Business areas
Business and profit growth leveraging our geographic diversification
Note: YoY changes in constant euros. Loans and advances to customers excluding reverse repos. Customer deposits excluding repos.
1. Excluding Puerto Rico and Bluestem disposal impact. Otherwise, loans -4% and deposits +5%.
2. RoTE adjusted for excess capital in the US: 22%.
Business areas performance
Changes in constant euros
North America
Synergies between countries further increased, enhancing the regional approach while implementing local priorities, leveraging each country's best practices and avoiding duplication.
Underlying attributable profit amounted to EUR 773 million (+ 205% year-on-year), driven largely by lower provisions in the US, together with cost control and revenue increase. The US was the country with the highest profit in the quarter, at EUR 616 million.
Europe
We are accelerating our business transformation with One Santander in Europe to achieve superior growth with a more efficient operating model.
The increase in revenue, combined with improved efficiency and lower provisions, led to an underlying attributable profit of EUR 826 million (+338% year-on-year).
Digital Consumer Bank
Was created through the combination of Santander Consumer Finance (SCF) and Openbank's strengths: combining the scale and leadership of SCF in Europe, and Openbank’s digital capabilities.
Underlying attributable profit was EUR 291 million, improving 25% year-on-year, due to the slight increase in total income and lower provisions recorded in the year. Costs remained flat despite investments in technology and scaling capabilities.
South America
We continued to progress on our strategy to strengthen connectivity across regions and enable the export of positive experiences across units, to continue capturing new business opportunities and boosting growth.
Underlying attributable profit surged 41% year-on-year to EUR 773 million backed by positive total income performance and lower provisions following covid-19 related charges recorded in Q1'20.
North America
Synergies between countries further increased, enhancing the regional approach while implementing local priorities, leveraging each country's best practices and avoiding duplication.
Underlying attributable profit amounted to EUR 773 million (+ 205% year-on-year), driven largely by lower provisions in the US, together with cost control and revenue increase. The US was the country with the highest profit in the quarter, at EUR 616 million.
Europe
We are accelerating our business transformation with One Santander in Europe to achieve superior growth with a more efficient operating model.
The increase in revenue, combined with improved efficiency and lower provisions, led to an underlying attributable profit of EUR 826 million (+338% year-on-year).
Digital Consumer Bank
Was created through the combination of Santander Consumer Finance (SCF) and Openbank's strengths: combining the scale and leadership of SCF in Europe, and Openbank’s digital capabilities.
Underlying attributable profit was EUR 291 million, improving 25% year-on-year, due to the slight increase in total income and lower provisions recorded in the year. Costs remained flat despite investments in technology and scaling capabilities.
South America
We continued to progress on our strategy to strengthen connectivity across regions and enable the export of positive experiences across units, to continue capturing new business opportunities and boosting growth.
Underlying attributable profit surged 41% year-on-year to EUR 773 million backed by positive total income performance and lower provisions following covid-19 related charges recorded in Q1'20.