Santander Shares Fall With Brazil, Spain Deposits in Focus
- Bank’s European business gets boost from rate-hike tailwinds
- Lender booked first quarter charge to cover Spanish bank levy
Santander shares are up 26% this year.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Banco Santander SA’s shares slumped with a drop in earnings from Brazil and outflows of Spanish deposits in the spotlight, even as tailwinds from rate hikes helped the Spanish lender turn in its best result since 2019.
The retail-banking giant posted net income of €2.57 billion ($2.84 billion) in the first quarter, exceeding the analyst consensus. Earnings from the lender’s European businesses and corporate and investment banking division helped to offset a year-on-year drop in profit in Brazil and the US.