Santander Consumer Lisbon

Santander Consumer earned €1.321 billion in 2023

Santander Consumer Finance, the Santander Group’s subsidiary specialising in consumer finance, posted a net profit of €1.321 billion in 2023, 17.4% less than in 2022, according to the accounts sent by the company to the National Securities Market Commission (CNMV).

The business in Spain and Portugal posted earnings of €806.3 million, almost quadrupling its 2022 result of €206.6 million. Ordinary revenues in this unit increased 65.0% to €1.6 billion.

At the consolidated level, net interest income fell 4.0% to €3.425 billion, affected by the change in the conditions of the TLTRO programme and the rise in interest rates.

In the first half of the year, Santander told Europa Press that the bank was “actively” repricing loans, focusing on the most profitable segments and increasing customer deposits”.

In fact, interest income soared 53.3%, although interest expenses quadrupled to €3.006 billion euros.

Customer loans grew 8.45% to €115.507 billion, while deposits rose 18.1% to  €48.844 billion.

Santander Consumer Finance paid a dividend of €0.32 per share to its parent company, Banco Santander, for a total of €607.4 million and almost 46% of the profit obtained by the finance company in 2023.

Original Story: Capital Madrid | Author: C.M.
Translation and Editions: Prime Yield