Banco Santander Q1 Profit Rises 60% to €5.5bn on Poland Unit Sale
Banco Santander posted Q1 net income of $6.38 billion on revenue of $17.72 billion, with EPS at $0.42 and adjusted EPS $0.27. Attributable profit jumped 60% to €5.5 billion on a €1.9 billion Poland-unit sale, while underlying profit rose 12%, revenue gained 4% to €15.1 billion and costs fell 3%.
1. Q1 Earnings and Revenue Beat
Banco Santander reported net income of $6.38 billion in the first quarter, driven by revenue of $17.72 billion. EPS came in at $0.42, with an adjusted EPS of $0.27, both figures exceeding consensus estimates.
2. One-off Gain Drives Attributable Profit Surge
Attributable profit climbed 60% year-over-year to €5.5 billion, fueled by a €1.9 billion capital gain from the sale of Santander Bank Polska. This one-off transaction accounted for a large portion of the headline profit uplift.
3. Underlying Performance and Cost Efficiency
Excluding the Poland sale, underlying profit rose 12% as revenue increased 4% to €15.1 billion, supported by higher net interest income and a 6% rise in fee income. Operating costs fell 3%, improving the efficiency ratio and highlighting successful cost-control measures.