Banco Santander Reports 19% Third Quarter Profit Growth

Banco Santander reported a 19% increase in underlying profit for the third quarter, reaching 3.85 billion euros. The growth resulted from higher customer activity and revenue increases, which offset a 22% rise in net loan-loss provisions to 3.49 billion euros.

Attributable profit fell 2% to 3.43 billion euros during the period. The bank attributed this decline to integration costs associated with the acquisition of Webster, a lender based in the United States.

For the first nine months of 2026, underlying profit rose 16% to 11.18 billion euros. This performance was supported by an 8% revenue increase to 46.81 billion euros and cost discipline implemented under the ONE Transformation programme.

The bank reaffirmed its 2026 targets, including mid-single-digit revenue growth and profits exceeding 14.1 billion euros. Long-term goals for 2028 include profits exceeding 20 billion euros and a return on tangible equity above 20%.