Santander net profit soars on strong performance in Brazil and Spain
Santander saw its net profit soar in the third quarter due to a strong performance in Brazil and in its domestic Spanish market.
The figures
The Eurozone's biggest bank by market value reported net profit of €1.99bn in the third quarter, above forecasts and a 17 per cent rise on the previous quarter.
For the nine months to September net profit was up 13 per cent to €5.7bn.
In the UK Santander's profit was nine per cent lower year-on-year in the first nine months at €1.07m due to a highly competitive market and “uncertainties over Brexit”.
UK third quarter profits rose five per cent due to lower costs and reduced loan-loss provisions.
Overall the bank's net interest income in the third quarter was €8.35bn, down 1.5 per cent from the second quarter of the year.
Why it's interesting
The bank performed well in the UK in the third quarter despite its year-to-date results being hindered by Brexit uncertainty.
Its South American exploits and homegrown strength has allowed it to see off tricky market conditions in Europe.
Brazil led the way when it came to profitable areas, with a 24 per cent rise year-to-date to €1.9bn – accounting for 26 per cent of the bank's €5.7bn profit.
It posted a loss in Argentina of €169m due to hyperinflation in the country.