banco Santander achieved an attributable profit of €2,571 million in the first quarter of 2023, up 1% in current euros versus the same period of 2022, supported by strong growth in customer activity, robust asset quality, and good cost control.

We are progressing well in our simplification and commercial transformation, and the increasing value of the group is again evident in our results, with 39% of total income coming from our global and network businesses.

The full-year impact of the temporary levy in Spain was recorded in the first quarter (€224 million). Excluding this impact, attributable profit would be €2,795 million, up 8% (+10% in current euros).

The group continued to grow its customer base, adding nine million customers in the last 12 months, taking the total to 161 million. Customer funds grew 5% to €1.12 trillion, with good growth in deposits (+6%) in all regions, supported by individuals and Corporate and Investment Banking (Santander CIB). Seasonal draw downs in Santander CIB in January led to a 2% decrease in deposits since the end of last year; however, deposit volumes increased again from February, reflecting positive business trends.

Total loans increased 3%, with mortgages and consumer lending up 2% and 9%, respectively. The bank’s loan book remains well diversified across both business lines (mortgages, companies, auto, CIB) and geographies.

Santander’s ongoing focus on customer loyalty and digital innovation enabled the bank to achieve a top-three position in customer satisfaction in eight countries based on net-promoter score (NPS) rankings. The group continues to make progress on simplifying its product offering and accelerate its digital transformation to offer better services to customers and build a digital bank with branches.

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