Santander reported strong first-quarter results, with growth in customers and revenue, reaffirming its full-year and midterm targets despite global economic volatility. Chair Ana Botin highlighted the bank’s resilience, noting that its diversified geographic presence helps offset risks tied to inflation and energy supply disruptions. She emphasized the uncertainty caused by the ongoing conflict in the Persian Gulf, which could prolong energy market instability. Santander’s strategic focus on emerging markets and cost efficiency has driven consistent performance, even as Europe and the U.S. face headwinds.