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Banco Santander Q1 Net Profit Up 6%

Banco Santander, a Spain-based bank holding company, has posted a net attributable profit of EUR2.21bn, or EUR0.25 per diluted share, for the first quarter of 2010, compared to EUR2.09bn, or EUR0.24 per diluted share, for the same quarter of 2009.

Net interest income for the first quarter of 2010 increased 17.9% to EUR7.12bn from EUR6.04bn in the same period of 2009.

Net operating income increased 14.1% to EUR5.99bn in the first quarter of 2010 from EUR5.25bn in the corresponding period of 2009.

Banco Santander ended March 2010 with managed funds of EUR1.28 trillion, an increase of 4%. Of this amount, EUR1.14 trillion were on-balance, an increase of 2%.

Emilio Botin, chairman of Banco Santander, said: “Santander is demonstrating the benefits of being a diversified bank, both in terms of geography and business lines. Despite reduced economic growth, we have maintained our ability to generate recurrent profit and have improved our liquidity, efficiency and solvency.”