Banco Santander shares slip despite higher Q3 profits

Santander posted rising profits on the back of higher interest rates for the recently ended quarter.

The banking giant said profit before tax rose by 5.2% over the three months to September in comparison to the prior three-month stretch, while net interest income grew 5.2% to €10.51bn.

On a nine-month basis, profit before tax was up by 9.8% versus a year earlier to reach €11.76bn with net interest income 15.4% higher to €28.45bn.

Return on tangible equity had improved to 13.57% for the year-to-date, versus 11.82% over the comparable period of 2021, alongside a slight improvement in its efficiency ratio from 45.6 to 45.5.

The non-performing loan ratio meanwhile fell from 3.18% to 3.08%.

As of 1236 BST, shares of Santander were moving lower by 2.21% to €2.68.