Santander earned 7,316 million until September, 25% more

Banco Santander recorded a net profit of 7,316 million euros between January and September 2022, which represents

compared to the same period of the previous year.

As transferred to the National Securities Market Commission (CNMV), without taking into account the charge of

in the group applied last year, the profit would grow by 15%.

Only in the third quarter of this year, Santander made a profit of 2,422 million

, 11% more, after incorporating a net charge of 181 million due to the new moratorium regulations in Poland.

Fee income increased by 13.5% in current euros, thanks to higher volumes and improved activity, and net interest income grew by 15.4% due to strong activity, as well as higher interest rates. interest in the UK, the eurozone, Poland and elsewhere.

Total income advanced 11.6%, to 38,629 million.

The sharp rise in inflation caused a

, although, in real terms, that is, discounting inflation, costs fell by 5%.

For its part, the bank's delinquency stood at 3.08% in September, below the 3.18% of a year ago, and slightly above the 3.05% at the end of the second quarter of this year.

Profitability measured as return on tangible capital (ROTE) stood at 13.6%.

For the whole of 2022, the objective is to obtain an ordinary ROTE above 13%.

The bank stated that it is on track to

(growth of around 5%), profitability (ROTE above 13%) and capital (12%), while it expects to improve the efficiency ratio of 2021 and close the year close to its objective (45%) despite inflationary pressures.

In the same way, it maintains its dividend policy for this year at a 'pay-out' of approximately 40% of ordinary profit.

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• Santander Bank