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Banco Santander H1 Earnings Rise

Banco Santander SA (BNC.L,BSBR,SAN), a Spanish financial services company, on Thursday posted a rise in earnings for the first half, amidst a growth in loans, deposits, and cost efficiency.

For the first six-month period, the Spanish firm posted a pre-tax income of 7.91 billion euros, compared with 7.62 billion euros of previous year.

Net operating income was at 13.68 billion euros, higher than 12.31 billion euros of previous year period.

Underling profit stood at 4.89 billion euros as against 4.20 billion euros, year-over-year basis.

Attributable profit for the period also climbed to 4.89 billion euros, from 3.67 billion euros of 2021.

Banco generated a total income of 25.12 billion euros, compared with 22.69 billion euros, during the corresponding period of previous fiscal.

For the first six months of 2022, the Group said that its loans and deposits grew by 6 percent and 5 percent, respectively.

Commenting on the first half performance, Ana Botín, Executive Chair, said: "…Our diversification continues to provide a strong and resilient foundation for growth. In South America our business continues to grow profitably, generating 33% of our profit from 15% of our lending. North America achieved an adjusted RoTE of over 23%, despite the already anticipated normalization in loan-loss provisions, and returns in Europe and Spain came closer to meeting cost of capital, reflecting the improved connectivity across the region."

Looking ahead, for the fiscal 2022, the company said it is on track to meet its mid-single digit revenue growth target.

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