Santander Raises 2024 Revenue Guidance After Earnings Increase

Dow Jones07-24

Banco Santander raised its revenue guidance for the year after earnings rose in the second quarter.

The Spanish bank raised its revenue growth guidance for the year to a high-single digit growth percentage from a mid-single digit percentage previously.

The bank, among the largest in Europe by market capitalization, reported net profit of 3.21 billion euros ($3.48 billion) for the second quarter compared with EUR2.67 billion a year prior, on revenue that grew to EUR15.67 billion from EUR14.09 billion.

Net interest income—the difference between what a bank earns on loans and what it pays clients for deposits, and a major source of revenue—came to EUR11.47 billion in the April-June quarter, the bank said.

The result compares with analysts’ expectations of EUR3.16 billion in net profit and EUR15.5 billion in revenue, according to Visible Alpha consensus.

The bank’s fully-loaded core equity Tier 1 ratio—a measure of financial strength—was 12.5% at the end of the June quarter, compared with 12.3% at the end of March.

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