MADRID, April 30, 2025 (BSS/AFP) - Spanish banking giant Santander reported on Wednesday its highest ever net profit for a first quarter despite falling interest rates and uncertainty over the impact of US tariffs.

Its profit after tax reached 3.4 billion euros ($3.9 billion) in the first three months of the year, a 19 percent jump from the same period in 2024.

It was well above the 3.12 billion euros forecast by analysts surveyed by financial data firm FactSet.

"We've had a strong start to 2025," said Santander executive chairwoman Ana Botin, citing growth in the number of customers and increased profitability.

"Our global businesses are all performing well, underlining the impact of our transformation and ability to further improve operating efficiency," Botin said.