IBOS member Santander announces its attributable profit for the first half of 2019

IBOS member Santander has announced that the Bank has earned EUR 3,231 million in attributable profit for the first half of 2019.

The Group achieved an attributable profit of €3,231 million during the first half of 2019, after €814 million in charges relating primarily to restructuring costs incurred as part of the bank’s plans to reduce its annual cost base in Europe by 10% (€1 billion), as announced at the Bank’s investor day on 3 April 2019. The charges include: restructuring costs in Spain (€600 million) and the UK (€26 million); and a further PPI provision in the UK (€80 million), in addition to the net charge of €108 million announced in the Q1 2019.

In the first half of the year, net interest income increased to €17,636 million, up 4% year on year (yoy) as lending and customer funds increased by 4% and 6% respectively in constant euros (i.e. applying constant exchange rates).

Additionally, Santander attracted one million new customers in Q2 2019, taking the total number of customers it serves to 142 million, more than any other bank in Europe or the Americas.

To support the Group’s digital strategy, all digital services have been consolidated under a single area – Santander Global Platform. Digital adoption continued to accelerate over the first six months of the year, with 34.8 million customers now using digital services. On average, 240 customers now access one of Santander’s mobile or digital platforms every second – an increase of 28% over the past 12 months.

Read the full press release via Santander here