Santander (SAN.MC) reported Tuesday that its first-quarter net profit grew 1% compared to 2022 due to higher loan income, mainly in Europe, which offset poorer performance in Brazil and the US.
The euro zone’s second-largest lender by market value earned 2.57 billion euros ($2.84 billion) despite a 224 million euro hit from Spain’s new bank levy. Reuters analysts predicted Santander to earn 2.45 billion euros.
Profit grew 10% in the quarter without the tax.
Santander’s return-on-tangible equity ratio (ROTE), a measure of profitability, rose to 14.4% from 13.37% in 2022 due to higher sales.
Despite increased interest rates, the bank maintained its ROTE objective of 15% by 2023.
