Banco Santander has reported an increase of 11% in its profit to €3.26bn for the fourth quarter of 2024 (Q4 2024), compared to the profit in the corresponding quarter of the prior year.
The Spanish banking group’s total income rose by 10% to €16bn during the quarter.
For the full year, Santander recorded an attributable profit of €12.57bn, marking a 14% year-on-year (YoY) increase.
The growth was driven by strong revenue performance across all global businesses and regions, alongside the addition of eight million new customers, bringing the total to 173 million.
Santander’s ‘Retail & Commercial Banking’ unit posted a 29% rise in attributable profit to €7.26bn, reflecting strong revenue performance across all regions.
Its ‘Digital Consumer Bank’ division’s attributable profit fell by 12% to €1.66bn, primarily due to additional provisions for Swiss franc mortgages in Poland and potential claims related to motor finance dealer commissions in the UK.
Santander’s ‘Corporate & Investment Banking’ (CIB) division reported a record attributable profit of €2.74bn, up 16%, driven by double-digit growth in net interest income and net fee income across all business lines.
The bank’s ‘Wealth Management & Insurance’ segment, which includes private banking, asset management, and insurance, saw a 14% rise in attributable profit to €1.65bn.
The bank’s ‘Payments’ division recorded an attributable profit of €413m, marking a 26% decline.
Total income for 2024 increased by 8% to €62.2bn, supported by customer growth and effective margin management.
The retail banking unit recorded an 11% rise in net interest income in constant euros, driven by higher volumes and lower deposit costs in South America, as well as strong margin management in Europe.
Looking ahead to 2025, Santander aims to achieve approximately €62bn in revenue and mid-to-high single-digit growth in fee income in constant euros.
Santander executive chair Ana Botín said: “Our track record shows that in a challenging market we outperform peers and in 2025 we expect to grow our bottom line and profitability –with revenue stable and costs falling. And we are only scratching the surface of our potential.
“As we said at our Investor Day, Santander is in a new era of value creation, and we are confident that our scale, diversification and the impact of our transformation will enable us to increase profitability again in 2025.”
