Q3 2024 Banco Santander SA Earnings Call Transcript
Key Points
- Banco Santander SA (SAN) reported a record profit of EUR 3.3 billion for Q3 2024, a 12% increase compared to Q3 2023.
- The company achieved a 14% increase in profit for the first nine months of 2024, reaching EUR 9.3 billion, supported by strong customer revenue growth across regions.
- Efficiency improved by 229 basis points, with a RoTE increase to 16.2%, indicating better operational performance.
- The balance sheet remains solid with a CET1 ratio of 12.5%, comfortably above the 12% target, even after Basel III implementation.
- Banco Santander SA (SAN) continues to enhance its digital platforms, improving customer experience and operational efficiency, as seen in the successful deployment of its global app in multiple countries.
- Loan loss provisions grew in line with average lending, indicating potential concerns about credit quality.
- The company faces challenges in managing interest rate sensitivity, particularly in Europe and Brazil, which could impact future NII.
- There is uncertainty regarding the financial impact of a recent UK motor finance ruling, which could affect future financial results.
- The NII in current euros is expected to decrease slightly in 2024, reflecting challenges in managing currency fluctuations and interest rate environments.
- The trading income in Brazil has been weak, impacted by market volatility, which could affect overall revenue performance.
The presentation will start with our CEO, Hector Grisi's comments, followed by my more detailed explanation of the P&L. He will have his concluding remarks and then we will open it up for questions, Hector. Please go ahead.
Thank you very much, Jose. Good morning to everyone and thank you for joining us. Today's presentation, as always, first, I will talk about our results in the context of our study. Then Jose will review our financial performance in greater detail and then I will conclude with some final messages as Jose said. We will then open the floor for all your questions.
So the main highlights of our results in this first are the following: Q3 was another record quarter for Santander, which continues to demonstrate the benefits from the execution of our strategy and the resilience of our business model, profit reached EUR3.3 billion 12% above the Q3 of '23. On the back of a solid franchise
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