Santander Reports Robust Nine-Month Performance Across Regions
Santander reported an attributable profit of 8 billion 143 million euros for the first nine months of 2023, marking an 11% rise in current euros and a 13% rise in constant euros from the same period a year earlier. The growth came as the bank strengthened its revenue base, allowing provisions to be offset, particularly in Europe and Mexico, according to data disclosed to the National Securities Market Commission (CNMV).
In the third quarter, attributable profit rose 26% to 2 billion 902 million euros, compared with the same quarter in the previous year. This quarterly improvement reflects sustained earnings momentum even as the revenue mix evolves.
The gross profit margin expanded to 43 billion 95 million euros, an increase of 13%. The bank also noted a nine million rise in its customer base, bringing total customers to 166 million. Management attributes this demand rebound to higher activity levels among customers and the direction of interest rates, which helped widen the interest margin by 16% to reach 24.134 million euros.
Net commissions grew by 6% to 9 billion 222 million euros. The growth was driven mainly by the sale of value-added products across global business lines. These businesses account for 38% of total revenue and 42% of commission income. Overall, interest margin and commission income together represent 96% of the group’s total revenue, underscoring the double-barreled contribution of lending activities and advisory/fee businesses to Santander’s earnings mix.
Across regions, the performance reflects a balanced approach to growth: Europe and Latin America continue to contribute meaningfully to margin expansion, while the bank tightens risk controls and focuses on sustainable profitability. This strategy supports an enhanced efficiency and a stronger capital position, even as market dynamics shift in response to monetary policy changes and consumer spending patterns in North America and other markets. The company emphasizes ongoing discipline in cost management, a diversified revenue engine, and a commitment to expanding its digital distribution and advisory capabilities to serve a broad, international customer base.