Santander posted a 35% increase in net income for the fourth quarter of 2019, beating market expectations, supported by a rise in its customer base.
CET 1 capital ratio stood at 11.65%, compared to 11.3% at the end of 2018.Spanish Santander Bank executive chairperson Ana Botin.posted a 35% increase in net income for the fourth quarter of 2019, beating market expectations, supported by a rise in its customer base.
The Spanish bank posted a net profit of 2.78 billion euros in the last quarter of the year. For the whole of 2019, the bank's net income dropped by around 16%.Total income hit 12.5 billion euros — slightly lower than the fourth quarter of 2018.The total dividend proposal is 0.23 euros per share Santander also reported a 9% increase in the number of its "loyal" customers over the last year — meaning those that use the Spanish lender as their primary bank. "Our focus on customer loyalty, geographic diversification and scale drove strong operating performance across all regions," Ana Botin, the chairman of Banco Santander, said in a statement.
"Our South American business continued to generate healthy growth; we maintained strong momentum in North America, with the U.S. delivering among the fastest growing underlying profit of all markets; and in Europe we achieved a 10% return on tangible equity, despite a challenging interest rate environment," she added.In the U.K., Santander reported a lower underlying profit due to "ongoing competitive pressures.
Costs dropped by 3% in real terms for its U.K. business. The total number of branches has fallen by more than 18% in annual terms to 616, and the number of employees has also dropped by about 4% in the same period.
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