The private banking, asset management and insurance businesses of Santander saw profit in Q1 2023 increase 62% to hit €377m ($416m).

In addition, total income for the arm increased 43% year-on-year thanks to improved margins and net fee income.

Furthermore, total fee income amounted €892m which represented 29% of the group’s total fee income, a 2% increase year-on-year.

Private banking by itself saw net profit in Q1 2023 hit €287m, more than twice the number from the same quarter a year before. Also, Threshold Private Banking clients at Santander increased 4% to more than 112,000 in Q1 2023. Private banking customers increased by 8% year-on-year.

Santander in Q1 2023

The group recorded attributable profit of €2,571m, a 1% increase year-on-year, attributed to a 13% increase in income.

Total income for Q1 2023 was €13,935m for Santander, a 13% increase year-on-year.

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Total customers reached 161,155 from 152,492 a year before. Digital customers also grew in the same time period, from 49,159 to 51,919.

However, the number of branches fell by 0.3% worldwide, from 9,248 to 8,993.

Ana Botín, Banco Santander executive chair, said: “It has been a strong start for the year with income 13% higher than last year driven by growth in customers and volumes, with lending and deposits up 3% and 6%, respectively. Double-digit income growth, improved efficiency and robust credit quality drove our return on tangible equity to 14.4%, up from 13.4% in 2022, while our balance sheet remains rock solid. We are progressing well in our simplification and commercial transformation, and the increasing value of the group is again evident in our results, with 39% of total income coming from our global and network businesses.

“Despite recent volatility, we are on track to meet our 2023 targets, achieving 5% increase in tangible net asset value per share plus cash dividend per share since the start of the year. Our teams remain focused on supporting customers and continuing to create value for shareholders.”