Santander lifts outlook after record first half profit

MADRID: Spanish banking giant Santander lifted its outlook for 2024 on Wednesday after posting a record first-half net profit due to a strong retail banking performance.

Spain’s leading bank, which has a strong presence in Europe and Latin America, booked a net profit of 6.06 billion euros ($6.57 billion) during the first six months of 2024, up from 5.24 billion euros from the same time last year, in line with analysts’ forecasts.

Like other European banks, Santander has benefited from a sharp rise in interest rates.