Region weight in group profit represents 42% and added more than one million subscribers in a year, reaching 45.76 million.

Last result of Santander Bank demonstrates, once again, the effectiveness of the model: balanced diversification between businesses and the markets in which the company operates. A strategy that has become a hallmark of financial institutions as well as a competitive advantage and a solid foundation for growth, especially in times of uncertainty and volatility. In the words of Ana Botín, president of the finance group, The combination of global and local, supported by leadership in the various countries where the bank has a presence, results in a “virtuous circle” that reinforces value creation.

The entity has earned in the first quarter of this year an attributable profit of 2,571 million euros, fully discounting the effect of the provisional tax in Spain expected for the year. Of these, 42% correspond to Europe, which with 1,189 million leads the bank results ranking by region (at the end of 2022, the profit weight is 33%). This geographical area includes all businesses carried out in Spain, UK, Portugal and Poland, except Digital Consumer Bank, which brings together the consumer finance activities of entities -under the Santander Consumer Finance (SCF) brand- and Openbank, the group’s 100% digital bank servicing more than two million subscribers in Spain, Germany, Netherlands, Portugal and Argentina.

They are followed by South America, with 790 million (28% of the total); North America which earned 627 million (22%); and Digital Consumer Bank which contributed 244 million (8%).

“In Europe we have started ambitious transformation process to create a better bank where our customers and team feel a deep connection with Santander, at the same time we deliver sustainable value for shareholders, and with a positive impact on society. This entails expanding our business by providing better service to our customers, redefining the way we interact with them, and creating a simpler and more efficient model of co-operation.

The project with the name One Europe was born in 2020 with a regional focus for business management in the four European countries where the bank operates. It is also the first step towards building One Santander, one of the group’s global strategic priorities. “Last year we made significant progress in financial results and project transformation. This year we will accelerate with the aim of becoming the best bank in every country, supporting us in the combination of our local leadership with our pan-European and global business”, they explained.

To do this, Banco Santander focuses on five pillars: focus on customers and activities to increase the active customer base, improve service and experience; That simplification and automation processes, to improve efficiency through a common operating model for the region; driving revenue from global business, increasing connectivity; increase linkages through a value proposition for individuals and SMEs; And increase pricing and risk management policies.

All these jobs are reflected in subscriber growth, which at an annual rate increased by more than one million in Europe, reaching 45.76 million in March. And also on the results (regional profits grew 19% compared to the first quarter of 2022) and volumes, especially deposits, which rose 3%.

In the case of Spanish, Santander has grown its customer base by 736,000 in interannual rates – adding to 19 consecutive months of growth – and already has nearly 14.5 million. subsidiary has contributed 466 million attributable profit in the first quarter28% more compared to March 2022. “We’re making progress in improving service quality, automating and digitizing processes, and developing value propositions, simpler for individuals and tailored to high-value segments.”

In the great Britain, the profit was 395 million euros, with a growth of 11%; while subscribers increased by about 200,000. In this country, the bank is especially focused on its digital transformation program, with increasing efficiency through the automation and digitization of key processes. Also Portugal showed a growth trend both in clients and in results, which reached 180, having increased by 21%. Finally, Poland contributed 167 million euros, with a year-on-year increase of 49%.