MADRID / LONDON (IT BOLTWISE) – Major Spanish bank Santander achieved impressive quarterly results, driven primarily by the US market. With a net profit of 3.5 billion euros, the bank exceeded analysts’ expectations and recorded its sixth consecutive record quarter. Particularly notable is the almost two-thirds increase in profits in the US business, made possible by the expansion of investment banking and a digital retail offering.
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Major Spanish bank Santander posted another record quarter, driven primarily by strong business in the USA. Net profit rose to 3.5 billion euros, an increase of eight percent compared to the previous year. These impressive figures exceeded the expectations of analysts, who had expected a profit of around 3.4 billion euros.
A key factor in this success was the focus on the US market, where profits rose by almost two thirds in the third quarter. This was achieved by expanding the investment banking business and introducing a digital retail offering. The bank also benefited from the integration of former Credit Suisse employees who brought their expertise to the company.
Under the leadership of Ana Botin, Santander is in a phase of strategic realignment. The bank has confirmed its annual forecast and plans to carry out share buybacks worth 10 billion euros over two years. These measures are intended to strengthen the bank’s capital structure and benefit shareholders.
In parallel with its successes in the US, Santander has also strengthened its business in the UK while withdrawing from the Polish market. These strategic decisions demonstrate the bank’s flexibility and adaptability in a rapidly changing global market environment.
Provisions for non-performing loans were almost 3 billion euros, below original forecasts, further underpinning the bank’s financial stability. Analysts see these developments as a positive signal for the bank’s future, especially in a challenging economic environment.
The strategic realignment and focus on the US market could lead to a stronger market position in the long term. Experts expect Santander to continue to benefit from positive developments in the US while expanding its presence in other key markets.
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