Santander announces €8.9bn profits in 2009

by Richard Kilner

Story link: Santander announces €8.9bn profits in 2009

Spanish banking giant Banco Santander has announced that it met all the targets it was set at the shareholders’ meeting held in June.

The firm recorded attributable profits of €8.9bn for 2009, a rise of 1%, with shareholder remuneration rising by 2% to €4.9bn.

In July Santander indicated its confidence in matching the €8.8bn annual profit achieved in 2008, following announcement of its €4.52bn half-yearly net income.

Costs rose by 10%, but was outstripped by revenue which increased by 18%.

When exchange rate effects and the integration of new acquisitions are taken into account, revenue was up 11% but costs rose by less than 1%.

Group profit was bolstered to the tune of €1.5bn by the numerous recent acquisitions Banco Santander has made, including Banco Real, Bradford & Bingley, Alliance & Leicester, Sovereign and the consumer finance units.

Chairman Emilio Botin has expressed his delight at the very healthy results, which were achieved during an extremely difficult year for world banking.