Q3 profit up 20 to 2.9 bln euros vs forecasts of 2.77 bln euros
Net interest income rises 11.6 yy in Q3, above expectations
Botin confident will meet 2023 targets, positive about 2024

MADRID, Oct 25 Reuters Spain39;s Santander on Wednesday said its net profit in the third quarter rose 20 from the same quarter in 2022 thanks to higher lending income in Europe, which offset a weaker performance in the United States.

The euro zone39;s secondbiggest lender in terms of market value booked a net profit of 2.9 billion euros 3 billion, beating the 2.77 billion euros expected by analysts polled by Reuters.

Santander has relied on Latin America in the past to cope with tough conditions in Europe, though it now benefits, like its European rivals, from higher interest rates.

While the external environment is increasingly uncertain … I am confident that we will achieve our 2023 targets given the positive momentum which we also expect to carry into 2024, the bank39;s Chairman Ana Botin said in a statement.

The bank said it remained on track to meet its 2023 targets, including doubledigit income growth and a return on tangible equity ratio ROTE, a measure of profitability, of higher than 15.

Santander39;s net interest income, or earnings on loans minus deposit costs, rose 11.6 yearonyear in the quarter to 11.22 billion euros, above analysts39; average estimate of 11 billion.

In Spain, the bank39;s biggest market, net profit rose almost 60, while NII jumped 56. Results at…