Santander racks up another record quarter

Spanish lender Banco Santander announced Wednesday another record quarterly profit thanks to high interest rates and a growing customer base.

Net profit rose 20-percent year-on-year rise in the third quarter to 2.9 billion euros ($3.1 billion), beating analyst expectations and the 2.67 billion euros it earned last quarter.

"The group achieved another record quarter..." said chief executive Ana Botin.

"We have added nine million customers, increased revenues by 13 percent, and continue to make excellent progress in simplifying the business," she added.

The bank, which boasts major operations in several countries in Europe and Latin America, saw its nine-month profit hit 8.14, raising the possibility it will surpass the symbolic barrier of 10 billion euros in annual net earnings.

The rise in global interest rates has been a boon for most banks, including Santander, as it has increased margins on their lending operations.

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But the bank also noted it has benefitted from a growing customer base, which is up by more than nine million over the past year to 166 million.

Meanwhile, deposits rose 4 percent.

Source: AFP