Banco Santander Reports H1 2024 Results

TL;DR

Santander dropped its H1 2024 results on 7/24. Check the 6-K for details.

AI Summary

Banco Santander, S.A. filed a Form 6-K on July 24, 2024, reporting its results for the period ending June 30, 2024. The filing includes a press release detailing the company's performance for January-June 2024.

Why It Matters

This filing provides investors with key financial performance indicators for Banco Santander for the first half of 2024, crucial for assessing the bank's health and future prospects.

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) — Filer and subject of the report
• 001-12518 (other) — SEC File Number
• 20240630 (date) — Conformed period of report
• 20240724 (date) — Filing date

FAQ

Filing Documents

• q22024pr.htm (6-K) — 26KB
• q22024pr001.jpg (GRAPHIC) — 78KB
• q22024pr002.jpg (GRAPHIC) — 31KB
• q22024pr003.jpg (GRAPHIC) — 169KB
• q22024pr004.jpg (GRAPHIC) — 188KB
• q22024pr005.jpg (GRAPHIC) — 221KB
• q22024pr006.jpg (GRAPHIC) — 157KB
• q22024pr007.jpg (GRAPHIC) — 126KB
• q22024pr008.jpg (GRAPHIC) — 106KB
• q22024pr009.jpg (GRAPHIC) — 236KB
• q22024pr010.jpg (GRAPHIC) — 52KB
• q22024pr011.jpg (GRAPHIC) — 46KB
• 0000891478-24-000079.txt ( ) — 1968KB

From the Filing

q22024pr 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 July, 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 - June 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 profit of 6,059 million (+16%) in the first half of the year and upgrades 2024 targets Revenue increases by 10% to a record of 31,050 million1 Return on tangible equity (RoTE): 15.9%, or 16.3% after annualizing the impact of the Spanish bank levy Earnings per share increases by 19% New 2024 targets: high-single digit revenue growth, efficiency of c.42% and RoTE of over 16% Madrid, 24 July 2024 - PRESS RELEASE Fully-loaded CET1 increased to 12.5% after adding 20 basis points in the last quarter. TNAV plus cash dividend per share increased 12%. Net interest income increased 12% to a record 23,457 million, driven by growth in all businesses, particularly in Retail, CIB and Wealth. Net fee income increased 6%, with good commercial dynamics and higher customer activity in all global businesses. Efficiency improved significantly to 41.6% (-2.6 percentage points) driven by the bank's transformation towards a simpler, more digital and integrated model, with costs stable for the fourth consecutive quarter in constant euros. Loan-loss provisions rose 8% due to the expected normalization in Consumer, with a good performance in Retail thanks to lower provisions in Europe. Credit quality remained robust, with cost of risk in line with the target for the year at 1.2%. In the second quarter, attributable profit reached a record high at 3,207 million, up 20%. Santander has upgraded three 2024 targets: high-single digit revenue growth (from mid-single digit); an efficiency of c.42% (from below 43%); RoTE of over 16% (from 16%); cost of risk of c.1.2%; and fully-loaded CET1 above 12%. Ana Botín, Banco Santander executive chair, said: "We have grown revenue by 10% in the first half, supported by all five of our global businesses, with costs broadly flat for the last four quarters leading to earnings per share growth of 19%. This demonstrates that our scale, diversification, and the successful execution of our transformation continue to deliver sustainable, profitable growth. Across the group, we continue to invest for future growth, deploying our own industry-leading technology to ensure we can offer the best service to customers while also improving efficiency. This has helped us record our best efficiency ratio in 15 years. In the context of a volatile geopolitical environment, we are confident that we will deliver on the more ambitious targets set out today thanks to our diversification across businesses and markets, the strength of our model, and the quality of our team - to whom I am again extremely grateful." 1 Variations year-on-year. Note: Reconciliation of underlying results to statutory results, available in the Alternative Performance Measures' section (page 76) of the financial report at CNMV and at 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 H1'24 H1'24 v H1'23 H1'24 v H1'23 (ex FX) Q2'24 Q2'24 v Q2'23 Q2'24 v Q2'23 (ex FX) Total income 31,050 +10% +9% 15,670 +10% +10% Operating expenses -12,913 +3% +3% -6,366 +1% +1% Net operating income 18,137 +15% +14% 9,304 +17% +17% Net loan-loss provisions -6,243 +8% +8% -3,118 +8% +8% Profit before tax 9,508 +14% +13% 4,925 +16% +17% Attributable profit 6,059 +16% +15% 3,207 +20% +20% (*) All references to variations in constant euros include Argentina in current euros. In the quarter, there are net charges of 452 million related to provisions for CHF mortgages in Poland and write-downs after discontinuing the merchant platform in Germany and Superdigital in Latin America. Summary of statutory figures at the end of this press release. Underlying business performance To allow a like-for-like comparison of underlying business performance, all variations are year-on-year and in constant euros (i.e., excluding currency movements) unless otherwise stated. Santander achieved an attributable profit of 6,059 million in the first half of 2024, up 16% in current euros versus the same period last yea

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View this 6-K filing on SEC EDGAR