Santander posts record profit, boosted by Poland sale

Banco Santander reported record first-quarter results on Wednesday with net profit reaching 5.455 billion euros, a 60 percent increase from the same period last year, boosted by a 1.895 billion euro gain from the sale of Santander Bank Polska. Excluding this extraordinary item, ordinary profit stood at 3.560 billion euros, up 12 percent year-over-year. The bank highlighted an 8 million increase in customers over the quarter, bringing its total to 176 million clients, with more than 100 million considered active users of the group as their primary bank. Net interest income grew 4 percent to exceed 11 billion euros globally, while fees and commissions rose 6 percent to 3.357 billion euros, driven by higher transactional activity. In Spain specifically, the retail business generated pre-tax profit of 1.161 billion euros, up 35 percent year-on-year, though the loan portfolio for individuals grew only 1 percent against a 6 percent increase in customer deposits. The group's capital position strengthened with a CET1 ratio of 14.4 percent, supported by organic generation and the Poland divestment. Management reiterated its 2026 targets and outlined medium-term ambitions including double-digit revenue growth in 2027 and a return on tangible equity above 20 percent by 2028, with profits exceeding 20 billion euros. Meanwhile, insurer Mapfre reported first-quarter net profit of 310.9 million euros, up 12.7 percent year-on-year, supported by a 16.6 percent increase in its non-life technical result and prudent management without major catastrophe events. Revenues declined 1.9 percent to 9.697 billion euros, with premiums falling 2.2 percent to 8.393 billion euros due in part to currency depreciation. By region, Iberia contributed 138 million euros in profit (up 13.9 percent) and Brazil delivered 65 million euros (up 5.8 percent). Mapfre's board approved a complementary dividend of 0.11 euros per share, payable on May 28, 2026.