The wealth management and insurance arm of Santander reported a contribution of €1,733m ($2,011m) to the group in the first nine months of 2021.

This includes net profit and total fees generated net of taxes. It is also 16% than this point last year due to higher volume of assets under management (up 12%) and total fee income up 11%.

In addition, there was net new money totalling €7.9bn in private banking and cumulative net sales of €6.3bn in Santander Asset Management.

Santander in 2021

Santander as a whole earned €34.6bn in total income in the first nine months of 2021, up 8% year-on-year. This was attributed to strong volume growth and customer activity, as well as 94% of income coming from net-interest income and fees.

Net operating income increased by 11% year-on-year in constant euros to €18.8bn, as lending and deposits grew by 4% and 6%, respectively.

Underlying profit in Europe and North America was double that of the same period in 2020, increasing by 98% and 122% respectively.

Furthermore, the total number of customers for the bank increased to 152 million with 54% of group sales made through digital channels rather than the 44% in 2020.

Ana Botín, Banco Santander executive chairman, said: “We delivered solid top line growth across all of our regions and businesses again this quarter. Our performance in the US and the UK were particularly strong, underscoring the effectiveness of our strategy in these important markets.

“Our teams’ relentless focus on improving the way we serve customers helped attract over a million new customers in the last quarter, while increasing loans and deposits by 4% and 6% year-on-year, respectively.

“Our investment in digital is critical to achieving profitable and efficient growth. This is reflected in our cost-to-income ratio which remains among the best in our peer group at 45.6%.

“Looking ahead, we are well on track to significantly outperform our profitability target for 2021, while maintaining a fully loaded CET1 at the top end of our 11-12% range. This allows us to offer attractive returns to our shareholders and continue to invest in future growth.

“We remain confident of reaching our 13-15% medium-term profitability target thanks to the progress we have made to date, an improved outlook, as well as our team’s excellent delivery across all businesses. I am proud that Santander has again been recognised among the top-25 ‘great places to work’ globally, and of our support for renewable energy and financial inclusion.”