Santander Reports Attributable Profit of €2,571 Million Driven by a 13% Increase in Income

Ana Botín, Banco Santander Executive Chair, said: “It has been a strong start for the year with income 13% higher than last year driven by growth in customers and volumes, with lending and deposits up 3% and 6%, respectively. Double-digit income growth, improved efficiency and robust credit quality drove our return on tangible equity to 14.4%, up from 13.4% in 2022, while our balance sheet remains rock solid. We are progressing well in our simplification and commercial transformation, and the increasing value of the group is again evident in our results, with 39% of total income coming from our global and network businesses. Despite recent volatility, we are on track to meet our 2023 targets, achieving 5% increase in tangible net asset value per share plus cash dividend per share since the start of the year. Our teams remain focused on supporting customers and continuing to create value for shareholders.”