Santander obtained an attributed net profit of

1,608 million euros

during the first quarter of the year, which compares with the 331 million a year earlier where it already suffered the pandemic with strong provisions and turns the page of the historical losses of 8,771 million embedded in the set of 2020, while revealing that it has reserved 40% to pay a dividend when it can.

Its profit from January to March implies a year-on-year increase of 385 or multiplying by almost 5 the benefit it had reaped during the first quarter of last year where it registered a provision of 1,600 million euros due to the pandemic, according to the bank detailed this Thursday to the National Securities Market Commission (CNMV).

This time its quarterly accounts bear a net charge of 530 million but which corresponds to the restructuring costs forecast for the whole year in the group and, mainly, in the United Kingdom and Portugal. It contrasts, in any case, with the 12,600 million euros faced in the whole of 2020 and that caused

annual losses of 8,771 million,

which were used to clean up the goodwill of its historical investments and deferred tax assets (DTAs) given the deterioration of the economic outlook as a result of Covid-19.

In the accounts for the first quarter of the current year, ordinary profit stood at 2,138 million euros, compared to 377 million the previous year, after achieving record profits in the United States and strong growth in the United Kingdom. Its revenues grew 8% in constant euros, to 11,390 million euros, thanks to lower financing costs and good results "in all regions" and profit before provisions by 15% in constant euros. It was supported by an increase in business volume "in most markets" and which, as a whole, rose 2% year-on-year in loans and customer funds (deposits and investment funds) by 10%.

For its part, the NPL ratio fell by five basis points, to 3.20%, and the most demanding capital ratio or CET1 rose 72 basis points, to 12.30% and above the target range of 11 -12%.

The bank revealed that it has reserved precisely 15 basis points of capital to remunerate the shareholder, which is equivalent to "40% of the ordinary profit for the quarter", which it plans to pay when the European Central Bank (ECB) allows it.

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