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Banco Santander's profit grew by 18 percent in 2018, surpassing $ 700 million in Chile




Banco Santander received a net profit of 7,810 million euros (about 8,900 million dollars) in 2018, 18% more than a year earlier, and Latin America is the driver of the group.

As the bank today announced to the National Securities Market Commission (CNMV), the Spanish Stock Exchange regulator, during 2018, grew by 2.6 million connected clients – those who regard Santander as the main entity – while digital customers increased 6.6 million, to stand at 32 million.

An entity led by Anna Bootin received net profit of 4,228 million euros ($ 4,831 million) in Latin America, 1.6% less than the year before, although without the influence of foreign exchange rates of currencies in the countries where it operates, revenues would increase by 16 , 5%.

Brazil was again a country that contributed more to this bill, US $ 2,976 million, 2.4% more. Santander Brazil This represented a contribution of 26% to the global benefit of the group.

Also, the annual accounts of the area were again affected by the accounting adjustments required by a state of high inflation Argentina, which resulted in a profit of 84 million euros ($ 96 million), which is almost 77% less than in 2017.

"Latin America continues to be an important driver of the Group's growth, with good progress, especially in Brazil and Mexico," Botin said.

In general, the Bank's operations in Latin America were characterized by "good evolution" and interest margin and commissions, as well as the growth in the volume and the increased participation of the clientele, which added "improving the cost of credit".

By countries, after Brazil, Mexico made a profit of 869 million dollars, 7% more, while Chile earned 614 million euros ($ 702 million), an increase of 4.9%.

On Grupo Santander also works in the United States, where it earned 552m euros ($ 631m), 35.4% more thanks to the "favorable evolution of the business" and progress in regulatory issues.

In general, gross loans and advances to the Group's clients in Latin America increased by 2.4% in 2018, while client-deposit and investment funds increased by 1.3%.

The workforce of the group in Latin America last year grew by 1,182 employees to 90,196, while the branch network decreased by 105 and amounted to 5,803.


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