Banco Santander shares slip despite higher Q3 profits

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.