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Santander: Q1 results frowned on

( - Santander shares are down nearly 4% in early trading in Madrid today, after the Spanish bank reported a token 1% rise in attributable profit to E2.
57bn for Q1 2023: however, excluding the impact of the temporary levy in Spain, it rose 10% to E2.79bn.

The company said its profits over the period were supported by strong growth in customer activity, robust asset quality and sound cost control, while its revenue climbed 13%.

The group has won nine million customers over the last 12 months, bringing its total to 161 million. Customer funds rose by 5%, with deposit growth of 6% in all regions.

Santander says it is on track to meet its 2023 targets announced in February, which include double-digit revenue growth, RoTE of over 15% and a fully-loaded CET1 ratio of more than 12%.

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