Banco Santander, S.A. (NYSE:SAN) Q3 2023 Earnings Conference Call October 25, 2023 4:00 AM ET

Company Participants

Begona Morenes - Investor Relations

Hector Grisi - Chief Executive Officer

Jose Garcia-Cantera - Chief Financial Officer

Conference Call Participants

Francisco Riquel - Alantra Equities

Antonio Reale - BofA Securities

Sofie Peterzens - JPMorgan

Ignacio Ulargui - BNP Paribas Exane

Sánchez Romero - Citigroup Inc.

Carlos Cobo Catena - Societe Generale

Alvaro Serrano - Morgan Stanley

Andrea Filtri - Mediobanca

Pablo de la Torre Cuevas - RBC Capital Markets

Carlos Peixoto - CaixaBank BPI

Britta Schmidt - Autonomous

Hugo Cruz - KBW

Fernando Gil de Santivañes - Bestinver Securities

Ignacio Cerezo - UBS

Begona Morenes

Good morning, everybody, and welcome to Banco Santander's conference call to discuss our financial results for the first 9 months of 2023. Just as a reminder, both the results report and presentation that we will be following today are available to you on our website.

Let me just highlight that during the presentation, when we refer to global and network businesses, we are following the definition which was given during our Investor Day last February as the new reporting and full management of the group through global businesses will begin in January '24.

I am joined here today by our CEO, Mr. Hector Grisi; and our CFO, Mr. Jose Garcia Cantera. Following their presentations, we will open the floor for any and all questions that you may have in the Q&A session. [Operator Instructions]

With this, I will hand over to Mr. Grisi. Hector, the floor is yours.

Hector Grisi

Thank you, Begona. Good morning, everyone, and thank you for joining us. Let me share with you what we will focus on today. First, I'll talk about our 9 months results in the context of how we are progressing with the strategy we outlined at our Investor Day. Jose will then review our financial performance in greater detail, and then I'll conclude with a few closing remarks.

As you can see, we had another strong quarter, demonstrating the strength and resilience of our unique business model even in times of market volatility as well as a solid execution of our strategy. We delivered record profit of €2.9 billion. That's an increase of 20% compared with Q3 in '22, that's 26% in constant euros. Profit for the first 9 months of '23 was €8.1 billion, up 13% in constant euros, driven by strong customer revenue growth. Revenue increased by double digit year-on-year, supported by all global businesses and all our regions.