Santander raises profitability goals after record quarter

Spain’s Santander (SAN.MC), opens new tab hiked its profitability goals after strong growth at its main retail business, especially in Spain and Brazil which offset some weakness in Britain and a hit from hyperinflation in Argentina.

The euro zone’s second-biggest bank by market value has relied in the past on Latin America for revenue growth but has recently also benefited from higher European interest rates.

Despite some depreciation of currencies in Latam markets, the bank posted a 20% year-on-year rise in net profit to reach a record 3.2 billion euros ($3.47 billion) in the second quarter, in line with analysts’ forecasts.

Source: REUTER