Banco Santander Reports Q3 2024 Results

TL;DR

Santander dropped its Q3 2024 results, check the 6-K for the deets.

AI Summary

Banco Santander, S.A. filed a Form 6-K on October 29, 2024, reporting its results for the period ending September 30, 2024. The filing includes a press release detailing the company's performance for January-September 2024.

Why It Matters

This filing provides investors with key financial performance indicators for Banco Santander, crucial for understanding the bank's operational health and strategic direction.

Risk Assessment

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

Key Players & Entities

• Banco Santander, S.A. (company) — Filer of the report
• 001-12518 (company) — SEC File Number
• 20241029 (date) — Filing date
• 20240930 (date) — Period of report

FAQ

Filing Documents

• q32024pr.htm (6-K) — 26KB
• q32024pr001.jpg (GRAPHIC) — 78KB
• q32024pr002.jpg (GRAPHIC) — 32KB
• q32024pr003.jpg (GRAPHIC) — 161KB
• q32024pr004.jpg (GRAPHIC) — 187KB
• q32024pr005.jpg (GRAPHIC) — 219KB
• q32024pr006.jpg (GRAPHIC) — 179KB
• q32024pr007.jpg (GRAPHIC) — 170KB
• q32024pr008.jpg (GRAPHIC) — 129KB
• q32024pr009.jpg (GRAPHIC) — 231KB
• q32024pr010.jpg (GRAPHIC) — 57KB
• q32024pr011.jpg (GRAPHIC) — 46KB
• 0000891478-24-000112.txt ( ) — 2075KB

From the Filing

q32024pr 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 October, 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 - September 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 9,309 million (+14%) for the first nine months of the year 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% Madrid, 29 October 2024 - PRESS RELEASE 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%. Ana Botín, Banco Santander executive chair, said: "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. As evidence of that transformation, our core Retail and Consumer businesses, which combined represent more than 70% of our business, generated an 8% increase in revenue and a 1% decrease in costs in constant euros. In an increasingly volatile geopolitical environment, we are confident that we will maintain this strong momentum throughout the rest of the year, delivering on all our targets, and continuing into 2025." 1 Variations are year-on-year unless otherwise stated. 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 9M'24 9M'24 v 9M'23 9M'24 v 9M'23 (ex FX) Q3'24 Q3'24 v Q3'23 Q3'24 v Q3'23 (ex FX) Total income 46,185 +7% +8% 15,135 +2% +6% Operating expenses -19,262 +2% +2% -6,349 -2% +2% Net operating income 26,923 +12% +13% 8,786 +5% +10% Net loan-loss provisions -9,219 +2% +4% -2,976 -9% -3% Profit before tax 14,427 +13% +14% 4,919 +11% +15% Attributable profit 9,309 +14% +15% 3,250 +12% +16% (*) All references to variations in constant euros include Argentina in current euros. Summary of statutory figures at the end of this press release. Underlying business performance All variations are year-on-year unless otherwise stated. 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 mon

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View this 6-K filing on SEC EDGAR