Spain's Santander on Tuesday reported a 1% rise in first-quarter net profit on higher lending income, especially in Europe, which offset a weaker performance in Brazil.
The logo of Santander bank is seen outside a branch in Ronda, Spain, October 25, 2022. REUTERS/Jon Nazca/File PhotoBooks 224 million euro bank tax coston Tuesday reported a 1% rise in first-quarter net profit on higher lending income, especially in Europe, which offset a weaker performance in Brazil.
Santander in the past has relied on Latin America to cope with tough conditions but banks across Europe are benefiting from higher interest rates. Higher revenue also helped Santander's return on tangible equity ratio , a measure of profitability, which rose to 14.4% from 13.37% at the end of 2022.
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