Banco Santander Q3 Net Income Rises to $3.16 Billion, Surpassing Forecasts

20% increase in profit driven by higher lending income in Europe and higher interest rates, despite higher provisions in the United States.

Banco Santander reported a net income of $3.16 billion for the third quarter, surpassing predictions with an increase of 20% from the same quarter in 2022.
The bank's profit was largely driven by higher lending income in Europe, with Spain being a significant contributor.
Santander's revenue, net of interest expense, was $16.17 billion, exceeding market estimates.
Despite higher provisions, primarily in the United States, the bank managed to offset them with the increase in income.
The bank's net interest income rose 11.6% year-on-year to 11.22 billion euros, beating analysts' average estimate of 11 billion euros.