The bank attributed its performance to activity rebound, with the rise in loans and deposits, which led to growth in net interest income and net fee income
Santander bank branch in Cardiff, Wales. (Credit: peter clayton/Wikipedia.)
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.