Santander 1Q Profit Rose; Says Its Is on Track to Meet 2023 Targets

By Giulia Petroni

Banco Santander SA on Tuesday reported an increase in net profit for the first quarter and said it is on track to meet its full-year targets.

The Spanish lender said quarterly net profit was 2.57 billion euros ($2.84 billion) compared with EUR2.54 billion in the same period a year earlier and above analysts' expectations of EUR2.50 billion, according to a consensus forecast provided by FactSet.

Profit was supported by customer activity growth, asset quality and cost control, it said.

Net interest income--the difference between what banks earn on loans and pay clients for deposits--increased by around 17% to EUR10.40 billion, and net fee income rose 8% to EUR3.04 billion. Net loan-loss provisions increased 37% to EUR2.87 billion.

The fully-loaded common equity Tier 1 ratio--a measure of a bank's resilience--stood at 12.2%, in line with the group's capital target, Banco Santander said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 25, 2023 01:24 ET (05:24 GMT)

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