Santander: 2nd quarter results up

(CercleFinance.com) - Santander has published its results for Q2 2024, with attributable earnings up 20% to 3.
2 billion euros, in line with expectations.

The Spanish bank's revenues rose by 10% to 15.67 billion euros, with net operating income of 9.3 billion euros (+17%).

Its efficiency ratio reached 41.6% (-261 bps), and while provisions for credit losses rose by 8%, Santander's overall credit quality remained robust, with a cost of risk in line with its target for the year, at 1.20%.

Against this backdrop, Santander has revised upwards three objectives for 2024. The bank is targeting high single-digit revenue growth (from mid-single digits); efficiency of around 42% (from below 43%), RoTE above 16% (from 16%)and full-load CET1 above 12%

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