Santander. Profit falls 8.7% to 268.8 million in March

At the end of the first quarter, Banco Santander Totta obtained a net profit of 268.8 million euros, a decrease of 8.7% when compared to the 294.4 million recorded in the same period.

Total credit to customers (gross), amounting to 50.7 billion euros, registered a year-on-year growth of 8.7%, “supported by the high origination of new housing and corporate loans”, revealed the financial institution.

Customer resources amounted to 46.3 billion euros (+6.9% compared to the end of March 2024), with growth in both customer deposits (+6.7%) and off-balance sheet resources (+14.8%).

Net commissions remained practically stable, varying only 0.6% to 121.7 million euros.

Costs were 130.3 million euros in the first quarter, 1% more than in year-on-year terms. Within these, personnel expenses grew 3.2% to 72.5 million euros.

At the end of March, Santander Totta had 4,682 employees, 103 more employees than a year earlier. There were 327 branches, three fewer than in March 2024.

The efficiency ratio stood at 26.9% (+4.2pp compared to the same period last year).

According to the bank, by the end of March, more than 1,300 contracts had been made with young people for housing credit with public guarantee.

The total value of these home purchase loans amounts to more than 250 million euros.