Spanish bank Santander said its second-quarter net profit rose 14% year-on-year, mainly thanks to higher revenue in Europe and the Americas, partially offset by higher forecasts in Brazil and the US .
The eurozone’s second-biggest bank by market value posted a net profit of 2.35 billion euros, up from 2.07 billion euros a year ago.
Analysts had expected Santander to post a profit of €2.38 billion.
“In South America our operations continued to grow profitability, generating 33% of earnings from 15% of our lending. North America achieved an adjusted return on equity of over 23%, despite the already expected smoothing of bad debt provisions. loans,” Santander president Ana Botin said.
The bank’s diversification, particularly in Latin America, has helped Santander weather tough conditions for banks in Europe since the financial crisis, where it cut costs to cope with particularly low interest rates.
Source: Capital
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