Santander beats consensus with highest profits in almost three years

Banco Santander reported third-quarter earnings on Tuesday that beat the consensus forecast after profit reached its highest level in 10 quarters.

Banco Santander

€4.57

18:15 08/01/25

-0.53%

-€0.02

Banco Santander S.A.

380.50p

08:25 09/01/25

0.53%

2.00p

Attributable profit for the first nine months rose 31.7% to hit €4.36bn. For the third quarter, the Spanish bank earned €1.61bn, beating the consensus forecast of €1.5bn.

Net interest income rose 1.4% in the third quarter to settle at €7.47bn.

Loan-loss provisions were 10% lower and the bank highlighted the “notable falls” in Brazil, Spain, UK and Portugal.

In Spain, UK and Brazil, the bank managed to increase profits in the first nine months of the year for the first time since 2009.

In the UK, Santander reported attributable profit of £326m which was virtually unchanged from the previous quarter. However, the first nine months registered a 42.5% increase to £962m.

This gain in Santander’s second-largest market was attributed to the 19.2% increase in net interest income and the 35.3% decrease in provisions.

After reporting these earnings, Banco Santander's shares rose 1.1% to €7.07 by 10:37 in Madrid.

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