Santander Sees 2023 on Track After 2Q Net Profit Beat
26 Julho 2023 - 2:40AM
Dow Jones News
By Adria Calatayud
Spain's Banco Santander said Wednesday that second-quarter net
profit rose and beat expectations, as higher interest rates boosted
its top line, adding that it is on track to hit its targets for the
full year.
The Madrid-based lender made a net profit of 2.67 billion euros
($2.95 billion) for the April-June quarter compared with EUR2.35
billion it reported for the same period last year, it said.
Total revenue for the quarter grew to EUR14.09 billion from
EUR12.815 billion a year before. Net interest income--the
difference between what banks earn on loans and pay clients for
deposits--increased to EUR10.52 billion from EUR9.55 billion,
Santander said.
Analysts polled by FactSet had forecast Santander's net profit
at EUR2.54 billion on revenue of EUR13.975 billion.
The bank's fully-loaded core equity Tier 1 ratio--a measure of
financial strength--was 12.2% at the end of the June quarter, in
line with its ratio as of March 31.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 26, 2023 01:25 ET (05:25 GMT)
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