The leading Spanish bank, with a strong presence in Europe and Latin America, It made 2.422 million euros ($2.41 billion) in profit between June and September. In the same period of 2021, it had obtained 2.17 billion euros ($2.16 billion).
This result, achieved despite a deficit of 181 million euros (179 million dollars) linked to a reform of mortgage loans in Poland, was higher than expected by analysts consulted by Factset, who expected an average of 2,150 million euros (2,140 million dollars) in profit.
During the first nine months of 2022, Santander saw its profits increase by 25%, to 7,316 million euros (7,286 million dollars).
These “good results” are supported by “an increase in income and profitability above the target”, despite the “complicated” macroeconomic context linked to high inflation, said in a statement the president of the banking group, Ana Booty.
The Spanish bank, which has 159 million customers worldwide, that is, about 8 million more than in the third quarter of 2021indicated that he saw his revenues in Argentina (+142% in one year), in Poland (+104%) and in Mexico (+12%).
“The geographical and business diversification of the group once again promoted [su] strong and profitable growth,” shielding it to some extent from the effects of the war in Ukraine, said Santander, which has no presence in Russia or Ukraine.
Profits exceed expectations analysts at consulting firm Jefferies admitted.
Source: Ambito
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