Spain’s Santander posts near-300% rise in 3rd-quarter net profit as consumers and businesses recover from the COVID-19 pandemic

Spain’s Santander posts near-300% rise in 3rd-quarter net profit as consumers and businesses recover from the COVID-19 pandemic

Banco Santander's chairwoman Botin attends the annual results presentation at bank's headquarters in Boadilla del Monte

Reuters

Santander reported 3rd quarter net profit of €1.750 billion ($2.07 billion), up from €501 million ($597 million) in the same quarter last year, beating expectations for a profit of €1.004 billion ($1.187 billion).Growth in consumer lending in the UK and South America in particular helped the company's bottom line."These results speak to the strength and breadth of our customer relationships and the resilience of our diversified business and markets in which we operate," Santander chief executive Ana Botin said in a statement. Visit Business Insider's homepage for more stories.

Santander, Spain's largest lender, delivered a near-300% increase in net profit in the third quarter, driven by an overall improvement in business conditions, although it increased its