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Banco Santander Posts FY Profit

Spanish Financial Group Banco Santander S.A. (BNC.L,BSBR,SAN) reported that its profit attributable to the parent for fiscal year 2021 was 8.12 billion euros or 0.436 euros per share compared to a loss of 8.77 billion euros or 0.538 euros per share in the previous year. The results in 2021 were favoured by the rebound in revenue and lower provisions.

The impairment on other assets (net) stood at 231 million euros, compared to 10.42 billion in 2020 due to the valuation adjustment to goodwill of negative 10.10 billion euros in the second quarter.

Excluding the 530 million euros charge recorded in the first-quarter of 2021 from restructuring costs, underlying attributable profit stood at 8.654 billion euros, 70% higher than in 2020, underpinned by the positive performance across regions, Digital Consumer Bank (DCB) and the global businesses.

Annual interest income grew to 33.37 billion euros from 31.99 billion euros in the previous year.

Total income for the year was 46.40 billion euros up from 44.28 billion euros last year.

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