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FINANCIALS: Santander (SANTAN: Baa1 pos/A-/A-): 2Q24 Results

FINANCIALS

Santander headline results look good, with CET1 0.2% ahead of expectations, loan losses 4% lower than expected and NPLs also beating. Net income and NII are both ahead too, by 3% and 4% respectively. Revenue growth guidance is raised from mid-single to high-single digits. ROTE reached 15.8% for 1H with FY guidance upgraded from 16% to above 16%. Regionally, Spain performed better than the UK; strong retail NII in Spain was a positive, while shrinking in the UK on lower volumes. Better laterals for Spanish than UK high street competitors, then. 

  • *SANTANDER 2Q CET1 RATIO FULLY-LOADED 12.5%, EST. 12.3%
  • *SANTANDER 2Q NET INCOME EU3.21B, EST. EU3.13B
  • *SANTANDER 2Q NET INTEREST INCOME EU11.47B, EST. EU11.9B
  • *SANTANDER 2Q NET LOAN-LOSS PROVISION EU3.12B, EST. EU3.26B
  • *SANTANDER RAISES REVENUE GROWTH GUIDANCE TO HIGH SINGLE DIGIT
  • Call 09.00 BST https://wavedw.santandergroup.net/WS/2407PRANA/?ln=en

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