Profit increased in the third quarter for Spanish financial services Group Banco Santander SA compared to the same period of the previous year.
Santander reported on Tuesday that its third-quarter profit attributed to the company reached €3.25 billion ($3.5 billion), reflecting a growth of 12% on a reported basis and 16% at constant currency rates.
Profit before tax grew by 11% from last year to €4.92 billion, while the growth was 15% at constant rates.
In the quarter, total income amounted to €15.14 billion, marking a growth of 2% on a reported basis and 6% at constant currency rates.
Net operating income increased by 5% year-over-year to €8.79 billion. Nine-month revenue grew 7% to €46.2 billion, driven by growth in all global businesses.
Further, Santander still expects high-single digit revenue growth for the year in constant euros, an efficiency ratio of approximately 42%, and return on tangible equity (RoTE) of over 16%.
Ana Botín, Banco Santander's executive chair, stated, "In an increasingly volatile geopolitical environment, we are confident that we will maintain this strong momentum throughout the rest of the year, delivering on all our targets, and continuing into 2025."