Spain's Santander Q1 profits up 5.7 per cent

MADRID: Spain's Banco Santander says its first-quarter net profit rose 5.7 per cent thanks to strong revenue growth despite the recession.

Spain's biggest bank and the eurozone's largest by market capitalization said Thursday that net profit rose to euro2.21 billion ($2.93 billion) in the first three months compared to euro2.09 billion for the same period last year.

The bank said gross income rose 11.3 per cent to euro10.3 billion from euro9.2 billion in the first quarter of 2009.

Shares were up 1.5 per cent to euro9.2 in early morning trading in Madrid.