Santander Books, Spain’s largest bank by market cap, reported a 12% increase in underlying profit, reaching €3.56 billion, surpassing analyst estimates. The surge was driven by expanded customer bases in key markets like the U.S. and Latin America, alongside disciplined cost management.

Revenue grew 4% to €15.14 billion, fueled by higher fee income and interest from increased loan activity. The bank’s strategic focus on operational efficiency helped reduce costs by 3%, contributing to the profit jump. Continental Europe’s largest lender, which does significant business in the U.S. and Latin America, emphasized higher customer activity and volumes across its businesses as key drivers.

The sale of its Polish subsidiary added €1.9 billion to profits, highlighting Santander’s ability to monetize non-core assets. This performance underscores its resilience in a competitive banking landscape, with the lender’s market capitalization reflecting strong international growth.

With a 60% year-on-year profit rise, Santander’s results signal confidence in its market position. The bank’s ability to balance top-line expansion with cost control positions it favorably amid evolving economic conditions.