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Santander defies interest rate cuts to post higher profit / Photo: MIGUEL MEDINA - AFP/File
Santander defies interest rate cuts to post higher profit
Spanish banking giant Santander defied falling interest rates in Europe to post a higher net profit in the third quarter through a strong commercial performance, in results published on Tuesday.
The group's profit from July to September reached 3.25 billion euros ($3.5 billion), a 12-percent jump from the same period last year, beating analyst expectations.
Spain's number one bank, a major player in Europe and Latin America, has now racked up a record 9.3 billion euros in profits in the first nine months of 2024.
Chief executive Ana Botin said the result "reflects the strength of our diversification across both businesses and countries".
The group is confident about achieving its targets for the rest of the year and into 2025, despite volatile geopolitics, she added in a statement.
Santander's latest positive results came after the European Central Bank this month cut interest rates for the second consecutive meeting running as inflation falls. Higher interest rates had previously bolstered the bank's profits.
N.David--PS
