According to a statement made by Spain’s Comisión Nacional del Mercado de Valores (CNMV), the position of leading Spanish bank Santander grows in strength as the bank enjoyed increased profits during the first quarter of this year. Net income during the said period rose by 26 percent to 1,493 million euros.
This rise in profit is partly thanks to the performance of Abbey, acquired by Santander in 2004 as revenue from the British bank rose by a massive 76 percent to 244 million euros largely caused by the cost-cutting policies carried out last year.
The Santander Bank has also had a very successful term in its operations in Latin America, where profits grew by 47 percent to 618 million euros. The Santander Bank has acquisitions in Latin America worth over $16 billion dollars, and the bank’s shareholders will be delighted with the performance of its banks there which comes just when the rise in interest rates in Spain caused by the rise in Euriber is likely to slow lending growth at Spanish banks.
Net interest income increased 23 percent to 2.89 billion euros from 2.36 billion euros and fee income rose 24 percent to 1.75 billion euros.