Santander Reports 58% YoY Increase in Attributable Profit for Q1 2022

Banco Santander achieved an attributable profit of €2,543 million in the first quarter of 2022, up 58% in current euros versus the first quarter of 2021 when the bank incurred €530 million in restructuring charges. Underlying profit, which excludes the aforementioned charges, was up 19% in current euros.

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The bank saw strong customer activity in the quarter. Customer funds reached a new high (€1.1 trillion, +5%). Deposits climbed 5% to €906 billion due to growth in most countries, and mutual funds increased by 6% to €191 billion, underpinned by net inflows and markets recovery. Lending also grew 5%, reaching €1 trillion for the first time, after increases of 4% in Europe (Spain and Poland, +6% each), 8% in North America and 9% in South America.

The number of customers the group serves increased by seven million to 155 million, while the number of digital customers grew by 11% to 49 million. Digital sales accounted for 56% of total sales compared to 50% in the same period last year.

Santander's ongoing focus on customer loyalty and digital innovation enabled the bank to achieve a top-three position in customer satisfaction in eight out of its nine core countries, according to net-promoter score (NPS) rankings.

Ana Botín, Banco Santander executive chair, said:"We delivered a strong first quarter, growing the number of customers we serve and increasing revenues by 8%, with further improvements in efficiency, and credit quality remaining solid."

"Looking ahead, while inflation will affect the pace of global economic growth, with specific impacts varying across our regions and businesses, we are reiterating our 2022 targets, illustrating the benefits of our business model."