Banco Santander has reported a record profit of €9.309 billion for the first nine months of 2024, marking a 14% increase compared to the same period last year. This growth occurred despite declining interest rates and uncertainty surrounding the continuation of the banking tax.
Chairwoman Ana Botín stated that the bank experienced strong revenue growth across all global businesses and regions, adding five million new customers. The bank's net interest margin rose by 8% to €34.682 billion, while commission income increased by 5% to €9.666 billion.
Despite these positive results, Santander's shares fell nearly 4% during Tuesday's trading session, leading losses in the Spanish market. Analysts noted that while the bank's profits surpassed estimates, revenue and operational margins fell short of expectations.
Link Securities analysts indicated that the results, although impressive, did not align with market forecasts, leading to a negative interpretation by some investors. Renta4 analysts maintained an overweight rating on Santander, with a target price set at €5.60 per share.