Spanish financial services major Banco Santander S.A. (BNC.L,BSBR,SAN) reported Wednesday higher profit in its first quarter with a sindificant disposal gain and growth in total income. Further, the bank reaffirmed its fiscal 2026 targets.
In the first quarter, profit attributable to the parent surged 60.3 percent to 5.46 billion euros from last year's 3.40 billion euros. Earnings per share were 0.36 euro, up 69.3 percent from 0.21 euro a year ago.
The latest results were benefited by a 1.9 billion euros net capital gain from the Poland disposal.
Underlying profit attributable to the parent was 3.56 billion euros, up 12.5 percent from 3.17 billion euros last year. Underlying earnings per share were 0.23 euro, higher than 0.20 euro last year.
Profit before tax increased 7.3 percent from last year to 5.03 billion euros, and net operating income grew 8.5 percent to 9.01 billion euros. Underlying net operating income increased 9.7 percent to 8.66 billion euros.
Total income grew 3.8 percent to 15.14 billion euros from prior year's 14.58 billion euros, with strong net interest income or NII and fee growth, due to higher customer activity and volumes across all global businesses.
Net interest income increased 3.7 percent to 11.02 billion euros from 10.62 billion euros last year.
Further, Santander reiterated its 2026-2028 targets assuming the current updated macroeconomic outlook.
Ana Botín, Banco Santander executive chair, said, "We have made a strong start to the year, adding eight million customers year-on-year. Looking ahead, we expect this performance to continue, supported by growth in both total and active customers, while further leveraging our global and in-market scale to transform our operating model. This will support higher profitability and sustained value creation. We reiterate all our targets for 2026 and our three-year plan, based on our current updated macroeconomic outlook."
At the annual general meeting, shareholders approved a final cash dividend of 12.5 euro cents per share, payable on May 5, bringing the total cash dividend against 2025 results to 24 euro cents, up over 14% year-on-year.
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