Spain’s Grupo Santander Q1 2010 financial report reveals that the bank increased ordinary attributable profit to €2.2bn (US$2.9bn), up 5.7% from the first quarter of last year.
The bank has also revealed a strong performing Q1 for trade finance, with client revenues increased by over 20% from the same period in 2009.
Brazil and Spain accounted for more than two-thirds of the volume, which Santander attributes to its solid position in its natural markets, but the bank also saw rises in all of its operating countries.
However, cash management revenues remained flat from Q1 2009’s results, which the bank claims is in line with the weak economic growth in its core countries.
Furthermore, basic financing revenues were actually 5% lower due to the combination of decreased average volumes and the re-pricing of the bank’s portfolio spreads after the highs of 2009 which saw Santander post an attributable profit of €822mn (US$1.1bn) in Q2, up €143mn from Q1 2009 and up €43mn (US$57mn) from Q1 2010.
The report highlights Santander’s trade finance activity in Spain, including several operations involving aircraft, trains and ships and the presentation of several wind-power projects in the country.
“The intense activity has meant a strong increase in the pipeline, which is a big support for reaching projected annual revenues in the current environment,” the report adds.
Last Updated April 29, 2010
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