2022 profit up 18 to record 9.6 bln euros vs 9.4 bln forecasts
Targets doubledigit revenue growth in 2023
Shares are up around 4

MADRID, Feb 2 Reuters A solid rise in revenues and lending income allowed Spain39;s Santander to post an 18 jump in profit to a record 9.6 billion euros in 2022, offsetting higher provisions set aside against uncertain economic conditions.

The euro zone39;s secondbiggest lender by market value posted net profit in the October to December period of 2.29 billion euros, up around 1 from a year before and above the 2.07 billion euros forecast by analysts in a Reuters poll.

Net profit in 2022 which exceeded the 9.4 billion euros expected by analysts was boosted by higher interest rates and revenues, the addition of 7 million new clients, and a solid performance at its Corporate and Investment Bank unit.

Santander said its underlying returnontangible equity ratio ROTE, a measure of profitability, finished the year at 13.37 versus 12.73 in 2021. It targeted ROTE above 15 for 2023.

At 0928 GMT its shares were up around 4, outperforming Spain39;s bluechip index Ibex35.

In the fourth quarter loan loss provisions more than doubled yearonyear to 3.02 billion euros, mainly in the United States and Brazil, though that was slightly below analysts39; forecasts and followed the release of 750 million euros a year earlier.

The lender39;s cost of risk rose to 99 basis points from 86 basis points in September. For 2023, it expected cost of risk to rise…