For 2016, Spain’s biggest bank reported net profit of 6.2 billion euros
January 27, 2017: Banco Santander SA said fourth quarter profit rose to 1.6 billion euros on lower provisions for bad loans and higher income from fees and from its business in Brazil.
Spain’s biggest bank boasted a 4 percent rise in its 2016 net profit. It reported net profit for the full year of 6.2 billion euros beating the average of analysts’ estimates calculated by Thomson Reuters of 6.12 billion euros.
In an interview with Bloomberg on January 25, the bank’s Chairman Ana Botin said, “For the first time, I think, since 2010 every single one of our markets is expected to grow.” She added that their strategy has been to grow loyal customers and the bank plans on continuing with the same strategy to grow in 2017.
Banco Santander, commercially known as Santander, is a Spanish bank. The bank currently operates in 10 nations.
The British business recorded 474 million euros in net income. Britain generates about a fifth of the bank’s profit, about the same as Brazil. The bank in September lowered its profitability target for 2018, citing diminished prospects for growth, especially after the UK voted to leave the European Union. Santander expects a lower growth in the UK in 2017. The bank managed to deliver double digit growth in every single market where it is present in 2016.