Iñigo Vega (Jefferies) | Santander 3Q24 First Look – Solid Dynamics Despite Still Ongoing Neg. Argentine Impact A 4% beat at bottom line, again impacted by negative adjustments in relation to Argentina. Ex-Argentina, net income was a 7% beat (5% beat at PBT). Revenue dynamics trending in line, with strong trading and other income and NII in line. Across the Group, better OpEx and CoR dynamics. Beats coming from key...

Banco Santander has ‘returned’ to Formula One, but this time as Global Sponsor of the competition, thus interrupting its presence in the Ferrari team, which was so successful during its first sponsorship during the presidency of the late Emilio Botín. The entity now headed by Ana Botín is expanding its investment, becoming the company’s global sponsor and official bank. The international entity, based in Santander, announced this Wednesday the agreement...

Banco Santander informed the market yesterday that, in application of the bank’s current shareholder remuneration policy, consisting of a total shareholder remuneration target of around 50% of the group’s ordinary profit, distributed approximately equally between cash dividend and share buybacks, the board of directors has approved to implement a share buyback program to which an amount equivalent to around 25% of Santander’s ordinary profit will be allocated in 1H2024, a...

Santander achieved an attributable profit of €6,059 million in the first half of 2024, up 16% in current euros versus the same period last year, as strong growth in net interest income in all the global businesses and regions, supported by four million more customers, and very good cost control, more than offset the expected year-on-year growth in provisions. The group continued to increase profitability and shareholder value creation, with...

Jefferies | Banco Santander | BUY | SAN SM ! €4.75 ! PT: € 5.10 | % to PT: +7% A 1% miss versus cons at bottom-line level albeit some variations by geos. But decent print at PBT level (+1% beat). Revenue dynamics trending well, with Spain particularly strong. Brazil NII and asset quality trends also supportive, alongside good performance in fees in the US. Across the Group, OpEx and...

Aurelio Medel (5 Días) | Inditex, the textile empire controlled by Amancio Ortega, has become the Spanish company with the highest stock market value (145,000 million), a capitalisation that is almost double that of Banco Santander (74,000 million). But the surprising thing is that this difference in value bears no relation to profit, neither present nor foreseeable in the medium term. Inditex is today worth twice as much as Santander...