SANTANDER (dpa-AFX) - Spanish financial services major Banco Santander S.A. (BNC.L, BSBR, SAN) reported Wednesday higher profit in its second quarter with growth in underlying income.
Looking ahead, Santander said it is on track to meet its 2026 targets, including mid-single-digit revenue growth and lower costs in constant euros, higher profit than the €14.1 billion reported in 2025, and a CET1 ratio between 12.8 percent and 13 percent.
The outlook excludes the impact of M&A in 2025 and 2026.
Revenue growth is expected to continue to be supported by customer activity, with net fee income growing faster than net interest income.
Santander also reiterated its three-year plan. By 2028, the group targets a RoTE above 20 percent, profit above €20 billion and more than 210 million customers.
In the second quarter, profit attributable to the parent grew 3 percent year-over-year to €3.52 billion. Underlying profit attributable in the second quarter reached €3.77 billion, up 17 percent from last year.
Underlying profit before tax grew 14 percent from last year to €5.32 billion, and Underlying net operating income climbed 15 percent to €8.98 billion.
Total income was €15.58 billion for the quarter.
Total underlying income for the quarter increased 9 percent from last year on a reported basis and 6 percent at constant currency to €15.71 billion.
In the first half, profit attributable to the parent reached €8.97 billion, up 31 percent, and earnings per share were 0.60, up 37.6 percent.
The latest results included a €1.9 billion net capital gain following the completion of the disposal of Santander Bank Polska in January, partially offset by €250 million of restructuring costs related to the integration of TSB.
Banco Santander reported an underlying profit of €7.33 billion in the first half of 2026, up 15 percent. Underlying earnings per share rose 20 percent.
Total revenue increased 6.4 percent to €30.85 billion, supported by strong net interest income and net fee income growth, driven by more customers and increased volumes across global businesses.
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