Santander: down after quarterly results

(CercleFinance.com) - Santander shares are down almost 3% in Madrid today, after the publication of its Q1 results, which however included attributable income that is up 11% at E2.
85bn, slightly below the consensus.

At a record of almost E15.4bn, the Spanish bank's revenues were up by 10%, driven by net interest income up by 18%, while net fee and commission income rose by 6%.

Its efficiency ratio improved to 42.6%, and while provisions for credit losses rose by 9%, Santander's overall credit quality remained robust, with a cost of risk in line with its target for the year at 1.20%.

The Group is thus on track to achieve its targets for FY 2024, including mid-single-digit revenue growth, an efficiency ratio below 43% and a RoTE of 16%.


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