Latin America increases domination of Santander profits

The region already contributes 43% of the group’s net income but its importance to Santander will be greater still as the growing disparity in economic outlook between it and the bank’s core markets in Europe becomes more marked.

Santander’s net profit in Latin America in 2010 reached €4.8 billion ($6.9 billion), a 25% increase on the previous year. The bank has a presence in seven countries in the region.

Francisco Luzon, head of Latin America at the bank, says: “If you look at the financial systems in the region, they are growing on average at 15% to 20% – in Brazil it’s 25% – so we feel we are in a good position to see a continued growth in profits in Latin America of 20% or more.