Morgan Stanley | We are expecting a positive surprise in NII (+3.6% QoQ), which will allow for upgrades in consensus estimates for 2023. Meanwhile, in terms of provisions we are expecting stable figures. We see the best momentum in terms of profits for BBVA and Caixabank (both Overweight) and there could be a catch up in Banco Santander, as the political uncertainty lessens. Santander – Good numbers in Spain. The…
Banco Santander achieved an underlying profit of €4,894 million in the first half of 2022, up 16% in current euros versus the first half of 2021. Attributable profit, which was impacted by restructuring charges of €530 million in the same period of 2021, was up 33% in current euros. In the second quarter alone, attributable profit was €2,351 million, up 14% in current euros and 2% in constant euros. Underlying…
Norges Bank, the Norwegian bank in charge of managing the country’s sovereign wealth fund, has revealed a 3.006% stake in Banco Santander, a percentage it controls directly. This is according to the notification it sent Thursday to the National Securities Market Commission (CNMV). Norges Bank’s stake in Santander consists of direct control of 513.4 million shares which, at Thursday’s closing price of EUR 2.69 per share, implies a total value…
Fernando González Urbaneja | Santander presented its first quarter results this week. Good in general terms. More business, better margins, growth and the best results without extraordinary items or gimmicks. However, the stock market’s immediate reaction was quite bad, with no explanation beyond a feeling of future problems. And so much because of the bank’s management as because of the general business environment. The feeling, even perception, of a recovery…
Banco Santander obtained an attributable profit of 2.543 billion euros in the first quarter of this year, 58% more than a year earlier, when the bank took a 530 million charge for restructuring costs. Ordinary profit, which excludes that impact, rose 19%, the bank told the Spanish National Securities Market Commission (CNMV) on Tuesday.Santander is confident it will achieve the 2022 targets it announced in February: revenue growth of around…
Norbolsa | The bank has confirmed it expects it will be difficult to reach its objective of cutting 1 billion euros of costs in Europe in the period 2020-2022. Despite the measures put in place (restructuring of the network and workforce exits), the strong uptick in inflation will act as a drag on meeting this goal, with particular impact in Spain and Poland. In spite of this, however, Santander expects…
Banco Santander has created a company to acquire and invest in renewable energy projects in Spain that are in the development and construction phase, called Santander Green Investment, announced last week.Through the new platform, the entity will take equity stakes in renewable energy companies. So far, Santander has acquired stakes in nine solar photovoltaic and wind power projects in Spain from different developers. The total capacity is approximately 500 megawatts,…
Banco Santander held an extraordinary board meeting yesterday afternoon to approve the rebalancing of powers between its executive chairwoman, Ana Botín, and the CEO, José Antonio Álvarez, financial sources told Europa Press. With this decision, Álvarez will report directly to the board of directors and not to Botín, as he has been doing until now. This is a situation requested by the European Central Bank (ECB), so that the entity…
Banco Santander achieved an attributable profit of €8,124 million in 2021, which compares to an attributable loss of €8,771 billion in 2020, when the bank made a non-cash adjustment to the valuation of goodwill and deferred tax assets (DTAs). The 2021 attributable profit is 25% higher in current euros than in 2019, before covid. Excluding net charges of €530 million for restructuring costs already announced in Q1 2021, underlying profit…
BancaMarch | On Monday, the Spanish bank kicked off its activitiy in the debt market for this year. Specifically, the lender called on the investment community in order to raise 1.350 billion euros in funding for its consumer finance business, Santander Consumer, and its subsidiary in the UK. In the case of Santander Consumer, it issued senior debt with a 5-year maturity at 0.586%, 50 bp over the midswap index,…