SAN Latest Report
1min read Performance Review
Santander Bank's total operating revenue in Q3 2024 was US$15.135 billion, up 1.24% YoY. Despite the modest growth, it still indicates the stability of its business and market competitiveness in the current economic environment. The slight increase in operating revenue was due to stable market demand, increased commission expenses, and flat net interest income.
Key Data in the Financial Report
1. The total operating revenue in Q3 2024 was US$15.135 billion, up 1.24% YoY from US$14.861 billion in the same period of 2023.
2. Commission expenses increased from US$3.119 billion to US$3.189 billion, reflecting business expansion or increased customer trading activities.
3. Net interest income slightly increased to US$11.225 billion, indicating a decent performance in its loan and deposit business.
Peer Comparison
1. Industry-wide analysis: In 2024, the banking industry as a whole faced rising interest rates and economic uncertainty, with a slowdown in revenue growth, but large banks maintained relatively high revenue levels, showing industry resilience.
2. Peer evaluation analysis: Compared with other large banks, Santander's revenue growth rate is at a moderate level, with competitors such as JPMorgan and Bank of America performing well in investment banking, while Santander's traditional retail business performed stably but needs further improvement in innovation and diversified services.
Summary
Santander Bank's operating revenue grew slightly in Q3 2024, although the growth was not fast, showing stable market demand and its ability to adapt to the economic environment. However, compared with its competitors, it may have shortcomings in business diversification and innovation.
Opportunities
1. The bank's retail business performed well and can be further expanded in this area.
2. Through digital transformation (such as Openbank), Santander can attract more young customers and new businesses.
3. Continue to strengthen its business layout in Spain and Brazil, which is expected to further improve its performance.
Risks
1. Economic uncertainty may affect future credit demand, which in turn affects operating revenue.
2. Increased commission expenses may lead to cost increases and affect net profit.
3. The shortcomings in innovation and diversified services may limit its market share expansion in the face of fierce competition from competitors.