Banco Santander SA (NYSE:SAN) Q1 2021 Earnings Conference Call April 28, 2021 4:00 AM ET
Company Participants
Jose Antonio Alvarez - CEO & Vice Chairman
Jose Garcia-Cantera - Senior EVP & Group CFO
Sergio Gamez - Global Head, Shareholder & IR
Conference Call Participants
I Alvaro Serrano - Morgan Stanley
Francisco Riquel - Alantra
Ignacio Olmos - UBS
Daragh Quinn - KBW
Carlos Catena - Societe Generale
Fernando Gil de Santivanes - Barclays Bank
Sofie Peterzens - JPMorgan Chase & Co.
Adrian Cighi - Crédit Suisse
Jernej Omahen - Goldman Sachs Group
Ignacio Ulargui - Exane BNP Paribas
Sergio Gamez
Good morning, everyone. Thanks for attending to this Santander First Q 2021 Earnings Call. As always, we have our group CEO, José Antonio Alvarez; and the Group CFO; José García Cantera, who will address the presentation. The slide we published early today, around 7:00 Madrid time. Before jumping to the questions, obviously the CEO will address the highlights for the first quarter and the group performance then the CFO, in detail, the different business areas review before handing over back to José Antonio for the key takeaways and then the Q&A. So with no further delay, José Antonio, please.
Jose Antonio Alvarez
Good morning to everyone. Thank you for making the time to attend to this conference call. So I should say that we have had a good performance in the first quarter. We have delivered growth in the quarter. Net operating income, the preprovision profit increased 15% on the back of revenues growing 8% and costs being flat on constant euros -- in constant euros. This was driven by greater volumes, repricing deposits and strong cost control. In this environment naturally, in the middle of the pandemia, digital adoption, accelerating and now more than 50% of our sales were made through digital channels compared with the 41% in Q1 2020.
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