Strong lending income in Europe and Brazil helped Spain's Santander offset a loss in Argentina and post a record high profit for the last quarter of 2023, beating forecasts.
Net profit for the quarter rose 28% year-on-year to 2.93 billion euros, above analysts' expectations for 2.64 billion euros, thanks to a 34% gain in net profit in Europe.
For the whole of 2023, net profit rose 15% to a record 11.08 billion euros as revenues rose 10.5%.
In Brazil, NII rose 12.3% against the same quarter of 2022 and 7.6% from the third quarter.
Santander booked a loss of 20 million euros in Argentina, which accounted for 3% of the bank's total profit for 2023.
Persons:
Ana Botin, NII
Organizations:
Banco Santander, Spain's Santander, Santander, BBVA
Locations:
London, Europe, Brazil, Argentina, America, Spain, South America