Santander's Q2 net profit rises 7% as fees offset lower lending income
The euro zone biggest lender by market value booked a quarterly record net profit of 3.43 billion euros ($3.96 billion), slightly more than the 3.36 billion euros expected by analysts polled by Reuters.
A 2.4% increase of fees compensated a 0.8% lending income decline.
Growth in Santander's key Latin American markets has given it an edge over more Europe-dependent rivals but currency depreciations in Mexico and Brazil due to geopolitical risks stemming from U.S. trade tariffs drove net profit down in those two markets.
The bank also announced a new share buyback of 1.7 billion euros, equivalent to around 25% of the group's profit in the first half of 2025, that will start on Thursday after obtaining regulatory approval.
($1 = 0.8669 euros)
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