Banco Santander US ( (SAN) ) has released its Q4 earnings. Here is a breakdown of the information Banco Santander US presented to its investors.
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Banco Santander US is a financial services company primarily engaged in retail and commercial banking, consumer finance, corporate and investment banking, wealth management, and payments. With a global presence, it aims to provide a comprehensive multichannel offer to meet the financial needs of its customers.
In its latest earnings report for 2024, Banco Santander US reported a strong financial performance, achieving record levels of net interest income, net fee income, total income, net operating income, and overall profit. The company’s attributable profit for the year increased by 14% to EUR 12,574 million, supported by solid revenue growth that outpaced the rise in costs.
Key financial metrics highlighted in the report include a 7.9% year-on-year increase in net interest income, reaching EUR 46,668 million, and a 7.8% rise in total income to EUR 61,876 million. The company also improved its return on tangible equity (RoTE) to 16.3% from 15.1% in the previous year. The fully-loaded Common Equity Tier 1 (CET1) capital ratio stood at 12.8% by the end of December 2024.
The company’s strategic initiatives continued to pay off, with growth observed across various business segments. Retail and Commercial Banking saw a 29% increase in attributable profit, while Corporate and Investment Banking achieved a record profit of EUR 2,740 million. However, the Consumer segment was impacted by higher provisions in Poland and the UK.
Looking ahead, Banco Santander US remains well-positioned to leverage its global scale and diversified business model to support profitable growth. The management’s focus on efficiency and disciplined capital allocation is expected to drive further improvements in financial performance and shareholder value in the coming years.
