Banco Santander’s global profits rose by 4% YOY in H1 2018 to reach €3.75bn ($4.38bn), but it was blighted by fines related to the capture of Banco Popular. Overall, Santander H1 results were hit and miss.
The global bank’s Q2 results were hit by a €300m fine for the takeover of Banco Popular and exchange rate impairments.
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Santander H1 results by market
The UK was one of the markets that fared the worst YOY. Attributable profits dropped 14% to €692m.
However, in comparison to Q1, Q2 profit was up 16% due to continued
pressure on mortgage spreads offset by an improvement in fee income, higher gains on financial transactions and lower provisions.
Digital customers in the UK also grew by 0.4 million.
Spain also suffered with a 19.9% drop in attributable profit year-on-year. Comparing Q2 to Q1 saw a staggering 90% drop in attributable profit in Spain due to the Banco Popular deal.
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By GlobalDataLosses were offset by good Santander results in Brazil, which saw attributable profit grow by 28% and reach €1.32bn.
Also, digital customers rose by over two million in the country.
However, the Santander H1 results did show growth in both loyal and digital customers overall. Loyal customers rose 17% over the past twelve months to hit 19.1 million. Digital customers increased by even more. 5.3 million digital customers were added to Santander to hit 28.3 million.
Santander’s total customers is now at 140 million worldwide and it hires nearly 201,000 staff.
