Spain's Santander posts 20% hike in net profit as retail business shines

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Banco Santander posted a 20% year-on-year hike in second-quarter net profit underpinned by growth in its retail, wealth and consumer activity.

The company's net profit attributable to the parent group came in at 3.207 billion euros , in line with a consensus from analysts polled by Reuters.

The company's net profit attributable to the parent group came in at 3.207 billion euros , in line with a consensus from analysts polled by Reuters. Its return-on-tangible-equity ratio — a profit metric — rose to 16.8% in the June quarter, up from 14.9% in the first quarter, and to 15.9% in the first half, up from 14.5% in the same period of last year — prompting the bank to improve its RoTE guidance to above 16% for full-year 2024, from a forecast at 16% previously.

Net interest income: 11.47 billion euros in the June quarter, compared with 10.52 billion euros in the same three-month stretch of last year — but below a 11.96% forecast for the second quarter of 2024 from analysts polled by Reuters.

 

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