Santander Group CEO Javier Marín emphasized in the results presentation the favourable evolution of all businesses, indicating that the recovery is effective and the recession is over. The general outlook presents a cutback of operational expenditure, efficiency gains, income stability and the size of the balance; and most importantly: the credit start to grow and past-due assets are reducing, that limit the demand of provisions. With this outlook the profit grows and support the recovery expectations from pre-crisis levels, to reach the mark of 10,000 million euro profit a year (double the current), with 3.000 obtained in Spain (more than 500 this year).
The bank’s chief executive ratified the bank’s confidence in Brazil, and although he pointed out that he did not share the criteria of the bank analyst who criticized the President of Brazil, he pointed to some necessary reforms to help the American giant to regain its potential growth rate, above 3%, compared to current 1%
Marin insisted during his speech on the aim of “being the best bank for customers” and of gaining size by “organic growth”, though without rejecting purchases that meet the demands of profitability. “We went out of business that is not core retail business (the case of real estate), we seek partners for volume business (deposits, insurance …) and we focus on the commercial banking representing 70% of Santander’s activity.”
Business in Spain returns to profits, provisions are stabilized and credit begins to grow. Marin also emphasized the lower cost of resources and the stability of expenses. The absorption of Banesto in Santander’s network is already finished and the business specialized in car and consumer goods financing grows in Europe and United States.