Santander's Q1 net profit up 11% due to solid European retail unit
MADRID (Reuters) -Santander posted an 11% rise in first-quarter net profit on Tuesday as Spain led a solid retail banking performance in Europe that offset weakness in Britain and higher provisions. The euro zone's second-biggest lender by market value booked a net profit of 2.85 billion euros ($3.05 billion), topping the 2.87 billion expected by analysts. Santander has relied on Latin America in the past to cope with tough conditions in Europe but as with other banks across the region, it has benefited from a steep rise in European interest rates since July 2022.
Source: yahoo.com
