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FINANCIALS: Santander (SANTAN) - 4Q Results

FINANCIALS
Credit BulletsCEEMEAEurozoneSpainBullet

Solid. Credit positive. Perhaps not quite as good as the equity market/headlines suggest, naturally reacting to the large buyback. Lots of moving parts. Core income better and expenses lower - if one offs can be kept to a minimum should be very good for capital generation.

  • Net interest income increased 7.1% (€800m) vs Q3 at €12,116m. Net commission and fee income was up 4.9% (€155m) over the same period
  • Non-interest expense kept up with earnings though and was €1026m higher at €8,134m, although part of this is 'other provisions' being c.€500m higher than Q3.
  • Total provision expense increased by €173m to €3,120
  • As a result OpInc was -6.7% lower than Q3 at €4,558
  • From there a lower tax burden and less write downs helps net income of €3,265 beat Q3's number by €15m - or 52bps of RWA which is ultimately a really solid number.
  • Cost of risk is 1.15%, 3bps lower than Q3 and NPL's edge lower as well. - Driven by improvements in Poland/Argentina/Brazil.
  • CET1 increases to 12.8%, +0.3% vs Q3. 
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Solid. Credit positive. Perhaps not quite as good as the equity market/headlines suggest, naturally reacting to the large buyback. Lots of moving parts. Core income better and expenses lower - if one offs can be kept to a minimum should be very good for capital generation.

  • Net interest income increased 7.1% (€800m) vs Q3 at €12,116m. Net commission and fee income was up 4.9% (€155m) over the same period
  • Non-interest expense kept up with earnings though and was €1026m higher at €8,134m, although part of this is 'other provisions' being c.€500m higher than Q3.
  • Total provision expense increased by €173m to €3,120
  • As a result OpInc was -6.7% lower than Q3 at €4,558
  • From there a lower tax burden and less write downs helps net income of €3,265 beat Q3's number by €15m - or 52bps of RWA which is ultimately a really solid number.
  • Cost of risk is 1.15%, 3bps lower than Q3 and NPL's edge lower as well. - Driven by improvements in Poland/Argentina/Brazil.
  • CET1 increases to 12.8%, +0.3% vs Q3.