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Santander Reports Record Q1 Profit Amid Mixed Regional Performance
Santander Reports Record Q1 Profit Amid Mixed Regional Performance
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Banco Santander posted a 19% year-on-year increase in first-quarter net profit, reaching €3.4 billion—a record for Europe’s largest bank. The surge was fueled by robust consumer lending in the U.S. and a 40% profit jump in Spanish retail operations, offsetting a 5% decline in net interest income.
Geopolitical headwinds emerged in Mexico, where profits fell 4.2% due to peso depreciation and U.S. trade tensions. The bank’s diversified structure helped absorb Spain’s new banking tax, demonstrating the strategic advantage of global operations in a tightening rate environment.
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