Santander earns more than expected in the 4th quarter and forecasts higher profitability in 2023

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Santander announced this Thursday (2) that it had a net profit of 2.29 billion euros in the fourth quarter of 2022, a value very similar to the gain of 2.28 billion euros recorded in the same period of the previous year. The number exceeded the expectations of analysts consulted by FactSet, who predicted a profit of 2.14 billion euros between October and December.

The revenue of the largest Spanish bank advanced to 13.52 billion euros in the last three months of last year, compared to 11.78 billion euros in the same range of 2021. The result was also above the FactSet consensus, of 13.38 billion of euros. Santander’s net provisions for non-performing loans amounted to €3.02 billion in the quarter.

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For 2023, Santander forecasts a double-digit increase in revenue and a return on tangible assets – an important measure of profitability – above 15%. In 2022, this return was 13.37%.

Source: CNN Brasil

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