Banco Santander has reported a net profit of €2.3bn for the fourth quarter ended 31 December 2021, which increased compared to €277m for the corresponding quarter of 2020.
The Spanish bank has reported a total income of €11.7bn for the fourth quarter (Q4) of 2021, a 7% rise compared to €10.9bn for the same quarter prior year.
The company’s profit before tax for the reported period was €3.8bn, which increased from €1.2bn for the fourth quarter of 2020.
The bank has reported a net interest income of €8.7bn for Q4 2021, a 9% increase compared to €8.01bn for the corresponding quarter previous year.
Santander attributed its performance to activity rebound, with the rise in loans and deposits by 4% and 6%, respectively, leading to growth in net interest income and net fee income.
Banco Santander executive chairman Ana Botín said: “Our 2021 results demonstrate once again the value of our scale and presence across both developed and developing markets, with attributable profit 25% higher than pre-covid levels in 2019.
“Across all our regions and businesses, we are delivering solid and consistent top-line growth, with the US and UK as standout performers in 2021, and Brazil and Chile the most profitable banks in their peer group.
“The group achieved a record profit before tax of €15.3 billion thanks to disciplined capital allocation, prudent risk management, and further improvements in our efficiency and balance sheet strength, combined with a material increase in customer activity during the year.”
Santander’s retail banking division reported an underlying profit of €7.9bn for the year ended 31 December 2021, an 80% increase compared to €4.2bn for the full year 2020.
The company’s corporate and investment banking unit reported an underlying profit of €2.2bn for the year ended 31 December 2021, a 22% rise compared to €1.8bn for the full year 2020.
Its wealth management and insurance arm reported a net profit of €907m for the year ended 31 December 2021, a 10% increase compared to €868m for the full year 2020.
