Banco Santander achieved an underlying profit of €4,894 million in the first half of 2022, up 16% in current euros versus the first half of 2021. Attributable profit, which was impacted by restructuring charges of €530 million in the same period of 2021, was up 33% in current euros. In the second quarter alone, attributable profit was €2,351 million, up 14% in current euros and 2% in constant euros.
Underlying profit before tax was €7,915 million, after growing 4% in current euros, while tax on profit in the period was €2,374 million, resulting in an effective tax rate of 30%.
The bank continued to see strong customer activity in the quarter despite the market uncertainty. Customer funds reached a new high (€1.1 trillion, +4%) thanks to good growth in deposits (+5%). Lending also grew 6%, with mortgages up 7%, consumer lending up 6%, and lending to companies up 4%. The bank’s loan book remains diversified across both businesses lines and geographies, with 65% of total lending secured.
The group continued to grow its customer base, adding more than seven million customers in the last twelve months, taking the total to 157 million. The strong increase in digital adoption continued, with 56% of sales now through online or mobile channels, compared to 52% in the same period last year. The total number of customers using digital channels grew by more than four million to 50 million.