Santander: Q2 results up

(CercleFinance.com) - Santander has published its results for Q2 2024, with attributable profit up 20% to E3.
2bn, in line with expectations.

The Spanish bank's revenues rose by 10% to E15.67bn, with net operating income of E9.3bn (+17%).

Its efficiency ratio reached 41.6% (-261 bps), and although its provisions for credit losses rose by 8%, Santander boasts overall credit quality that remains robust, with a cost of risk in line with its target for the year, at 1.20%.

Against this backdrop, Santander has raised three targets for 2024. The bank is targeting high single-digit revenue growth (from mid-single-digit); efficiency of around 42% (from below 43%), RoTE above 16% (from 16%) and full-load CET1 above 12%


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