Banco Santander Reports Q1 2024 Results

TL;DR

Santander dropped Q1 2024 results, check the 6-K for deets.

AI Summary

Banco Santander, S.A. filed a Form 6-K on April 30, 2024, reporting its results for the period ending March 31, 2024. The filing includes a press release detailing the company's performance for January-March 2024. Banco Santander is a commercial bank incorporated in Spain.

Why It Matters

This filing provides investors with key financial performance indicators for Banco Santander's first quarter of 2024, offering insights into the bank's operational health and strategic direction.

Risk Assessment

Risk Level: low — This is a routine financial disclosure filing by a large, established public company.

Key Players & Entities

• Banco Santander, S.A. (company) — Registrant
• 0000891478-24-000053 (filing_id) — Accession Number
• 20240430 (date) — Filing Date
• 20240331 (date) — Reporting Period End Date
• 34 91 289 32 80 (phone_number) — Business Phone

FAQ

Filing Documents

• q12024pressrelease.htm (6-K) — 27KB
• q12024pressrelease001.jpg (GRAPHIC) — 78KB
• q12024pressrelease002.jpg (GRAPHIC) — 32KB
• q12024pressrelease003.jpg (GRAPHIC) — 185KB
• q12024pressrelease004.jpg (GRAPHIC) — 179KB
• q12024pressrelease005.jpg (GRAPHIC) — 214KB
• q12024pressrelease006.jpg (GRAPHIC) — 175KB
• q12024pressrelease007.jpg (GRAPHIC) — 131KB
• q12024pressrelease008.jpg (GRAPHIC) — 127KB
• q12024pressrelease009.jpg (GRAPHIC) — 229KB
• q12024pressrelease010.jpg (GRAPHIC) — 52KB
• q12024pressrelease011.jpg (GRAPHIC) — 46KB
• 0000891478-24-000053.txt ( ) — 2022KB

From the Filing

q12024pressrelease FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April, 2024 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its charter) Ciudad Grupo Santander 28660 Boadilla del Monte (Madrid) Spain (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F Form 40-F BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. Press Release regarding January - March 2024 Results Corporate Communications Ciudad Grupo Santander, edificio Arrecife, planta 2 28660 Boadilla del Monte (Madrid) comunicacion@gruposantander.com www.santander.com - Twitter: @bancosantander 1 Santander reports attributable profit of 2,852 million (+11%) for the first quarter of 2024 Return on tangible equity (RoTE): 14.9%, or 16.2% after annualizing the impact of the Spanish bank levy Fully-loaded CET1: 12.3% TNAV plus cash dividend per share: up 14% year-on-year Madrid, 30 April 2024 - PRESS RELEASE Net interest income increased 18% to a record 11,983 million, driven by growth in all businesses, particularly in Retail, CIB and Wealth1. Net fee income increased 6%, with good commercial dynamics and higher activity. Revenue increased 10% to a record of 15,380 million. Efficiency ratio improved to 42.6% driven by the bank's transformation towards a simpler, more digital and integrated model, with costs stable for the third consecutive quarter. Loan-loss provisions rose 9% year-on-year due to the ongoing normalization in Consumer, but fell relative to the previous two quarters. Overall credit quality remained robust, with cost of risk in line with the target for the year at 1.20%. In May, the bank will pay a final cash dividend of 9.50 euro cents per share against 2023 earnings, resulting in a total cash dividend per share charged to 2023 of 17.60 euro cents, an increase of approximately 50% year-on-year. Santander is on track to meet its 2024 targets: mid-single digit revenue growth; an efficiency ratio below 43%; cost of risk of c.1.2%; RoTE of 16%; and fully-loaded CET1 above 12%. For the first time the bank is reporting with its five global businesses (Retail, Consumer, CIB, Wealth and Payments) as primary segments, following the introduction of its new operating model, announced last year. Ana Botín, Banco Santander executive chair, said: "It has been a very strong start to the year, with revenues growing 10% and further improvement in operating leverage. This has resulted in a return on tangible equity of 16.2% (after annualizing the impact of the temporary banking levy in Spain) and a 14% increase in tangible net asset value plus cash dividend per share. We are starting to hit our stride, with Retail increasing profit contribution by over 20% supported by good growth in net interest income in Europe and the Americas, and both CIB and Wealth accelerating fee growth. We benefit from positive sensitivity to lower interest rates in a number of areas, particularly Consumer, which will help us maintain positive income momentum going forward, demonstrating once again the value of diversification. The sustainability of our results is also supported by the success in our ongoing digital transformation creating both superior customer experience and better efficiency, with our cost-to-income ratio improving to 42.6% - among the best of our peer group. We are, once again, well on track to meet all our targets for the year, including a return on tangible equity of 16%, and are committed to continue investing to better serve our 166 million customers while delivering future growth and attractive shareholder returns. I'm extremely grateful to all our teams for making this possible." 1 Income statement figures are underlying to better reflect business dynamics. Note: Reconciliation of underlying results to statutory results, available in the Alternative Performance Measures section (page 74) of the financial report at CNMV and santander.com. Corporate Communications Ciudad Grupo Santander, edificio Arrecife, planta 2 28660 Boadilla del Monte (Madrid) comunicacion@gruposantander.com www.santander.com - Twitter: @bancosantander 2 Underlying income statement* EUR million Q1'24 Q1'24 vs Q1'23 Q1'24 vs Q1'23 (ex FX, i.e. constant euros) Total income 15,380 +10% +9% Operating expenses -6,547 +7% +5% Net operating income 8,833 +13% +11% Net loan-loss provisions -3,125 +9% +7% Profit before tax 4,583 +12% +10% Attributable profit 2,852 +11% +9% (*) All references to variations in constant euros include Argentina in current euros to mitigate distortions from a hyperinflationary economy. Reconciliation of underlying results to statutory results, available in the Alternative Performance Measures section (page 74) of the financial report a

View Full Filing

View this 6-K filing on SEC EDGAR