Santander Business Strategy and Financial Inclusion
Concluding remarks
Santander Portugal volumes supported by mortgages and corporates. Efficiency
benefitted from the transformation process, while asset quality improved
Economic activity consolidation in Q3'21, as the economy reopened further. Domestic demand and exports of goods
are the drivers behind the recovery, while tourism begins to recover, with the improving vaccination rates (85% of
Portuguese population fully vaccinated in October)
Financial System
▸
Resilient loan growth, with new mortgage origination at its highest level since 2008
▸
Deposits continued to grow, aligned with the higher household savings rate (11.5% in Q2'21 - highest since the 2000s)
Strategy
&
Business
Results
Santander
Santander Portugal maintained its support to households and companies, with market shares in new lending to
corporates and mortgages over 20% in Q3'21, sustaining its strong position as the largest privately-owned bank in
Portugal by loans. Growth in funds, with a focus on diversification of household funds into off-balance products.
▸ Santander Portugal remained focused on its digital transformation process, including continuous delivery on digital
channels and simplification of internal processes and commercial offering, to provide first class business to customers.
▸ Sound capital and liquidity bases, which puts Santander in a leading position to support its customers to develop their
projects and take advantage of the economic recovery. Santander Portugal also maintained the best risk ratings by the
rating agencies, aligned with or above the sovereign's
Higher customer revenue led by strong growth in net fee income, driven by improved commercial activity and
transactionality, which offset the reduction in NII
‣ LLPs declined YoY, as the NPL ratio maintained its downward trend
▸ Attributable profit decreased 32% YoY reflecting one-off charges relating to the transformation program
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