Santander (NYSE:SAN) have announced a 5 percent rise in third quarter profit, at 1.68 billion euros, up slightly on last year and in line with analysts’ expectations.

The eurozone’s largest bank saw revenue rise to 11.3 billion euros, up from 10.96 billion last year.

In a statement, the lender attributed the rise to a “more favourable economic environment in the developed economies where it operates”, but said that “emerging economies faced important challenges”.

The bank also stressed that depreciating currencies in Latin America affected the balance sheet, particularly the decline in Brazil’s currency against the euro during the past year.

Santander are trading up 0.89 percent on the news at 5.69 pence per share (0953GMT).