Spanish banking group Santander has posted a net profit of €1.86bn for the first quarter of 2017, a 14.3% increase from €1.63bn in the same period of last year.
For the quarter ended 31 March 2017, net interest income was €8.4bn, up 10.2% from €7.62bn in the previous year. Net fee income surged 18.6% to €2.84bn from €2.39bn a year earlier.
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Net operating income stood at €6.48bn, a 16.4% increase compared with €5.57bn in the year ago quarter. Operating expenses increased 7.5% year-on-year to €5.54bn.
Banco Santander group executive chairman Ana Botin said: “It’s been a strong start to the year with positive momentum across all markets and particularly good growth in Latin America, Spain and our consumer finance business.
“We are earning the loyalty of more customers, delivering ahead of our targets, and maintaining our position as one of the most efficient, profitable, and predictable banks in the world.”
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