MADRID: Spain’s Santander on Tuesday said its net profit in the first quarter rose 1% compared to the same period of 2022 as higher lending income, which offset higher provisions and the impact from a banking levy in Spain.

Santander bank posts record profit as rates rise

The euro zone second-biggest lender in terms of market value booked a net profit of 2.57 billion euros ($2.84 billion), compared to 2.54 billion euros in the same quarter last year. Analysts polled by Reuters expected Santander to post a net profit of 2.45 billion euros.