Banco Santander on 27 October said it is set to outperform its profitability guidance after reporting higher earnings in the third quarter on increased revenues and lower provisions.

The Spanish lender reported a net profit of €2.17bn ($2.52bn) from July to September, compared with a €1.75bn profit in the same period a year earlier. The figure is above analysts’ expectations of €2.03bn, according to a consensus provided by FactSet.