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MADRID (Reuters) -Spain’s Santander on Tuesday said its net profit in the first quarter rose 58% compared to the same period a year ago thanks to higher revenues in Europe and a solid performance in South America.
The euro zone second-biggest lender in terms of market value booked a net profit of 2.54 billion euros ($2.72 billion), up from 1.608 billion euros in the same quarter last year when earnings were impacted by restructuring charges worth 530 million euros.
Analysts polled by Reuters expected Santander to post a net profit of 2.26 billion euros.
On an underlying basis net profit rose overall by around 19%, with Europe rising 30% thanks to strong growth in lending income and efficiency gains.
Santander’s diversification, especially in Latin America, has helped the bank cope with tough conditions for lenders in Europe since the financial crisis, where it has been cutting costs to cope with ultra low interest rates.
($1 = 0.8282 euros)
Reporting by Jesús Aguado, editing by Inti Landauro
