Spain's Santander on Wednesday said its net profit in the second quarter rose 14% year-on-year to 2.67 billion euros ($2.95 billion), as higher interest rates in Europe, mainly in Spain, offset some weakness in Brazil and the United States.
Net profit topped the 2.54 billion euros expected by analysts, despite a rise 10% in provisions, and was also 3.9% higher than in the previous quarter.
Santander has relied on Latin America in the past to cope with tough conditions but European banks are now reaping benefits from higher interest rates.
The bank's overall underlying net interest income, earnings on loans minus deposit costs, rose 12.4% to 10.74 billion euros, above analysts' estimates of 10.45 billion euros.
Organizations:
Spain's Santander, Wednesday, Santander
Locations:
Europe, Spain, Brazil, United States, America