Santander mutual funds AUM up 15.3%

Spain’s Banco Santander mutual funds AUM reached €141bn by the end of September, which represents a 15.3% increase over the same time a year ago.

In the first nine months of the year, Santander’s net fee income from mutual and pension funds totaled €195m, up by 2.7% year-on-year.

In Spain, mutual and pension funds increased by 8.9% to €58bn.

The group said it saw growing demand in deposits (+5%) and mutual funds (+11%) within most countries it is present, which is in line with its strategy.

Santander delivered €4.61bn in attributable profits for the first nine months of 2016, down 22.5% from the same period in 2015 due to the impact of extraordinary items announced in Q2 of this year and Q2 of 2015. Excluding extraordinary items and exchange rate movements, profits grew by 8% year on year to €4.97bn.

In the third quarter alone, the bank delivered attributable profits of €1.69bn up 1% when compared to the same period last year. Excluding the impact of currency depreciation against the euro, attributable profits in Q3 were 7% higher than the same period last year.

“While the low interest rate environment within developed economies remains a challenge for parts of our business, the resilience of our business model has allowed us to continue to deliver, with our Latin American and consumer finance franchises growing particularly well throughout the year,” said  Santander executive chairman Ana Botín.

“We continue to grow capital ahead of our goals while also funding growth in lending and increasing dividends. Dividend yield stands at around 5%. We expect to end 2016 exceeding last year’s profit, enabling us to increase our dividend per share and earnings per share,” Botín said.

Alicia Villegas
Alicia Villegas speaks Spanish and Italian and is Iberia Correspondent for InvestmentEurope. She was shortlisted for the Rising Star Award at the British Media Awards 2017 and Writer of the Year at the PPA Independent Publisher Awards 2016. Previously, she worked for almost three years at the seafood business website Undercurrent News as a market reporter. In Spain, she also worked for more than five years for several media outlets.

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