Santander 1Q Net Profit Rises 10%

   By Pietro Lombardi 
 

Banco Santander SA (SAN.MC) said Tuesday that first-quarter net profit rose 10%.

The Spanish bank, one of Europe's largest lenders, said net profit rose 10% to 2.05 billion euros ($2.51 billion), surpassing analysts' expectations of about EUR2.03 billion, according to a consensus forecast provided by FactSet.

Net interest income, the difference between what banks earn from loans and pay for deposits, was EUR8.45 billion, compared with EUR8.40 billion a year earlier.

Santander's fully loaded CET1 ratio, a key measure of capital strength, notched up to 11% from 10.84% in December.

"The outlook for 2018 remains positive, and I am confident our teams will execute well so we reach our objectives this year, as well as delivering profitable and responsible growth going forward," Executive Chairman Ana Botin said, adding that the profit growth was driven by the bank's solid results in Brazil, Spain and Mexico, as well as improved performance in the U.S.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

April 24, 2018 01:29 ET (05:29 GMT)

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