Santander Raises 2024 Revenue Guidance After Earnings Increase

By Pierre Bertrand

Banco Santander raised its revenue guidance for the year after earnings rose in the second quarter.

The Spanish bank raised its revenue growth guidance for the year to a high-single digit growth percentage from a mid-single digit percentage previously.

The bank, among the largest in Europe by market capitalization, reported net profit of 3.21 billion euros ($3.48 billion) for the second quarter compared with EUR2.67 billion a year prior, on revenue that grew to EUR15.67 billion from EUR14.09 billion.

Net interest income--the difference between what a bank earns on loans and what it pays clients for deposits, and a major source of revenue--came to EUR11.47 billion in the April-June quarter, the bank said.

The result compares with analysts' expectations of EUR3.16 billion in net profit and EUR15.5 billion in revenue, according to Visible Alpha consensus.

The bank's fully-loaded core equity Tier 1 ratio--a measure of financial strength--was 12.5% at the end of the June quarter, compared with 12.3% at the end of March.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 24, 2024 01:22 ET (05:22 GMT)

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