Banco Santander’s income up in Quarter 1

MADRID — Banco Santander Central Hispano (BSCH) posted a net attributable income of $616.7 million for the first quarter of 2001, 38.3 percent higher than its earnings for the same period last year and 8.4 percent higher than in the fourth quarter.

The strong first quarter growth and increase in earnings of the Group is due to a prudent strategy in provisioning and a well-developed revenue diversification. Net interest income rose 41 percent to $2.226.8 billion, a result of increased volumes partly from newly acquired banks and also from improved margins.

Commissions increased 27.3 percent to $1.073.6 billion helped by higher contributions from managed funds, credit and debit cards, contingent liabilities, cheques, transfer and other operations. Securities and custody was the only segment that underperformed due to lower market activity.

Basic revenues rose 36.2 percent to $3.300.5 billion with commissions accounting for 32.5 percent of the total. Trading gains rose 79 percent to $221.2 million from portfolios in Spain and other foreign subsidiaries. Net operating revenues rose 38.3 percent to $3.521.7 billion due to increased trading gains.