Santander Group posts record profits of €12.5Bn for 2024
Banco Santander posted profits of €12.574Bn euros in 2024, an increase of 14% compared to 2023 and a record for the third consecutive year.
Profits were due to “strong revenue growth” in all businesses and regions in which the bank operates and the increase in the number of customers to 173 million (Up 8 million), Santander said in a statement.
In parallel, the bank “maintained good cost control”, reaching in 2024 “the best efficiency ratio in 15” years. Santander, one of the largest banks in the world, is present in several countries in Europe and America, including Portugal, with 173 million customers, 207,000 employees and 3.5 million shareholders, according to the group’s own data.
Last year, the group’s revenues reached €62,211 million (8% more than in 2023). Client funds (deposits and mutual funds) grew 4% in 2024, with deposits increasing 2%.
Revenues from bank charges increased by 8% to €13,010 million. Loans granted by Santander increased by 1% to €1.02 trillion euros last year, with the overall arrears (non-performing loans) ratio standing at 3.05%.
The interest margin (the difference between loans granted and interest paid by the bank) amounted to €62.211 million, 8% more than in 2023.
In the statement released on Wednesday, Santander highlighted that “these results, with record levels in interest margin, commission revenues, total revenues and profit, allowed the group to exceed all the objectives” it had set for 2024.