Banco Santander SA (CHIX:SANe)

€ 4.4935 -0.1345 (-2.91%) Market Cap: 68.91 Bil Enterprise Value: 118.95 Bil PE Ratio: 6.33 PB Ratio: 0.73 GF Score: 46/100

Q2 2024 Banco Santander SA Earnings Call Transcript

Jul 24, 2024 / 08:00AM GMT

Release Date Price: €4.69 (+2.68%)

Transcript

Key Points

Positve

Banco Santander SA (SAN) reported a record profit of EUR 3.2 billion in Q2 2024, a 20% increase from Q2 2023.
The efficiency ratio improved by 261 basis points to 41.6%, the best in 15 years.
Return on tangible equity rose 137 basis points to 15.9%, or 16.3% excluding the temporary levy in Spain.
Solid balance sheet with a CET1 ratio of 12.5%, supported by strong organic capital generation.
Revenue growth target upgraded to high single digits, with better NII and fee income expected.

Negative

Loan loss provisions continue to normalize, impacting overall profitability.
One-time charges of EUR 450 million affected the net profit.
NII in Spain is expected to peak and then slightly decline in the second half of 2024.
The US business is still struggling to deliver positive jaws due to high investment in CIB.
Brazil's NII growth might be less intense than initially anticipated due to smaller rate cuts.

Begona Morenes

Banco Santander SA - Global Head - Santander Investor Relations

Good morning, everybody, and welcome to Banco Santander's conference call to discuss our financial results for the first half of 2024. Just as a reminder, both the results report and presentation we will be following today are available to you on our website.

I am joined here today by our CEO, Mr. HÃ©ctor Grisi, and our CFO, Mr. Jose Garcia-Cantera. Following their presentations, we will open the floor for any questions you may have in the Q&A session. (Operator Instructions)

And with this, I will hand over to Mr. Grisi. HÃ©ctor, the floor is yours.

Hector Grisi Checa

Banco Santander SA - Chief Executive Officer, Executive Director

Thank you, Begona. Good morning, everyone, and thank you for joining us. Today's presentation will follow the usual structure. First, we talk about our H1 results in the context of our strategy, then Jose will review our financial performance in greater detail. As Begona said, we will then open the floor for your questions.

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