MADRID, Feb 2 (Reuters) – Spanish bank Santander said on Thursday that its fourth-quarter net profit rose 1% from the same period in 2021, as higher loan and fee income offset higher provisions made in anticipation of an uncertain economic environment.
The second largest bank in the euro zone by market value posted net profit of 2.29 billion euros (2.52 billion dollars) in the October-December period.
Analysts polled by Reuters had forecast a net profit of 2.07 billion euros.
Loan-loss provisions more than doubled in the quarter to €3,018 million, mainly in the United States and Brazil, compared to the same quarter in 2021, slightly below analysts’ forecasts of 3,080 millions of euros.
Net interest income, i.e. loan earnings minus deposit costs, increased 17% year-on-year to €10,159 million in the fourth quarter, practically in line with the €10,150 million forecast by analysts, thanks to the rise in interest rates.
(1 dollar = 0.9074 euros)
(Reporting by Jesús Aguado, editing in Spanish by Flora Gómez)
