Banco Santander Q2 2026 Earnings: Record Profit and Customer Growth
Banco Santander reported its strongest first half ever in Q2 2026, with record quarterly profit of EUR 3.8 billion and first-half underlying profit rising 14% year-over-year in constant euros. CEO Héctor Grisi attributed the performance to strong revenue growth across global businesses and a customer base that reached 182 million, including 4 million from the TSB acquisition. Net interest income rose 6% and net fee income increased 7%. The bank's efficiency ratio improved to 42.8% as costs declined 1% year-over-year. Underlying return on tangible equity rose to 15.6%. Profit growth was broad across retail banking (up 12%), Openbank (up 15% excluding motor finance), and Corporate and Investment Banking (up 17%). The bank is leveraging simplification, automation, AI, and global technology platforms to improve productivity.
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