Banco Santander, S.A. (STD)
Q1 2012 Earnings Call
April 26, 2012 4:00 AM ET
Alfredo Sáenz Abad – Second Vice Chairman and CEO
José Antonio Álvarez – CFO
Good morning, we’re going to begin the Results Presentation. As usual, I will be reviewing the basic parameters for the year and for the quarter so far. Then, Jose Antonio Alvarez will review the business areas and I’ll close with some conclusions.
The first thing to be said is the economic context is still very difficult and also very diverse, depending on the geographies. In Europe, at the beginning of the quarter, it seemed that there was some degree of stabilization. But now, in the latter part of the quarter, once again, we see signs of instability in the market. The U.S., on the other hand, closed 2011 with higher growth rates and remain solid at the start of the year, while Latin America still showed dynamic growth rates of around 3% or more in the main countries.
(Inaudible) the Grupo Santander has applied different strategies depending on the countries and the momentum in each economy and the priority in all of them was to strengthen our balance sheet, aided by our strong capacity to generate results. Quick overview of the quarter, three keys were, first, strong gross operating income, with over €11.35 billion, that’s 8% up on the first quarter of 2011, enabling us to post a pre-provision profit of €6.26 billion which is a new quarterly record and an attributable profit of €1.6 billion.