Banco Santander surpasses estimates with 20% profit rise in Q3

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Banco Santander surpasses estimates with 20% profit rise in Q3
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Banco Santander (BME: SAN ), in their Q3 earnings call today, reported a significant year-on-year net profit increase of 20%, reaching EUR 2.90 billion ($3.07 billion). The bank's performance exceeded FactSet's estimate of EUR 2.77 billion.

The total revenue for the bank also experienced a boost, with a 10% hike to EUR 14.86 billion, outpacing FactSet's consensus of EUR 14.58 billion. This steady growth was largely credited to an impressive surge in net interest income at constant currency, which rose by 19%, and an uplift in net fee income by 9%. Analysts at Citi viewed these figures as better than their initial forecasts.

CEO Hector Grisi confirmed today that Santander is consistently advancing towards its 2023 objectives. These include achieving double-digit revenue growth and a return on tangible equity over 15%. The bank's progress is supported by the current environment of increasing interest rates.

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