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The euro zone’s second-biggest lender in terms of market value booked a net profit of 2.42 billion euros ($2.41 billion), up from 2.17 billion euros in the same quarter last year.
Analysts polled by Reuters expected Santander to post a net profit of 2.19 billion euros.
“We expect the macroeconomic environment to remain challenging as markets across Europe and North America adapt to levels of inflation not experienced in decades,” Santander’s Chairman Ana Botin said in a statement.
Net loan-loss provisions rose 24% compared to the same quarter a year ago in a macroeconomic scenario marked by high uncertainty.
Lenders in the U.S., such as JP Morgan, also set aside more cash in preparation for a hit from a potential economic slowdown.
($1 = 1.0045 euros)
