Santander books record €9.6 billion profit for 2022

The euro zone's second-biggest lender by market value posted net profit in the three months from October to December of €2.29 billion.

Santander said its underlying return-on-tangible equity ratio , a measure of profitability, finished the year at 13.37% compared to 12.73% in 2021. It targeted ROTE above 15% for 2023. Banks across Europe are beginning to benefit from higher borrowing costs. Santander's net interest income - earnings on loans minus deposit costs - rose 17% to €10.2 billion in the quarter, broadly in line with forecasts. Full-year NII grew 16%.

In Brazil, which accounts for more than a quarter of group earnings, underlying net profit fell 8% year-on-year in the quarter, and NII dropped 1% against the previous quarter, with cost of risk rising to 479 bps from 446 bps in September.

Source: Loan Digest (loandigest.net)

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