Santander Delivers Earnings Beat Fired by Rates, Currencies
- Spanish bank’s earnings buoyed by performance in Europe
- Analysts remain vigilant on inflationary impacts for Santander
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Banco Santander SA’s earnings beat estimates, with the retail banking giant’s geographical reach providing a buffer against growing economic risks in Europe from the war in Ukraine.
Spain’s biggest lender posted net income of 2.54 billion euros ($2.72 billion) in the first quarter, exceeding the analyst consensus of 2.26 billion euros, as rising lending revenue offset increased costs spurred by inflation, especially in South America. Shares rose as much as 3.6% in early trading in Madrid.