Santander reaffirms mid-term goals after second-quarter net profit climbs
SAN•Revenue, costs and provisions
Revenues rose 9% in the second quarter, outstripping a 2% rise in total costs and allowing the bank to maintain its efficiency ratio at 42.8% from the previous quarter.
Provisions rose 13% to €3.35 billion, also partly due to additional impairments of €39 million in compensation for mis-sold motor finance in the UK.
Regional and business unit performance
In Spain, Santander's main market, underlying net profit rose 12% year-on-year in the second quarter, helped by a rise in lending supported by solid economic growth. In the UK, profit also rose 47%, thanks to two months' contribution from TSB.
In the U.S. and Mexico, underlying net profit rose 33% and 19% respectively in the quarter, while in Brazil profit was up 13% in the same period on higher loans.
