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Santander Bank Polska SA
Publikacja: 2024-10-29 08:16

Santander BP lender posts PLN 1.94 bln attrib. net profit in Q3 2024, above expectations

Listed lender Santander BP, the unit of Spanish Banco Santander, posted over PLN 1.939 billion (EUR 446 mln) attributable net profit in the third quarter of 2023, up from nearly PLN 1.529 billion (EUR 351.7 mln) in the prior year period, the bank said in its quarterly financial report. The bank's profit was 13 percent above market expectations for PLN 1.722 billion (EUR 396.1 mln).


The expectations of seven sell-side analysts for Santander BP's net profit for the third quarter, included in the PAP Biznes consensus, ranged from PLN 1.615 billion (EUR 371.5 mln) to PLN 1.885 billion (EUR 433.6 mln).

The lender's net profit in the third quarter of 2024 increased by 27 percent year on year and by 144 percent quarter on quarter.

After three quarters of 2024, Santander's group net profit stood at PLN 4.3 billion (EUR 989 mln), up from PLN 3.85 billion (EUR 885.5 mln) in the prior year period.

The bank's interest income in the third quarter exceeded PLN 3.576 billion (EUR 822.5 mln), 2 percent higher than market expectations of PLN 3.491 billion (EUR 802.9 mln). Net interest income rose by 5 percent year on year and by 9 percent quarter on quarter.

Net fee and commission income amounted to PLN 727.5 million (EUR 167.3 mln) and was in line with market estimates, which expected PLN 727.7 million (EUR 167.4 mln). Net fee and commission income increased by 9 percent year on year and remained unchanged in quarterly terms.

Loan impairment charges amounted to PLN 296.9 million (EUR 68.3 mln) in the third quarter, 6 percent below consensus. The market had expected write-offs at PLN 314.7 million (EUR 72.4 mln). Write-offs fell 2 percent year on year and 22 percent quarter on quarter.

The cost of legal risk of mortgages in foreign currencies amounted to PLN 110.4 million (EUR 25.4 mln). The average of analysts' expectations for the cost of legal risk in the third quarter was PLN 317.2 million (EUR 73 mln).

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