Banco Santander maintained its 2025 profit forecast after earnings growth in Spain and the United States offset lower results in Brazil and Mexico, Reuters reported.
The bank posted a 7% increase in second-quarter net income to €3.43bn, marking its fifth consecutive record quarter.
Executive Chair, Ana Patricia Botín, said the group’s geographic diversification would provide balance amid “continuing geopolitical uncertainty.” Santander operates across 10 core markets, with Brazil its second-largest after Spain.
Net income in Mexico dropped 6.8% year-on-year, affected by US tariffs and currency pressure. Brazil saw a 16% decline, while Spain and the US recorded gains of 13% and 10%, respectively.
In the UK, earnings fell 15%, impacted by costs linked to branch restructuring. Santander’s return on tangible equity reached 16.2%, helped by a 2.4% increase in fees. The bank said it remains on course to reach a 16.5% ROTE for the year.
Group revenue is expected to hit around €62bn in 2025. Its core Tier 1 capital ratio rose 10 basis points to 13%.
Santander also launched a €1.7bn share buyback. Shares were down 2% by 0910 GMT, but are up 70% year-to-date. UBS noted the results were largely in line with market expectations.
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