Banco Santander reported third-quarter attributable profit of 3.43 billion euros, down 2% year on year, while underlying profit rose 19% to 3.85 billion euros, beating the bank-compiled consensus, even as loan-loss provisions jumped 22%.
Banco Santander reported third-quarter attributable profit of 3.43 billion euros, down 2% from a year earlier, while underlying profit rose 19% to 3.85 billion euros, above the 3.79 billion euro average expected in a bank-compiled consensus.
Net loan-loss provisions rose 22% to 3.49 billion euros in the quarter. For the first nine months of the year, underlying profit reached 11.2 billion euros, up 16%, with 17 million customers added year on year, and the bank reiterated its 2026 targets.
Reuters attributed the rise in underlying profit in part to acquisitions, which have expanded the bank's customer base and fee income.
The profit figures come from Santander's published results release and were reported consistently by Reuters and Dow Jones, including the underlying profit total and the consensus comparison. The provision increase and the nine-month totals come from the same release.
With its full-year targets reiterated, the focus for investors shifts to whether the bank can sustain underlying growth through the final quarter while keeping provisioning under control, with full-year results due after the year closes.