Banco Santander stock gains after strong profit growth, guidance reaffirmed (NYSE:SAN)

Banco Santander (NYSE:SAN) American depositary receipts ((ADRs)) climbed 4.4% in Wednesday morning trading after the Spanish lender saw its Q2 attributable profit rise 14% Y/Y, helped by its efficiency initiative. That puts the bank “well on track” to achieving 2023 financial targets, it said.

Q2 net interest income of €10.5B ($11.6B), exceeding the Visible Alpha consensus of €10.4B, increased from €10.4B in the previous quarter. For H1 2023, net interest income increased almost 14% Y/Y to €20.9B.