Santander Reveals 65% Upsurge in New Mortgages in First Quarter

2/04/2014 – Expansion

In his speech at the Financial Sector Meeting organized by Deloitte and ABC, Javier Marín, Chief Executive Officer of Santander, assured that demand for credit granting in Spain had come back. He also informed that new mortgages granted by Santander during the first quarter of the year shot up by 65%. ´Balance continues to dip down´, however improvement heaves into sight. Also, corporate loan granting advanced in comparison to December 2013.

According to Marín, although the market began to fare better, Santander will not use its entire potential. He foresees that real gain harvest will set in the earliest in 2016.

He pointed out that looming stress test raises concern in the sector. (…)

Moreover, once the recession ovecome, Santander will lead among other entities thanks to its business model assuming diversification of the group and investing only in those countries where the bank can gain a big market share. (…)

Santander wants to focus on yields and growth potential, apart from improving relation with customer and loan ties. According to the bank, the two latter are the indicators of a bank´s magnitude. For this reason, Santander launched a new campaign promoting the bank as an institution for the SMEs.

Marín reminds about increased efficiency plan that is supposed to help the bank save €1.5 billion. The aim is to be achieved through transaction and portfolio revisions in every country. (…) By the end of 2016, Santander predicts to have earned €3 billion.



Original article: Expansión (M.Romani/M. Martínez)

Translation: AURA REE