BANKING

Sovereign posts 11th consecutive quarter of profitability in 3Q

BLOOMBERG FILE PHOTO/MIKE MERGEN
SOVEREIGN BANK N.A. saw profits surge 35.3 percent to $368 million during the first nine months of 2012.
Posted 10/29/12

BOSTON – Sovereign Bank, N.A. – a subsidiary of Banco Santander S.A. – saw its 11th consecutive quarter of profitability, with net income of $123 million for the period ended Sept. 30.

In addition, for the first nine months of 2012, Sovereign saw a 35.3 percent surge in net income, with $368 million compared with $272 million for the first nine months of 2011.

“We continue to invest in core areas of the bank, which are leading to growth,” Jorge Moran, Sovereign Bank president and CEO, said in prepared remarks.

“We continue to see strong loan production in mortgages, small business banking and corporate banking, and continuous improvement in asset quality,” added Moran. “Our growth in lending is a result of our continued focus on supporting the growth of small and large businesses in New England, the Northeast and Mid-Atlantic.”

During the third quarter of 2012, loan production totaled $5.2 billion, a 51 percent increase over loan production during the same period in 2011.

For the first three quarters of 2012, outstanding total loan balances grew 2.6 percent to $53 billion, compared with the first nine months of 2011.

“Sovereign Bank’s commitment to invest in small businesses is a key component of the bank’s strategy to support growth within our communities and generate economic activity and employment,” said the Sovereign earnings report. The bank’s lending to small businesses grew 9 percent year-to-date, versus average industry growth of 2 percent annually.

Sovereign’s corporate banking business continued to experience growth as a result of the bank’s national charter change, which occurred in January, as well as an investment in local resources to support large business clients. Lending to commercial and industrial businesses grew 27 percent during the quarter.

Year over year for the first nine months of 2012, net interest income grew 1.3 percent to $1.4 billion, while fees and other income grew 5.4 percent to $449 million.

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