Banco Santander obtained an attributable profit of 2,543 million euros during the first quarter of this year, 58% more than in the same period of the previous year, when the entity recorded a charge of 530 million for restructuring costs.
The ordinary benefit, which excludes this impact, increased by 19%, as reported by the entity to the National Securities Market Commission (CNMV) on Tuesday.
The bank is confident of achieving the 2022 targets it announced in February: revenue growth of around 5%, ordinary RoTE above 13%, an efficiency ratio of 45% and a fully loaded CET1 capital ratio of 12%.
Furthermore, the council intends to maintain its policy of distributing 40% of ordinary profit to shareholders, divided equally between cash dividend and share repurchase.
“The first quarter has been very good, with growth in the number of clients and an increase in income of 8%, improved efficiency and good credit quality. Our return on tangible capital in the quarter was 14.2%, supported by greater connectivity in our businesses and solid risk management. All regions performed well, including Europe, where profitability has improved,” said Ana Botín, president of Banco Santander.
“Our geographic and business diversification is key to growth and maintains us as one of the most efficient and resilient banks among our competitors, with a profitability that is clearly higher than the cost of capital. Although the effects of inflation will affect global economic growth With a different impact in each region and business, we reaffirm our objectives for 2022, which demonstrates the advantages of our model”, he added.