Santander is down by almost 3% in Madrid, following the publication of its results for the first quarter of 2024, which showed attributable income up by 11% to 2.85 billion euros, slightly below analysts' expectations.

At a record of almost 15.4 billion euros, the Spanish bank's revenues were up by 10%, driven by net interest income up by 18%, while net fee and commission income rose by 6%.

Its efficiency ratio improved to 42.6%, and while provisions for credit losses rose by 9%, Santander's overall credit quality remained robust, with a cost of risk in line with its target for the year at 1.20%.

The Group is thus on track to achieve its targets for 2024 as a whole, including mid-single-digit revenue growth, an efficiency ratio below 43% and a RoTE of 16%.

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