Santander's net profit climbs to 2.4 bn euros in Q3

Santander's net profit climbs to 2.4 bn euros in Q3

The Spanish bank has 159 million customers worldwide, and said it saw revenues grow fastest in Argentina, Poland and Mexico
The Spanish bank has 159 million customers worldwide, and said it saw revenues grow fastest in Argentina, Poland and Mexico. Photo: GABRIEL BOUYS / AFP
Source: AFP

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find “Recommended for you” block on the home page and enjoy!

Spanish banking giant Banco Santander on Wednesday announced an 11-percent increase in net profits year-on-year in the third quarter.

The company posted a net profit of 2.42 billion euros ($2.41 billion) between July and September, thanks to strong commercial performance in Poland and Argentina.

It surpassed forecasts of analysts who expected a profit of 2.15 billion euros.

In the year to date profits climbed 25 percent to 7.32 billion euros.

Ana Botin, the executive chair of Banco Santander, said the group had delivered a "strong quarter with revenues increasing and profitability remaining above target... supported by our rock-solid balance sheet".

She said that they expected the "macroeconomic environment to remain challenging as markets across Europe and North America adapt to levels of inflation not experienced in decades".

Read also

Hong Kong arrests two in $446 million money-laundering case

PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!

The Spanish bank has 159 million customers worldwide, and said it saw revenues grow fastest in Argentina, Poland and Mexico.

The growth comes despite more pressures at home. Earlier this year the Spanish government said it would slap temporary taxes on banks and energy firms to cover the cost of state measures put in place to help Spaniards grapple with soaring inflation.

Socialist Prime Minister Pedro Sanchez told parliament that the new taxes on lenders should generate around 1.5 billion euros per year and will remain in place for two years.

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.